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McDermott Bags Offshore Installation Gig in U.S. GOM

McDermott International, Inc. announced today that one of its subsidiaries has been awarded a contract by the Discovery system for offshore facilities in the Gulf of Mexico. The value of this contract is included in McDermott’s second quarter 2012 backlog.

Williams Partners L.P.owns 60 percent of the Discovery system and operates it. DCP Midstream Partners, LP owns the other 40 percent of the Discovery system.

The project is to deliver new junction facilities for Discovery’s Keathley Canyon Connector™ pipeline system with a 3,300-ton, four-leg platform in 350 feet of water. The unmanned platform will provide pipeline junction facilities for incoming deepwater pipelines from the Hadrian South and Lucius fields and for outgoing shallow-water pipelines to shore.

Fabrication is expected to commence this summer at McDermott’s Morgan City facility in Louisiana. Offshore installation is expected to commence during the third quarter of 2013, and is intended to be ready for operational start-up before the end of the year.

McDermott’s deepwater combination heavy lift and pipelay vessel DB50 is expected to perform the installation. The DB50 has recently undergone extensive enhancement to its power and propulsion systems, and has a new deepwater lowering system.

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Norway: Seadrill Negotiating USD 1.16 bln Gig for West Polaris Drillship

Seadrill, one of the world’s largest drilling contractors, has announced it is in advanced discussions regarding a new five-year contract for the drillship West Polaris.

This new contract will start in direct continuation of the existing assignment which is scheduled to be completed in October 2012. The potential contract revenue for the five-year period is approximately US$1.16 billion. A final agreement is expected within July 2012.

The Samsung-built ultra-deepwater drillship was delivered to Seadrill in 2008.

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WWCS Bags Decom Gig in U.S. Gulf of Mexico

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Wright’s Well Control Services (WWCS) has been awarded a contract from an operator in the Gulf of Mexico for the surface plug & abandonment of sixteen wells. Work on this project will commence in the first quarter of 2012 and is expected to be completed by the end of June 2012.

WWCS will use its proprietary custom-engineered equipment for the project including wireline units, pumps, fluid manifolds, cement blenders, gas separators and tanks. These small-footprint spreads allow for conducting rigless plug & abandonments from a vessel of opportunity. WWCS will also provide planning, permitting and project management services.

“We are seeing an uptick in decommissioning work in the Gulf. The awarding of this contract further demonstrates WWCS’ capability to successfully execute multi-well packages for our clients. Our unique small-footprint equipment and experienced crews help customers stay on budget and schedule,” says David Wright, WWCS president.

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Ichthys: The Largest Subsea Gig for McDermott (Australia)

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McDermott International, Inc. announced today that its Australian subsidiary has received and signed a letter of award for the Ichthys Gas-condensate Field Development subsea umbilical, riser, flowline (“SURF”) project by INPEX. The contract value is in the order of magnitude of US$2 billion and is the largest subsea contract McDermott has been awarded to date.

This project includes engineering, procurement, construction, installation (“EPCI”) and pre-commissioning of production flowline systems, a MEG injection system, plus start-up condensate transfer and fuel gas transfer flowline systems, control systems as well as other associated SURF elements in water depths up to 275 meters. McDermott will also install mooring systems for the Floating Production, Storage and Offtake vessel and Central Processing Facility as well as installation engineering for future flowlines, risers and umbilicals.

McDermott has already begun engineering and procurement work and is expected to start fabrication of more than 16,000 tonnes of subsea equipment, including a subsea Riser Support Structure and installation aids, at its Batam Island, Indonesia fabrication facility beginning in 2013. The complex offshore installation campaign will see McDermott undertake the installation of subsea hardware, moorings, risers, umbilicals and flowlines utilizing its specialty subsea vessels Emerald Sea and North Ocean 102. McDermott is working with Heerema Marine Contractors (“Heerema”) for transportation and installation of a portion of the offshore scope, utilizing the heavy lift, J-Lay and Reel-Lay capability of Heerema’s new-build vessel Aegir.

Stephen M. Johnson, Chairman of the Board, President and Chief Executive Officer, McDermott said, “McDermott has a long track record working on EPCI projects offshore Australia. This major SURF award firmly endorses McDermott’s core EPCI competencies and our competitive subsea construction vessels, combined with Heerema’s installation strength and the team’s alignment with INPEX. This is a large scale and complex development, and we are firmly behind promoting the success of this LNG project.”

The Ichthys LNG Project is a Joint Venture between INPEX (76%, the Operator) and Total (24%). Gas from the Ichthys Field, in the Browse Basin approximately 200 kilometers offshore Western Australia, will undergo preliminary processing offshore to remove water and extract condensate. The gas will then be exported to onshore processing facilities in Darwin via an 889-kilometer subsea pipeline. The Ichthys LNG Project is expected to produce 8.4 million tonnes of LNG and 1.6 million tonnes of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak.

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Oceaneering Bags Angola Gig from BP

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Oceaneering International, Inc. announced that it has secured a three-year Field Support Vessel Services contract from BP p.l.c. Oceaneering will provide project management, engineering, and vessel services offshore Angola on Blocks 18 and 31, commencing February 1, 2012. The contract provides for two option periods of one year each, exercisable by BP.

Two chartered vessels, the Ocean Intervention III and the Bourbon Oceanteam 101, will be supplied under the contract. Each vessel will be outfitted with two Oceaneering work class remotely operated vehicles (ROVs) capable of working in 3,000 meters of water. Oceaneering will mobilize its chartered vessel, the Ocean Intervention III, from the U.S. Gulf of Mexico to Angola commencing in early January 2012. The contract scope of work includes light subsea construction, inspection, maintenance, and repair services on existing and future subsea infrastructure. The contract has a provision for Oceaneering to provide, at BP’s option, a third vessel after the commencement date.

M. Kevin McEvoy, President and Chief Executive Officer, stated, “We are pleased to have secured this contract with BP, one of our largest customers. This project builds on our well-established deepwater vessel project capabilities in the U.S. Gulf of Mexico and represents a significant geographic expansion with considerable backlog for our Subsea Projects business. It further reinforces our long-term commitment to Angola, which is a growing market for Oceaneering’s services and products.

BP’s involvement with Angola goes back to the mid 1970s. During the 1990s, BP made very substantial investments in Angola’s offshore oil, and it is now an important part of the company’s upstream portfolio. The UK based oil giant on Tuesday confirmed that it has gained access to five more deepwater exploration and production blocks offshore Angola.

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