McDermott Announces Second Shipment of MODEC FPSO Modules

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Nov 05, 2020, 08:00 ET

HOUSTON, Nov. 5, 2020 /PRNewswire/ -- McDermott International, Ltd today announced the second shipment of topside modules for a floating production storage and offloading (FPSO) unit for MODEC, Inc. (MODEC). It comes just weeks after the first shipment of modules sailed away from McDermott's Altamira fabrication facility located in Mexico.

The FPSO will be located in the Area 1 block, approximately six miles (10 kilometers) off the coast of Mexico in the shallow waters of the Campeche Bay at a water depth of approximately 105 feet (32 meters).

"Our MODEC project fabrication team at McDermott's Altamira Fabrication Yard continues to deliver for our customer with this latest shipment of modules," said Mark Coscio, Senior Vice President, North, Central and South America. "Our strong, local team remains focused on safety and execution excellence as we work to complete the modules needed for the EPCI fixed platform."

The MODEC project scope of work consists of five FPSO Topside Modules, which will be delivered to the client in two shipments. This second shipment includes modules that will provide inlet separators, oil separation, a flare KO Drum and sand cleanup materials for the FPSO.

The modules will travel from McDermott's Altamira fabrication facility to Singapore where integration will be performed at the Dyna-Mac Fabrication Yard.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach to design and build infrastructure solutions to responsibly transport and transform oil and gas into the products the world needs today. From concept to commissioning, our expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 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
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope and execution 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 or capital 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; actions by lenders, other creditors, customer and other business counterparties of McDermott 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. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management 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

Kevin Hargrove
Vice President and Treasurer
+1 281 870 5569
[email protected]

Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
[email protected]

Local Area Media Relations:
Kristi Krupala
Manager, North, Central and South America (NCSA) Area Communications & Marketing
+1 281 870 5447
[email protected]

SOURCE McDermott International, Ltd