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TheStreet Open House

McDermott To Install Umbilicals & Subsea Equipment In Deepwater Gulf Of Mexico Walker Ridge Field Development

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.

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