McDermott Awarded Transportation and Installation Contract by PRIO

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Sep 21, 2023, 07:00 ET

HOUSTON, Sept. 21, 2023 /PRNewswire/ -- McDermott has been awarded a transportation and installation contract by PRIO (former PetroRio) for the Wahoo field, offshore Brazil.

Under the scope of the contract, McDermott will perform the transportation and installation of approximately 19 miles (30 kilometers) of coated 10-inch rigid pipelines and associated subsea structures. Once installed, the pipelines will connect the Wahoo field to the Frade floating production storage and offloading unit. The contract also includes an extension option for a second pipeline.

"This award is a reflection of our offshore installation expertise in the region," said Mahesh Swaminathan, McDermott's Senior Vice President, Subsea and Floating Facilities. "Our proven track record in subsea installations, state-of-the-art vessels, technical expertise, and collaborative approach positions us well for the successful delivery of this project."

The Wahoo field is located about 19 miles (30 kilometers) north of the already-producing Frade field in Brazil's Campos basin.

McDermott's team in Rio de Janeiro will oversee project management and engineering. The installation activities will be performed by one of McDermott's rigid pipelay vessels.

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 engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. 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, customers 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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SOURCE McDermott International, Ltd