McDermott (NYSE:MDR)
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From Jul 2019 to Jul 2024
McDermott International, Inc. (NYSE:MDR) (“McDermott”),
announced today that a subsidiary of J. Ray McDermott, S.A. (“J.
Ray”) has received a letter of award for the
engineering, procurement and construction of 6,500 metric tons of
topside modules for the Peregrino floating, production, storage and
offloading (“FPSO”)
vessel from A.P. Moller - Maersk A/S. Projects of this nature are
typically valued in excess of $250 million.
“This project underscores J. Ray’s
ability to draw from its global resources to offer a fast track and cost
effective solution when our customers need one most,”
said Bob Deason, Chief Executive Officer of J. Ray. “Our
engineering and procurement resources in Houston combined with our
operations in Indonesia are able to leverage the global footprint of J.
Ray to optimize project execution and delivery.”
Engineering and procurement activities have commenced while the
fabrication scope is expected to begin in the third quarter 2008.
Construction of the topside modules will commence in the third quarter
2008 at J. Ray’s Batam Island facility in
Indonesia, where up to 1,200 Indonesian craftsmen are expected to be
employed on this project. The Peregrino FPSO project is expected to be
complete by the fourth quarter 2009.
The FPSO will ultimately be operated in the Peregrino field, located in
the Campos Basin approximately 85 kilometers offshore Brazil. Under the
development plan, the field is to be designed with the FPSO and two
drilling platforms.
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
which provide other than historical information, involve risks and
uncertainties that may impact actual results. The forward-looking
statements in this press release include statements concerning the
typical value of projects of this nature and the scope, execution and
timing of the A.P. Moller - Maersk Peregrino 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 by using various underlying assumptions and are
subject to numerous uncertainties and risks, including, but not limited
to, the risk that the parties to the Letter of Award may not be able to
finalize a definitive contract on the project and that McDermott may
experience delays or other difficulties executing such contract. 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 and other risk factors, please see
McDermott's annual report on Form 10-K for the year ended December 31,
2007.