McDermott Wins Subsea Contract for Petrobras

McDermott International, Inc. (NYSE:MDR) announced that one of its subsidiaries has entered into an agreement with Petrobras for a short term charter to supply its subsea construction vessel North Ocean 102 (“NO102”).

The NO102 will carry out deepwater umbilical and flexible pipe installation offshore Brazil and is expected to begin work during the third quarter of 2014.  Tony Duncan, Vice President and General Manager, Subsea, for McDermott said “This contract award highlights Petrobras’ confidence in McDermott as a significant player in the subsea industry. The performance of our first pipelay support vessel in Brazil, the Agile, has provided Petrobras the assurance that McDermott can execute deepwater subsea installation services to high standards of safety and quality with a strong performance scorecard.”

The NO102 is a fast-transit, dynamically positioned (DP2) vessel with a high top tension Vertical Lay System for SURF needs that operates across a wide variety of water depths.