Statoil Contract Awarded To J. Ray Mcdermott Joint Venture

abarrelfullabarrelfull wrote on 30 Jun 2015 09:00
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-March 15, 1995

McDermott-ETPM West, Inc., a joint venture between J. Ray McDermott, S.A. (NYSE:JRM) and ETPM, a fully-owned subsidiary of GTM-Entrepose, has been awarded a contract by Statoil A/S on behalf of several Norwegian companies to install up to three large diameter gas trunklines in the North Sea.

Value of the contract is 1.3 billion francs, or approximately U.S. $260 million.

"This award is very significant for J. Ray McDermott as well as for McDermott-ETPM," said Robert E. Howson, chairman of the board and chief executive officer, J. Ray McDermott. "We congratulate our partners at ETPM for putting together a winning proposal for this job. It builds on the success of several recent large North Sea pipeline contracts, including the CATS pipeline which McDermott-ETPM completed in 1992, and confirms J. Ray McDermott's outlook for an improving market in the late 1990s." ETPM manages the operations of the joint venture's North Sea operations.

The Zeepipe II B line will be installed in calendar 1996 (JRM's fiscal year ending March 31, 1997) to connect the Norwegian terminal of Kollsnesto the Sleipner field in the Norwegian sector of the North Sea, about 190 miles (300 kilometers) away.

The NorFra line (formerly Zeepipe IV) will bring gas from the Sleipner field to a terminal near Dunkirk, France. At approximately 535 miles (860 kilometers), NorFra will be the longest marine trunkline in the world. It will be installed in calendar 1996 and 1997 (fiscal 1997 and 1998).

The third line, Haltenlink, may be installed in calendar 1998 and 1999 (fiscal 1999 and 2000) to bring production from the Haltenbanken area in the Norwegian sector to Sleipner, a distance of about 500 miles (810 kilometers). Statoil and its partners have an option to replace the Haltenbanken line with a line about 125 miles (200 kilometers) long, linking the Gullfaks and Heimdal platforms.

J. Ray McDermott is a worldwide marine construction company. Its services include design, fabrication, transportation, and installation of new and refurbished offshore platforms, installation of offshore pipelines, and design and installation of subsea production facilities for the offshore oil and gas industry. McDermott International, Inc. (NYSE:MDR) owns a majority interest in J. Ray McDermott.

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