McDermott signs agreement for North Sea spoolbase

Source:McDermott International, Inc.

McDermott signs agreement for North Sea spoolbase McDermott International, Inc. (NYSE: MDR) announced today that one of its subsidiaries has signed an option agreement with PD Ports which gives it the exclusive right to operate a spoolbase to serve projects in the North Sea. McDermott expects to have the facility available for projects in early 2015.

Located in Hartlepool, in northeast United Kingdom, the spoolbase is expected to support McDermott’s re-entry into the North Sea Reel-Lay market. The Port of Hartlepool is a well-established working port with a history of fabrication for the oil and gas industry and has excellent access from harbor to the open sea.

“This agreement for the spoolbase is an important milestone towards supporting McDermott’s re-entry into the North Sea market,” said Tony Duncan, Executive Vice President, Subsea. “We look to combine the prime location of the Hartlepool spoolbase for quick access to project sites with McDermott’s high standards, and high-performance Reel-Lay capabilities provided by our Lay Vessel North Ocean 105. We are firmly committed to meeting our clients’ needs in the region.”

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