McDermott wins subsea engineering, installation contract with Petrobras offshore Brazil

Source: McDermott International

McDermott International, Inc. (NYSE:MDR), announced today that its subsea construction vessel "Agile" has been contracted by Petrobras to install subsea flexible pipelines and umbilicals in up to 2,000 meters of water offshore Brazil. The company will also provide subsea installation engineering for the duration of the contract, which is for a five-year term. 

"This project highlights the confidence Petrobras has in McDermott to provide subsea services using our subsea construction and support vessels in the deepwater offshore installation market in Brazil," said Stephen M. Johnson, President and Chief Executive Officer, McDermott International, Inc. 

"Considering Brazil is an important and growing market, this is a strategic project for us and we look forward to further building our relationship with Petrobras." 

Work is expected to begin at the end of the second quarter of 2011, with McDermott's dedicated subsea engineering team mobilizing to Macae in Brazil in the coming months for the duration of the project.



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