2010–2020: Recent Developments

2010-2020
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2010
Under a transaction with Oceanteam ASA, McDermott has a 50 to 75 percent ownership stake in subsea construction vessels, North Ocean 102 (NO102) and new-build Lay Vessel North Ocean 105 (LV105), chartering the vessels for five years with an option to purchase Oceanteam’s shares in both vessel-owning companies.

Construction started on LV105, sister subsea construction ship to NO102, for flexible and rigid Reel-Lay.

McDermott completed the spin-off of subsidiary, The Babcock & Wilcox Company.

Installed topsides for the ATP Titan floating production facility with the first use of polyester mooring in the Gulf of Mexico.

2011
EPCI of a central processing platform, associated living quarters platform, flare tripod and three bridges for Chevron’s Platong Gas II project in the Gulf of Thailand included Intermac-650’s largest float-over installation of the 21,000-ton integrated topsides.

Engineered and constructed the substructure for the Woodside-operated North West Shelf Venture North Rankin B redevelopment project offshore Western Australia, including the largest jacket (25,353 tons) ever built in the region.

Qingdao McDermott Wuchuan Offshore Engineering Co., Ltd. (McDermott Wuchuan), the joint venture company established in 2008 between subsidiaries of McDermott and state-owned China Shipbuilding Industry Corporation, opened for business. The 111-acre fabrication facility based in Qingdao, China, provides topsides and modules for the offshore and onshore oil and gas markets.

2012
Completed construction and system testing of Lay Vessel North Ocean 105 for flexible and rigid pipelay.

Awarded EPCI and pre-commissioning of the Ichthys Gas-condensate Field Development subsea umbilical, riser, flowline project by INPEX offshore Australia; the largest subsea contract awarded to McDermott to date.

Shipyard contracts signed for construction of: (1) high capacity reeled pipelay vessel with top-tier payload capacity, Lay Vessel 108, expected for delivery in 2014; a sister-ship to the subsea construction vessel Lay Vessel North Ocean 105; and (2) a new high-spec, highly capable dynamically-positioned combination S-Lay vessel with a 2,000-ton crane, Derrick Lay Vessel 2000, equipped to support advanced deepwater pipelay operations at depths of up to 10,000 feet; expected for delivery in 2016.

2013
Acquisition of DeepSea, a specialist subsea engineering company based in London, England allowing it to offer broader specialist subsea services and accelerate the development of the Company to reach global tier one status in subsea project execution.

McDermott and TH Heavy Engineering Berhad form several joint ventures to meet the increasing needs of energy clients in Malaysia to support the country’s projected extensive oil and gas growth.

2014
Lease agreement signed with the Mississippi Development Authority and the Mississippi State Port Authority for the exclusive right to operate a spoolbase and marine operations base in the Port of Gulfport.

First to install rigid reel-lay pipe-in-pipe in Asia-Pacific for the Siakap North-Petai development project offshore Malaysia.

Option agreement signed with PD Ports, which gave McDermott the exclusive right to operate a spoolbase to serve projects in the North Sea.

Installation of a Tension Leg Wellhead Platform in the Papa Terra field offshore Brazil; the first use of dry-tree floating technology offshore Brazil and the first Tension Leg Platform installation offshore South America.

Awarded “Best Contractor HSE Performer, 2013” by Malaysia’s fully integrated petroleum company, PETRONAS, for work performed on its Kepodang Gas Development Project.

Authorization received from the Central Administration of Customs in Mexico to operate the Altamira fabrication facility near Tampico, Mexico, as a free trade zone.

2015
McDermott Marine Construction Ghana Limited (MMCGL) is formed to pursue key offshore opportunities in Ghana and other developments in the African market.

Strategic marketing alliance with Petrofac Limited formed to pursue top-tier deepwater subsea, umbilical, riser and flowline projects.

io oil & gas consulting, a new independent venture to transform front-end offshore field development, is launched with GE Oil & Gas.

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