McDermott (NYSE:MDR)
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From Jul 2019 to Jul 2024
McDermott International, Inc. (NYSE:MDR) (“McDermott”)
confirmed today that its subsidiary, J. Ray McDermott, S.A. (“J.
Ray”), was awarded a four-year project by
Saudi Aramco to engineer, procure, construct, install, hook-up and
commission the Manifa Field Facilities in the Arabian Gulf.
“It’s a matter of
great pride for us to be associated with this significant project,”
said Bob Deason, President and Chief Operating Officer of J. Ray. “Saudi
Aramco is a long-term and valued customer. Our safe delivery of past
structures won us recognition from them last year; and we expect to
achieve high safety and quality performance on the Manifa project as
well.”
The Manifa project is scheduled to commence engineering in May 2007. J.
Ray will engineer from its regional headquarters in Jebel Ali, U.A.E. as
well as from its engineering office in Chennai, India, established last
year. The fabrication of platforms, with a combined weight of over
16,700 metric tons, will begin at the Jebel Ali facility in September
2007.
The project also includes modification work which entails design,
procurement, installation, hook-up and commissioning of communication
packages on 26 existing platforms.
“We recently embarked on an ambitious
development plan for our fabrication facility at Jebel Ali. The plan
involves capacity expansion and deployment of additional equipment,
resulting in an increase in both efficiency and workable man-hours.
Together with our experienced project team, we are well-prepared to
successfully execute the Manifa project,”
continued Deason.
The project is expected to be competed by 2011. During this four year
period, J. Ray’s marine vessels will carry
out the offshore construction and hook-up of the facilities in several
campaigns.
McDermott is an engineering and construction company, with specialty
manufacturing and service capabilities, focused on energy
infrastructure. McDermott’s customers are
predominantly utilities and other power generators, major and national
oil companies, and the United States Government. With its global
operations, McDermott operates in over 20 countries with more than
20,000 employees, and can be found on the internet at www.mcdermott.com.
In accordance with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, McDermott International, Inc. cautions
that statements in this press release which are forward-looking and
provide other than historical information involve risks and
uncertainties that may impact McDermott’s
actual results of operations. The forward-looking statements in this
press release include, among other things, the work scope and timing of
Saudi Aramco’s Manifa Field Facilities
project. Although McDermott’s management
believes that the expectations reflected in those forward-looking
statements are reasonable, McDermott can give no assurance that those
expectations will prove to have been correct. Those statements are made
based on various underlying assumptions and are subject to numerous
uncertainties and risks, including without limitation change orders and
other modifications to contracts. If one or more of these risks
materialize, or if underlying assumptions prove incorrect, actual
results may vary materially from those expected. For a more complete
discussion of these risk factors, please see McDermott’s
annual report on Form 10-K for the year ended December 31, 2006 filed
with the Securities and Exchange Commission.