HOUSTON--(BUSINESS WIRE)--McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced that the Dive Support Vessel Thebaud Sea (“DSV”) was recently mobilized for an Emergency Pipeline Repair intervention offshore the United Arab Emirates. This is the third time in recent months that the DSV has been fast-tracked to carry out an emergency response. This contract is included in McDermott’s first quarter 2014 backlog.
“Pipeline failures can often result in significant production loss, which is why reaction speed to these cases is critical,” explained Scott Cummins, Executive Vice President, Offshore. “Although there is added pressure due to the impact in oil revenues, Health, Safety and the Environment remains at the forefront for Emergency Pipeline Repair Systems (“EPRS”). The pipeline must be safely isolated and then stabilized before any repairs can be executed, to ensure the safety of the diver and the environment.”
With the support of in-house offshore resources, McDermott engineering teams have completed several EPRS studies on behalf of a number of clients. For each repair scenario, an individually tailored solution was delivered to cater to specific emergency responses to pipeline damage.
“Every case is unique, which is why the approach must be robust enough to handle any given situation,” commented Cummins. “Our operational knowledge, experience and expertise defines our engineering deliverables as real solutions, over theoretical studies. We are pleased that our clients have shown repeat confidence in our EPRS capabilities,” he concluded.
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.
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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 and uncertainties that may impact McDermott's actual results of operations. The forward-looking statements in this press release include, among other things, the expected scope and execution associated with this project. 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 uncertainties and risks, including without limitation, changes in project design or schedules, contract cancellations, change orders and other modifications, and difficulties executing on the project. 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. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.