To learn more, please visit our website at www.mcdermott.comLay Vessel North Ocean 105 (LV105) The LV105 is a deepwater pipelay vessel with 400-tonne top tension laying capacity and 2,500-tonne rigid pipe payload. It is equipped with a Pipeline End Termination handling system which allows for safe handling of PLETS and In Line Tee structures. 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, contingencies and uncertainties that may impact McDermott's actual results of operations. The forward-looking statements in this press release include, among other things, expectations for the timing of availability of the spoolbase and expectations for the spoolbase to support re-entry into the North Sea Reel-Lay market. 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 risks, contingencies and uncertainties, including without limitation, adverse changes in the markets in which we operate or credit markets, changes in spoolbase or project design or schedule, contract cancellation, change orders and other modifications. 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, 2013. This news release reflects management's view 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.
McDermott International, Inc. (NYSE: MDR) announced today that one of its subsidiaries has signed an option agreement with PD Ports which gives it the exclusive right to operate a spoolbase to serve projects in the North Sea. McDermott expects to have the facility available for projects in early 2015. Located in Hartlepool, in northeast United Kingdom, the spoolbase is expected to support McDermott’s re-entry into the North Sea Reel-Lay market. The Port of Hartlepool is a well-established working port with a history of fabrication for the oil and gas industry and has excellent access from harbor to the open sea. “This agreement for the spoolbase is an important milestone towards supporting McDermott’s re-entry into the North Sea market,” said Tony Duncan, Executive Vice President, Subsea. “We look to combine the prime location of the Hartlepool spoolbase for quick access to project sites with McDermott’s high standards, and high-performance Reel-Lay capabilities provided by our Lay Vessel North Ocean 105. We are firmly committed to meeting our clients’ needs in the region.” 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.