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

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McDermott International : McDermott to Install Umbilicals & Subsea Equipment in Deepwater Gulf of Mexico Walker Ridge Field Development

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07/01/2013 | 02:00pm CET

McDermott International, Inc. (NYSE: MDR) ("McDermott") announced today that one of its subsidiaries has been awarded an engineering, procurement and construction (EPC) contract by Exxon Mobil Corporation for its Julia development. The value of the contract is included in McDermott's second quarter 2013 backlog.

The Julia field is located approximately 265 miles southwest of New Orleans in the Gulf of Mexico Walker Ridge area in water depths of approximately 7,000 feet. The Julia Phase I project is a subsea tie-back to a semi-submersible floating production unit and the scope includes six subsea wells, one six-slot manifold, two umbilicals, six jumpers, two flowlines with two steel catenary risers, two subsea pump modules and topsides support equipment. Production will flow through two 10-inch production flowlines with subsea single-phase boost pumps. Exxon Mobil Corporation, the operator, and Statoil each hold a 50 percent interest in the Julia field development.

"McDermott offered a very competitive solution for the Julia project with the right people, assets and technology, based on our experience with a similar deepwater Gulf of Mexico subsea tie-back project that we were awarded in 2011," said Stephen M. Johnson, Chairman, President and Chief Executive Officer of McDermott. "The Julia subsea infrastructure requires a high level of engineering design and construction work, a key component of which is high-specification welding to help ensure long-term integrity and reliability of the subsea facilities. The installation solution we offer provides a high degree of reliability and precision using key vessels in our fleet for deepwater lowering and flexible lay, and further demonstrates our commitment to the subsea market."

McDermott will undertake engineering, procurement and construction of the jumpers, four suction piles associated with the manifold, subsea pump, pump transformer and Subsea Distribution Unit /Umbilical Termination Assembly, as well as the transportation and installation of the manifold, suction piles, flying leads, subsea pump system, the power and control umbilicals and SDU/UTAs. McDermott will also carry out testing of the tie-back system and mechanical completion before hand over to the customer.

McDermott expects to successfully execute this high?profile project employing its in?house expertise and capabilities for subsea engineering, high?spec fabrication and subsea installation. Work will commence with immediate effect in our Houston office.

McDermott deepwater installation vessel Derrick Barge 50 is expected to undertake the installation of suction piles and subsea equipment, including the manifold, pump station and transformer. The vessel's new deepwater lowering system has the capability to lower loads of up to 480 tons to depths of up to 11,500 feet.

In addition, North Ocean 102 (NO102) is scheduled to transport and install umbilicals, flying leads and jumpers. NO102 is a fast-transit vessel with horizontal carousel. Recent improvements include installation of a high-capacity flexible-lay system to enable ultra deepwater installation work - comprising a 330-ton top-tension flex-lay tower, with 275-ton active heave compensation crane and 330-ton hang-off clamp capable of lowering loads to a depth of 10,000 feet.

The offshore installation campaign is expected to begin second quarter of 2015 and extend through 2015.

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 14,000 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 online 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, value, 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 schedule, contract cancellation, 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, 2012 and subsequent quarterly reports on Form 10-Q. 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
Steve Oldham, (1) 281-870-5147
soldham@mcdermott.com
or
Trade & General Media
Louise Denly, (1) 281-870-5025
ldenly@mcdermott.com
or
Andrea Burnley, (44) 1372.846431
aburnley@mcdermott.com


© Business Wire 2013
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EBIT 2017 224 M
Net income 2017 82,4 M
Debt 2017 226 M
Yield 2017 -
P/E ratio 2017 21,18
P/E ratio 2018 16,43
EV / Sales 2017 0,55x
EV / Sales 2018 0,48x
Capitalization 1 528 M
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David Dickson President, Chief Executive Officer & Director
Gary P. Luquette Non-Executive Chairman
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