McDermott awarded subsea contract in Brazil

Source:McDermott International, Inc.

McDermott International, Inc. (NYSE:MDR) (“McDermott”) announced today that one of its subsidiaries has entered into an agreement with Petrobras for the supply of its subsea Lay Vessel North Ocean 105 (“LV105”). This contract is included in McDermott’s first quarter 2014 backlog.

The LV105 will carry out deepwater umbilical and flexible pipe installation in the pre-salt region and Campos Basin area offshore Brazil. Expected to commence during the third quarter of 2014, the term of the charter is approximately 200 days, with an option to extend.

“This new contract award highlights Petrobras’ ongoing confidence in McDermott to deliver leading subsea installation solutions,” said Tony Duncan, Executive Vice President, Subsea. “The charter also supports our vessel utilization targets as during the second half of 2014 McDermott will have three deepwater vessels on charter to Petrobras.”

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