McDermott (NYSE:MDR)
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McDermott International, Inc. (NYSE:MDR) ("McDermott")
announced today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray")
has been awarded a contract by Vietsovpetro to install a 298
kilometer, 18" gas pipeline. J. Ray will perform the project in
alliance with Petroleum Technical Services Company ("PTSC"). Contracts
of this type are typically valued at over US$60 million, which is part
of the overall Ca Mau development project by PetroVietnam.
The PM3-Ca Mau gas pipeline will originate from the Bunga Raya 'B'
platform, located on block PM3 in the Commercial Arrangement Area of
the Gulf of Thailand, to the landfall station in the Ca Mau province
of Vietnam.
"The project represents one of the largest pipeline installation
jobs undertaken in Asia Pacific in recent years, and provides us a
great opportunity to leverage the strengths of our offshore
capabilities," said Bob Deason, President and Chief Operating Officer
of J. Ray. "J. Ray has worked with Vietsovpetro on several projects in
the past and our successful track record of joint operations with PTSC
will definitely be an advantage in ensuring this project is a
success."
The contract is part of the Gas Power Fertilizer Coordination
Project operated by PetroVietnam. As part of the project, J. Ray will
perform construction engineering, partial procurement, and pipeline
installation, including installation of a riser using its Asia Pacific
based marine vessels.
McDermott International, Inc. is a leading worldwide energy
services company. McDermott subsidiaries provide engineering,
fabrication, installation, procurement, research, manufacturing,
environmental systems, project management and facility management
services to a variety of customers in the energy and power industries,
including the U.S. Department of Energy. Additional information on
McDermott can be obtained 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 the typical value of
these projects. 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
for the year ended December 31, 2005 filed with the Securities and
Exchange Commission.