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McDermott Awarded Subsea Contract In Brazil

Stocks in this article: MDR

McDermott International, Inc. (NYSE:MDR) (“McDermott”) announced today that one of its subsidiaries has entered into an agreement with Petrobras for the supply of its subsea Lay Vessel North Ocean 105 (“LV105”). This contract is included in McDermott’s first quarter 2014 backlog.

The LV105 will carry out deepwater umbilical and flexible pipe installation in the pre-salt region and Campos Basin area offshore Brazil. Expected to commence during the third quarter of 2014, the term of the charter is approximately 200 days, with an option to extend.

“This new contract award highlights Petrobras’ ongoing confidence in McDermott to deliver leading subsea installation solutions,” said Tony Duncan, Executive Vice President, Subsea. “The charter also supports our vessel utilization targets as during the second half of 2014 McDermott will have three deepwater vessels on charter to Petrobras.”

NOTES TO EDITORS

The Lay Vessel North Ocean 105 is a dynamically positioned, fast-transit vessel, with advanced Reel-Lay systems for rigid and flexible pipelay in water depths up to 10,000 feet. It can install a variety of pipelines, umbilicals, subsea hardware and deepwater moorings for floating facilities.

ABOUT McDERMOTT

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 14,000 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.

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