This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

McDermott Awarded EPCI And Commissioning Of PEMEX Production Platform

McDermott International, Inc. (NYSE: MDR) (“McDermott” or the “Company”) announced today that one of its subsidiaries has received a letter of award for a turnkey contract for the PB-Litoral-A production platform for PEMEX Exploracion y Produccion in the Litoral Tabasco Tsimin-Xux fields. The value is approximately US$230 million and will be included in McDermott's fourth quarter 2012 backlog.

“This project reaffirms our Altamira, Mexico fabrication facility as a key player for both domestic and international offshore construction projects,” said Steven W. Roll, Vice President and General Manager, Atlantic region. “Our investments in Altamira are beginning to show dividends as we continue to grow the facility and supporting resources in this strategic location.”

McDermott’s global resources support turnkey engineering, procurement, construction and installation (“EPCI”) solutions and offer PEMEX the most competitive solution for the PB-Litoral-A production platform. Coupled with the Company’s broad experience designing and fabricating crude oil conditioning facilities, McDermott’s advanced float-over technology for heavy topsides is a reliable and cost-effective method for topside installation and the Company’s proven track-record speaks for its consistency to deliver.

The PB-Litoral-A project scope includes front end engineering design, detailed engineering, procurement, fabrication, load-out, sea fastening, transport, installation, hook-up, commissioning and start-up of an eight-legged 1,800-tonne jacket, 4,500-tonne topsides and 2,000 tons of tripods, bridges and piles. The total weight of the facility is approximately 8,300 tonnes. McDermott will also provide training to PEMEX personnel for operation and maintenance of the facility once commissioned.

Engineering work is expected to begin in early 2013 by McDermott’s Houston and Chennai engineering offices, with fabrication at Altamira, Mexico, where at peak, more than 550 craft personnel are expected to be engaged on the project.

McDermott will carry out installation of the topsides by the float-over method using its Intermac 600 float-over barge, and the recently upgraded and improved McDermott Derrick Barge 50 will install key platform components and provide additional support.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs