McDermott Awarded Significant Multi-year Offshore Installation Contract by Brunei Shell Petroleum
McDermott International, Inc. (NYSE:MDR) (“McDermott” or “the Company”) announced today that it has been awarded a three-year shallow water pipeline contract by Brunei Shell Petroleum Company Sdn. Bhd. (“BSP”) to transport and install pipelines and umbilicals for the Champion and Ampa Fields offshore Brunei. Work is expected to be executed through 2017.
The full scope of work will be executed in annual work plans that are expected to be confirmed over the coming years as BSP finalizes its development plans and budgets. The work identified for 2015 will be included in McDermott’s fourth quarter 2014 backlog.
“Earlier this year we established a dedicated presence in Brunei and demonstrated outstanding execution delivering project certainty on the transportation and installation of four jackets for the BSP Champion Waterflood B2/3 development,” said David Dickson, President and Chief Executive Officer. “BSP’s confidence in our efficient planning, seamless offshore operations and excellent safety performance is demonstrated by the award of this significant new project, which is one of BSP’s largest contracts in recent years.”
The first scope of work consists of transportation and installation of more than 62 miles of pipelines including corrosion resistant alloy clad pipelines, as well as umbilicals and cables.
The McDermott Derrick Barge 30 and other vessels will be mobilized to support this initial work which will include hydro testing, pre-commissioning and salvage of redundant risers.
Brunei has significant long-term plans to increase investment and production in its energy sector, and the successful installation of these new pipelines in the Champion and Ampa fields is expected to help ensure the continuity of these mature reserves. McDermott’s contribution in developing these facilities plays a vital role in helping Brunei meet its energy goals.
McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our clients include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 14,000 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923 and is listed on the New York Stock Exchange. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates.
To learn more, please visit our website at www.mcdermott.com.
FORWARD LOOKING STATEMENTS
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott’s actual results of operations. These forward-looking statements include, among other things, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues, and the expected scope, execution and timing associated with this project. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we 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 risks, contingencies and uncertainties, including, among others: our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the scope or timing of contracts, contract cancellations, change orders and other modifications and difficulties executing on the project. 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 and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2013 and subsequent quarterly reports on Form 10-Q. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
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