McDermott Gets EPCC Contract From Maersk Oil In North Sea
Zacks Investment Research | Dec 26, 2017 09:28PM ET
Energy-focused engineering and construction company McDermott International, Inc. (NYSE:MDR) recently announced that it has landed an engineering, procurement, construction and commissioning (EPCC) services contract from Maersk Oil for the latter's Tyra Redevelopment project. It is located in the Danish sector of North Sea.
The contract value is expected to be in the range of $500-$700 million. With this contract, McDermott is returning to the North Sea. It also aligns with the company's growth strategy. Per McDermott, Maersk Oil will be provided with the full suite of EPCC services for seven topside structures, six connecting bridges and six jacket extensions. McDermott has plans to carry out the project as part of two separate work packages. One of the packages will assume Tyra East G platform’s gas processing topside of around 18,188 tons, which will include two 100 meters connecting bridges weighing 468 tons and 771 tons. A 137-meter long flare is also included in this package.
Another package will assume a total of four wellhead topsides for Tyra East B and Tyra East C, along with two riser topsides at Tyra West E. It also incorporates four connecting bridges that are expected to weigh in the range of 60-1,102 tons.
The company has expressed its intention to use the office in Kuala Lumpur, Malaysia for performing project management, engineering and supply chain management. It also plans to use its fabrication yard at Batam Island of Indonesia for fabrication and assembling the structures.
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