- Malaysia (Siakap) Project – Pipe and subsea structure installation has been completed. The customer received first oil in February 2014, and the vessel North Ocean 105 has demobilized from the field. The Company expects mechanical completion in early April 2014. Although this project resulted in financial losses recorded in 2013, it was a major technical achievement of complex pipe-in-pipe and subsea structure installation in over 5,000 feet of water.
- Brazil (Papa Terra) Project – The installation of the extended tension leg platform was completed in March 2014 and the vessel DB 50 has demobilized from the field. This facility is a significant operational achievement because it includes the first dry tree in deepwater Brazil.
- Azerbaijan (COP) Project – The Company has progressed work as expected and continues to expect to complete the limited remaining offshore work by mid-May 2014.
- Australia (Ichthys) Project – The Company remains on schedule for fabrication operations in the Batam, Indonesia fabrication yard and anticipates the commencement of the offshore installation operations in the third quarter of 2014. McDermott’s work has resulted in the customer recognizing us as a leader among the program contractors, and the Company expects the work on the project will be a major subsea achievement for the Company.
McDermott Provides An Operational Update
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts