HOUSTON, Nov. 1, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today a large* contract award by Petrobras for a natural gas pipeline project in support of the client's Santos basin pre-salt field program.

The contract covers the implementation of the ultra-shallow segment of the new Rota 3 gas export pipeline. The scope of work includes design and detailed engineering, procurement, construction and installation of six miles (10 kilometers) of a 24-inch rigid concrete coated pipeline from the already installed shallow water segment of this new pipeline system to the shore, including a horizontal directional drill, tie-in spools and pre-commissioning of the six mile (10 kilometers) pipeline. Overall project management and engineering will be performed by McDermott's team in Rio de Janeiro, with support from the Houston team.

"Rota 3 is a major pre-salt development area that is important to the future of oil and gas production for Brazil," said Richard Heo, McDermott's Senior Vice President for North, Central and South America. "McDermott has the local and global expertise, capabilities and assets to support operations in pre-salt environments – particularly with the delivery of our previously announced J-Lay configuration modification to our Amazon vessel. Our office in Rio will execute this near-term project utilizing expertise they have previously demonstrated in a series of recent EPCI projects successfully completed in-country for Petrobras and other operators."

Rota 3 is a 220 mile (355-kilometer) rigid pipeline project by Petrobras that is part of the company's Santos Basin pre-salt gas offloading and transportation system. The project is split into three subsea segments and one onshore segment. McDermott has been awarded the third subsea segment: an ultra-shallow pipelay connecting the shallow segment to the onshore segment at Maricá City, 62 miles (100 kilometers) north of Rio de Janeiro.

The lump sum contract award will be reflected in McDermott's fourth quarter 2018 backlog.

*McDermott defines a large contract as between USD $50 million and USD $250 million.

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 40,000 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

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about the expected scope, execution and value 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 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 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. For a more complete discussion of these and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views 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.

Contacts:

Investor Relations

Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
[email protected]

Global Media Relations

Gentry Brann
Global Vice President, Communications
+1 281 870 5269                                                            
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SOURCE McDermott International, Inc.