McDermott Announces Shipment of First MODEC FPSO Modules

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Oct 07, 2020, 08:00 ET

HOUSTON, Oct. 7, 2020 /PRNewswire/ -- McDermott International, Ltd today announced the first shipment of topside modules for a floating production storage and offloading (FPSO) unit for MODEC, Inc. (MODEC).

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).

"McDermott's unique ability to deliver modular solutions, both onshore and offshore, helps us mitigate risk and improve efficiency," said Samik Mukherjee, Group Senior Vice President for Projects. "We draw from the strong, local workforce we have in Mexico to support this project as well as our experience and expertise as an EPCI leader to safely deliver excellent results on behalf of the customer."

The MODEC project scope of work consists of five FPSO Topside Modules, which will be delivered to the client in two shipments. This first shipment includes modules that will provide compression, vapor recovery and a laydown area for the FPSO.

McDermott's Altamira fabrication facility in Mexico is delivering the FPSO modules and EPCI fixed platform. Engineering support of the project is being performed by McDermott's Houston and Altamira offices.

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.

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Investor Relations
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+1 281 870 5569
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Manager, North, Central and South America (NCSA) Area Communications & Marketing
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SOURCE McDermott International, Ltd