McDermott International, Inc. (ticker: MDR, exchange: New York Stock Exchange (.N))
News Release -
J. Ray McDermott Announces New Project Awards Totaling Approximately $390 Million
HOUSTON--(BUSINESS WIRE)--Sept. 27, 2004--J. Ray McDermott, S.A.
("J. Ray"), a subsidiary of McDermott International Inc. ("McDermott")
(NYSE:MDR), announced today that its McDermott Caspian Contractors
Inc. ("MCCI") subsidiary was awarded three new projects from the
Azerbaijan International Operating Company ("AIOC") for a combined
value of approximately $390 million.
The first project is for the pipeline installation for the Phase 2
development of the Azeri, Chirag and deepwater portion of the Gunashli
(ACG) field, in the Azerbaijan sector of the Caspian Sea. Contracts of
this type are typically valued at $160 million. The second project
awarded, valued at approximately $140 million, is for the fabrication,
assembly, hook-up and commissioning of the Drilling, Utilities and
Quarters (DUQ) integrated deck for the Phase 3 development of the ACG
field. Part of the work scope will be performed by the MCCI Joint
Venture with Baku Deep Water Jacket Factory. The third project awarded
is for the installation of infield pipelines and subsea water
injection facilities for the ACG development Phase 3, valued at
approximately $90 million.
"These awards will utilize MCCI's experience in the region and
with previous AIOC projects," said Bob Deason, president and chief
operating officer of J. Ray. "We're very pleased that MCCI will
continue to serve an important role in AIOC's development plans."
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 and
uncertainties that may impact McDermott's actual results of
operations. These forward-looking statements include statements
regarding the new project awards; including the approximate value of
the contracts. 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 uncertainties and risks. 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 risk factors, please see McDermott's
annual report for the year ended December 31, 2003 and its 2004
quarterly reports filed with the Securities and Exchange Commission.
J. Ray McDermott, S.A, is a leading provider of solutions for
offshore field development worldwide. McDermott International Inc. is
a leading worldwide energy services company. McDermott's subsidiaries
provide engineering, fabrication, installation, procurement, research,
manufacturing, environmental systems, project management and
facilities management services to a variety of customers in the power
and energy industries, including the U.S. Department of Energy.
CONTACT: McDermott International Inc., Houston
Jay Roueche, 281-870-5462
SOURCE: McDermott International Inc.