McDermott International, IncInvestor Relations .Kathy MurrayVice President, Treasurer and Investor Relations +1 281.870.5147 email@example.com Media RelationsRick GoinsDirector, Global Communications+1 firstname.lastname@example.org
HOUSTON, April 28, 2016 (GLOBE NEWSWIRE) -- McDermott International (NYSE:MDR) has successfully completed the installation scope associated with the Otis development in the Gulf of Mexico on behalf of LLOG Exploration Offshore. McDermott's Lay Vessel North Ocean 105 (LV 105) completed the deepwater subsea tieback from the Otis well in Mississippi Canyon 79 to the Delta House Floating Production System in water depths ranging from 3,861 feet to 4,420 feet. The scope of work consisted of project management, engineering, and installation of 70,000 feet of insulated rigid flowline and insulated steel catenary riser as well as a control umbilical, PLEM jumper and associated flying leads. The flowline and riser were fabricated at McDermott's new spoolbase and marine facility in Gulfport, Mississippi. All engineering and project management functions were completed in McDermott's Americas, Europe and Africa headquarters in Houston. "This marks an important milestone for the McDermott organization as the first project executed in its Gulfport Spoolbase and the first installation of a steel catenary riser by the LV 105," said Scott Munro, McDermott Vice President for Americas, Europe and Africa. "The execution of the Otis project has positioned McDermott for success on our other 2016 reel lay projects, including Anadarko Caesar Tonga Phase II. This project demonstrates our commitment to adding value to the subsea tieback market and is the foundation for McDermott to establish itself as the reel lay contractor of choice for our customers in the Gulf of Mexico." 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 customers include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 11,200 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. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit our website at www.mcdermott.com. Forward-Looking Statement In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott 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. These forward-looking statements include, among other things, statements about this project positioning McDermott for success on other projects and laying the foundation for McDermott to establish itself as the reel lay contractor of choice in the Gulf of Mexico. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and business partners, difficulties executing on the project and changes in industry norms. 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 and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2015. This press 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.