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4-Traders Homepage  >  Equities  >  Nyse  >  McDermott International    MDR   PA5800371096

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McDermott International : McDermott Awarded Siakap North - Petai EPCI Subsea Contract in Malaysia

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05/09/2012 | 02:05pm CEST

McDermott International, Inc. (NYSE: MDR) ("McDermott") announced today that its Malaysian affiliate Berlian McDermott Sdn. Bhd. was recently awarded a significant subsea contract for executing a deepwater engineering, procurement, construction, transportation, installation and commissioning project offshore Malaysia. The value of this contract is included in McDermott's first quarter 2012 backlog.

The award is for the subsea infrastructure of the Siakap North - Petai ("SNP") Development Project operated by Murphy Sabah Oil Co., Ltd. ("Murphy"), comprising rigid flowlines, flexible risers, an umbilical and subsea hardware and controls. The SNP field is located nearby the existing Kikeh field, northwest of Labuan Island, Malaysia, in waters 3,900 - 4,900 feet deep.

"Our subsea engineering expertise, fabrication track record at our Batam Island facility, state-of-the-art subsea construction vessels and understanding of the Malaysian market, contributed to this successful award," said Stephen M. Johnson, Chairman of the Board, President and Chief Executive Officer of McDermott. "We look forward to delivering the facilities for this important field development for Malaysia."

The SNP field architecture consists of two rigid, insulated, pipe-in-pipe production flowlines, one rigid water injection flowline and one main umbilical system connecting eight new manifolds and subsea distribution units to existing riser slots on the Kikeh FPSO. The development calls for five water injection and eight production wells, drilled from the manifolds at each of the four drill center locations.

Detailed engineering and procurement for the project are underway, and fabrication of PLETs, jumpers and other installation aids is expected to begin in the third quarter of 2012. Following the infrastructure installation, McDermott will undertake a comprehensive System Integration Test of the subsea units and provide commissioning assistance. The project scope is scheduled to be completed by the third quarter of 2013.

ABOUT McDERMOTT

McDermott is a leading engineering, procurement, construction and installation group of companies focused on executing complex offshore oil and gas projects worldwide. Providing fully integrated EPCI services for upstream field developments, the Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning. McDermott's customers include national and major energy companies. Operating in more than 20 countries across the Atlantic, Middle East and Asia Pacific, our integrated resources include approximately 13,500 employees and a diversified fleet of marine vessels, fabrication facilities and engineering offices. McDermott has served the energy industry since 1923.

To learn more, please visit McDermott's website on the internet at www.mcdermott.com.

FORWARD-LOOKING STATEMENTS

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, 2011. This news 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.

McDermott International, Inc.
Investors, Analysts and Financial Media
Jay Roueche, (1) 281.870.5462
jroueche@mcdermott.com
or
Trade and General Media
Louise Denly
ldenly@mcdermott.com


© Business Wire 2012
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Financials ($)
Sales 2016 2 705 M
EBIT 2016 155 M
Net income 2016 -6,09 M
Debt 2016 213 M
Yield 2016 -
P/E ratio 2016 -
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EV / Sales 2016 0,54x
EV / Sales 2017 0,52x
Capitalization 1 246 M
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Average target price 5,85 $
Spread / Average Target 13%
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David Dickson President, Chief Executive Officer, COO & Director
Gary P. Luquette Non-Executive Chairman
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