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McDermott Secures First Subsea Installation Scope for New DLV 2000 Offshore Australia

  • McDermott confirms first work for flagship derrick lay vessel
  • DLV 2000 scope secured for INPEX Ichthys LNG Project subsea installation works
  • Offshore work expected to commence during the second quarter of 2016

HOUSTON, Feb. 22, 2016 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) today announced that its new flagship derrick lay vessel, the DLV 2000, has secured scope as part of the current McDermott work schedule for the INPEX Ichthys LNG Project offshore Western Australia.



A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f9ace59b-e664-4f87-a40c-7372461e8bd5

The DLV 2000 is a class 3 dynamically positioned vessel combining a 2,200-ton revolving crane with a deepwater S-lay pipelay system configured to install pipelines with diameters ranging from 4.5 to 60 inches in water depths up to 10,000 ft. The vessel can accommodate up to 400 personnel to facilitate large hook-up and commissioning projects and incorporates a large, 43,000 sq. ft. open deck to allow the transportation and assembly of large subsea structures; enabling safe and efficient stand-alone operations in remote areas.

The DLV 2000 is expected to join the project as part of McDermott’s 2016 current project schedule by installing large subsea spools, laying infield umbilicals and lifting several Subsea Distribution Units that will provide the hydraulic, chemical and electrical distribution from the umbilicals to the subsea drill centers. Work is expected to be performed in conjunction with McDermott’s other new subsea installation vessel, the Construction Support Vessel 108 (CSV 108), that is already working successfully on the project. The CSV 108 is expected to undergo an upgrade later this year to install a Vertical Lay System and Reel Deployment System, also for use in the project and will then be referred to as Lay Vessel 108 (LV 108).

“It is an exciting time to see our newest subsea vessels working side-by-side on this landmark project,” said Hugh Cuthbertson, Vice President, Asia. “We look forward to this being a very successful start for the DLV 2000 and helping us deliver a successful project for our client, INPEX, and other project stakeholders as well as demonstrating the capability and versatility of the McDermott subsea fleet to the industry.”

McDermott anticipates several months of work for the DLV 2000 offshore Western Australia during the second and third quarters of 2016.

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 10,600 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. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, please 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, the expected DLV 2000 scope, execution and timing on the INPEX Ichthys project, the expected specifications and timing of upgrades to the CSV 108 and the expected work available to the DLV 2000. 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 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 contracting terms and 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.

McDermott International, Inc. Investor Relations Kathy Murray V.P., Treasurer and Investor Relations +1.281.870.5147 kamurray@mcdermott.com Media Relations Richard Goins Director, Global Communications +1.281.870.5932 rgoins@mcdermott.com Area Communications Juliana Tan Asia Area Communications (65) 6668.5428 yjtan@mcdermott.com

Source:McDermott, Inc.