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.
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.
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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.