| J. Ray McDermott Awarded Te Giac Trang Transportation andInstallation Work in Vietnam |
HOUSTON, Apr 06, 2010 (BUSINESS WIRE) --McDermott International, Inc. (NYSE:MDR) ("McDermott") announced today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") has been awarded a transportation and installation contract by PTSC Mechanical & Construction Company Limited ("PTSC") for the Te Giac Trang ("TGT") field development project, offshore Vietnam. The value of this project will be included in McDermott's first quarter 2010 backlog. "This is the second contract that J. Ray has won in Vietnam this year," said Steve Johnson, President and Chief Executive Officer of J. Ray. "We are pleased that J. Ray's strong marine capabilities and extensive offshore construction experience in Vietnam have positioned us to win this project. This award further solidifies and acknowledges the long relationship we have with PTSC." The scope of work includes transportation and installation of two wellhead platform jackets, topsides (including two drill decks, a main deck and helideck/electrical house), infield pipelines (including tie-spools and a pin-piled pipeline end manifold), and a subsea isolation valve. Work is expected to start in the third quarter of 2010. The TGT oilfield is located in the northern part of Block 16-1 offshore Vietnam, around 100 kilometers south east of Vung Tau City, in a water depth of approximately 45 meters, and is operated by Hoang Long Joint Operating Co. 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 25,000 employees. 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 expected scope, execution, and timing associated with this 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, changes in project design or schedules, 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 report on Form 10-K for the year ended December 31, 2009. SOURCE: McDermott International, Inc. McDermott Investor Relations & Corporate Communications |