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McDermott Completes First of Two Offshore Campaigns for Reliance KG-D6 R Cluster Project
-- Mitigated impact of two cyclones to install India's longest dual 18 inch plus a 4-inch riser and installed pipelines, pipeline end terminations (PLETs) and manifold pile in ultra-deepwater depths of approximately 6,300 feet (1,920 meters)
-- Successful completion of piggy-back pipelay in S-lay mode (18-inch plus a 4-inch) in approximately 4,265 feet (1,300 meters) water depth -- McDermott used its derrick lay vessel, DLV 2000 to perform its first piggy-back pipelay HOUSTON, July 2, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today announced it has completed the first of two offshore campaigns for Reliance Industries Ltd. KG-D6 R-Cluster subsea field development, in the Krishna Godavari Basin, located off the East Coast of India.
The campaign included McDermott's piggy-back pipelay in S-lay mode (18-inch plus a 4-inch) offshore in India in approximately 4,265 feet (1,300 meters) water depth and the installation of 6-inch lines, PLETs and manifolds to water depths of approximately 6,300 feet (1,920 meters). McDermott used its derrick lay vessel, DLV 2000 to perform its first S-lay piggy-back pipelay. Other vessels were also used to complete subsea installation activities. In addition, McDermott also installed India's longest dual riser. "The safe completion of season one activities, in the challenging offshore environments off the East Coast of India and mitigated disruptions from two cyclones, demonstrates McDermott's expertise in engineering and execution of complex subsea projects in ultra-deepwater depths," said Ian Prescott, Senior Vice President for Asia Pacific. "We will build on our success to help ensure the second campaign is accomplished safely with the highest quality." McDermott's first offshore campaign completion comes at a time when McDermott continues to expand its operations in India, with over 1,500 personnel across offices in Gurgaon, Chennai, Pune and Mumbai. The McDermott Chennai and Gurgaon offices are Centers of Engineering Excellence and Multiple Office Project Execution Centers that support a range of front-end engineering design to engineering, procurement, construction and installation global projects. The second offshore campaign includes the installation of manifolds, manifold piles, pipelines, PLETs, jumpers and umbilicals in ultra-deepwater depths, together with major brownfield modifications to Reliance's' control and riser platform. The significant* contract with Reliance on KG-D6 R-Cluster is scheduled for completion in the second quarter of 2020. Satellite cluster development, which was awarded as a separate stand-alone contract in July 2018, is scheduled for completion in the first quarter of 2021. * - McDermott defines a significant contract as between USD $250 million and USD $500 million. About McDermott McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com. Forward-Looking Statements 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 the expected scope, execution and timing of the project discussed in this press release. 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: adverse changes in the markets in which we operate or credit markets, 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 other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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, 2018 and subsequent quarterly reports on Form 10-Q. 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. Contacts: Investor Relations Global Media Relations Local Asia Contact
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