McDermott (NYSE:MDR)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more McDermott Charts. Click Here for more McDermott Charts.](/p.php?pid=staticchart&s=NY%5EMDR&p=8&t=15)
McDermott International, Inc. (NYSE:MDR) ("McDermott")
announced today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray")
was awarded a significant contract by Cuu Long Joint Operating Company
to provide engineering, procurement, construction, installation,
hook-up and commissioning services for a Central Processing and
Production ("CPP") platform with an integrated 16,400 short ton deck,
and associated infield pipelines for the Su Tu Vang field, offshore
Vietnam. Contracts of this type are typically valued at several
hundred million dollars.
"This is a major award for J. Ray and our Asia Pacific operations,
and we are honored to be selected as the contractor of choice for the
Cuu Long Joint Operating Company," said Bob Deason, President and
Chief Operating Officer of J. Ray. "This project, along with our other
first quarter 2006 bookings, will substantially improve J. Ray's
backlog and is a welcome addition to growing our business."
The integrated CPP platform, to be installed in about 170 foot
water depth, includes the 16,400 short ton deck, a 4,340 short ton
eight-leg jacket, and piles weighing in excess of 4,100 short tons and
associated pipelines. Work on the project is scheduled to start in
March 2006 when J. Ray will commence engineering and procurement
activities from its project office in Singapore.
The CPP platform will be fabricated at J. Ray's recently upgraded
facility on Batam Island, Indonesia. The floatover, jacket and
in-field pipeline installation will be performed by J. Ray's floatover
and launch barge and a combination derrick barge. Total project
completion is scheduled for the second quarter of 2008.
J. Ray has signed numerous contracts during the first quarter of
2006, including the Su Tu Vang project. The combined value of the
contracts awarded thus far in the 2006 first quarter is currently in
excess of $800 million.
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, timing and the value of
the Su Tu Vang project and the value of contracts signed thus far
during the first quarter 2006. 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, 2005 filed
with the Securities and Exchange Commission.