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The McDermott Heavy-lift Vessel, Derrick Barge 50, Will Install The Megalodon Platform In 391 Feet Of Water, Over An Existing Well Site In The Gulf Of Mexico. (Photo: Business Wire)

Stocks in this article: MDR

McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its subsidiaries was awarded a contract to provide transportation and installation services to Walter Oil & Gas Corporation (“Walter”) for the Megalodon platform destined for South Timbalier Block 311 in the Gulf of Mexico. The project is expected to be included in McDermott’s third quarter 2014 backlog.

The McDermott heavy-lift vessel, Derrick Barge 50, will install the Megalodon platform in 391 feet o ...

The McDermott heavy-lift vessel, Derrick Barge 50, will install the Megalodon platform in 391 feet of water, over an existing well site in the Gulf of Mexico. (Photo: Business Wire)

“McDermott is pleased to work again for Walter to support its drilling and production activities,” said Dominic Savarino, Vice President and General Manager, Americas. “This project supports our goal to maximize our asset utilization between large contracts through short term transportation and installation work.”

McDermott will provide all materials and equipment to transport and install the six-pile platform in 391 feet of water, over an existing well site. The heavy-lift Derrick Barge 50 will perform a side-lift of the 3,300-ton jacket and set the 2,100-ton topsides. Installation is expected to commence in the fourth quarter of 2014.

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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