McDermott International, Inc. (NYSE:MDR) announced on Friday June 5th it has been awarded an offshore contract by Petróleos Mexicanos (PEMEX) for the engineering, procurement, construction, installation (EPCI) and pre-commissioning of the Ayatsil-C replacement jacket and associated deck installation in Campeche, Mexico.
“This is the fourth contract McDermott has received for the Ayatsil field and follows the successful delivery of the Ayatsil-B drilling platform in 2014 and installation of the Ayatsil-A offshore jacket, deck and piles earlier this year”
The value of the large brownfield award will be included in McDermott’s second quarter 2015 backlog.
“This is the fourth contract McDermott has received for the Ayatsil field and follows the successful delivery of the Ayatsil-B drilling platform in 2014 and installation of the Ayatsil-A offshore jacket, deck and piles earlier this year,” said Scott Munro, McDermott’s Vice President for Americas, Europe and Africa. “Our integrated EPCI approach allows McDermott to provide PEMEX with a faster delivery schedule and lower-cost solution that will be locally-built and executed to our global industry-recognized quality and safety standards.”
McDermott expects to use its in-house engineering and procurement experts, Altamira fabrication yard located in Mexico, Intermac 600 transportation and launch barge and heavy-lift Derrick Barge 50 vessel to complete the installation of all structures. The total weight of the facilities is approximately 14,800 tons. Completion is scheduled for the fourth quarter of 2016.
Located in the Bay of Campeche, the Ayatsil field is the largest discovery for PEMEX to date. Pemex has said it plans to develop Ayatsil field with as many as four platforms and adjacent Tekel heavy oil field with one platform, all tied to a floating production, storage, and offloading (FPSO) vessel. It plans to drill 43 wells in the project. Water depths in the area are approximately 375-405 feet.
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, value 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, 2014 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.
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 11,700 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
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