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Released November 02, 2017 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--McDermott International Incorporated (NYSE:MDR) (Houston, Texas), an engineering, procurement and construction (EPC) company focused on offshore oil and gas projects, enjoyed a prosperous third-quarter 2017, making significant progress on numerous offshore and subsea projects, including the largest subsea project in the world. Industrial Info is tracking $11.5 billion in active projects involving McDermott, all of which are nearing or under construction.
Order intake in the company's third quarter stood at $89 million, for a total backlog of $2.4 billion. About 85% of the total was related to offshore operations, and the remainder to subsea operations. McDermott's own capital expenditures totaled $97.1 million for the first nine months of the year, compared with $197.4 million for the same period in 2016.
The largest project involving McDermott is among those being developed in response to improving oil and gas prices: Exxon Mobil Corporation's (NYSE:XOM) (ExxonMobil) (Irving, Texas) $4 billion subsea production system in the Gulf of Mexico's Julia Field, for which McDermott is performing EPC work. The project, which is set to wrap up in the coming months, involves drilling four wells and installing a subsea tie-back system to its Jack/St. Malo platform to produce 34,000 barrels per day (BBL/d). For more information, see Industrial Info's project report.
Further south in Mexican waters, subsidiary J Ray McDermott de México S.A. de C.V. is performing EPC work for Petroleos Mexicanos' (PEMEX) (Mexico City) $380 million crude oil and natural gas production platform in the Campeche Basin. The subsidiary is constructing a platform that is to be moored 130 kilometers northwest from Ciudad del Carmen, Campeche, in Abkatun Field. As designed, it will produce 200,000 barrels per day (BBL/d) of crude and 380 million standard cubic feet per day of natural gas. For more information, see Industrial Info's project report.
Among McDermott's major projects outside North America is INPEX Corporation's (Tokyo, Japan) $2.3 billion in subsea infrastructure for the Ichthys LNG upstream project, offshore Western Australia, the largest subsea project in the world. McDermott completed the mooring and hook-up of the floating production storage offloading (FPSO) facility during the third quarter; the subsea components will connect to the FPSO and central-processing facility, and supply the 8.9 million-metric-ton-per-year production plant for liquefied natural gas (LNG) that is under construction in Darwin. For more information, including details on the 20 production wells to be drilled, see Industrial Info's project report.
Also in Australia, McDermott is on schedule with engineering, procurement and fabrication underway on Woodside Energy Limited's (Perth, Australia) Greater Western Flank Phase II pipeline project, which includes a $1.23 billion subsea development and a $153.2 million subsea pipeline tie-back. The subsea infrastructure, which will service eight production wells, will be connected via the tie-back to the main pipeline, which will transport about 150 million standard cubic feet per day of natural gas to the Goodwyn natural gas production platform. For more information, see Industrial Info's project reports on the subsea infrastructure and tie-back.
In Saudi Arabia, McDermott's Middle Eastern subsidiary is performing EPC work for a pair of $125 million equipment replacements on two gas and oil separation (GOSP) platforms in the Marjan field, for facilities owned by Saudi Aramco. Both are set to be completed toward the end of first-quarter 2018. Work includes the installation of steel-tube control umbilicals and fiber-optic cables to replace aging components.
McDermott noted in a press release that the Marjan project is ahead of schedule, with the jacket and deck installation and hook-up work performed during the quarter. For more information, see Industrial Info's project reports on GOSP-2 and GOSP-3.
McDermott's third-quarter revenues stood at $958.5 million, compared with $558.5 million in the same period in 2016; net income was reported to be $94.7 million, compared with $16.1 million.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Order intake in the company's third quarter stood at $89 million, for a total backlog of $2.4 billion. About 85% of the total was related to offshore operations, and the remainder to subsea operations. McDermott's own capital expenditures totaled $97.1 million for the first nine months of the year, compared with $197.4 million for the same period in 2016.
The largest project involving McDermott is among those being developed in response to improving oil and gas prices: Exxon Mobil Corporation's (NYSE:XOM) (ExxonMobil) (Irving, Texas) $4 billion subsea production system in the Gulf of Mexico's Julia Field, for which McDermott is performing EPC work. The project, which is set to wrap up in the coming months, involves drilling four wells and installing a subsea tie-back system to its Jack/St. Malo platform to produce 34,000 barrels per day (BBL/d). For more information, see Industrial Info's project report.
Further south in Mexican waters, subsidiary J Ray McDermott de México S.A. de C.V. is performing EPC work for Petroleos Mexicanos' (PEMEX) (Mexico City) $380 million crude oil and natural gas production platform in the Campeche Basin. The subsidiary is constructing a platform that is to be moored 130 kilometers northwest from Ciudad del Carmen, Campeche, in Abkatun Field. As designed, it will produce 200,000 barrels per day (BBL/d) of crude and 380 million standard cubic feet per day of natural gas. For more information, see Industrial Info's project report.
Among McDermott's major projects outside North America is INPEX Corporation's (Tokyo, Japan) $2.3 billion in subsea infrastructure for the Ichthys LNG upstream project, offshore Western Australia, the largest subsea project in the world. McDermott completed the mooring and hook-up of the floating production storage offloading (FPSO) facility during the third quarter; the subsea components will connect to the FPSO and central-processing facility, and supply the 8.9 million-metric-ton-per-year production plant for liquefied natural gas (LNG) that is under construction in Darwin. For more information, including details on the 20 production wells to be drilled, see Industrial Info's project report.
Also in Australia, McDermott is on schedule with engineering, procurement and fabrication underway on Woodside Energy Limited's (Perth, Australia) Greater Western Flank Phase II pipeline project, which includes a $1.23 billion subsea development and a $153.2 million subsea pipeline tie-back. The subsea infrastructure, which will service eight production wells, will be connected via the tie-back to the main pipeline, which will transport about 150 million standard cubic feet per day of natural gas to the Goodwyn natural gas production platform. For more information, see Industrial Info's project reports on the subsea infrastructure and tie-back.
In Saudi Arabia, McDermott's Middle Eastern subsidiary is performing EPC work for a pair of $125 million equipment replacements on two gas and oil separation (GOSP) platforms in the Marjan field, for facilities owned by Saudi Aramco. Both are set to be completed toward the end of first-quarter 2018. Work includes the installation of steel-tube control umbilicals and fiber-optic cables to replace aging components.
McDermott noted in a press release that the Marjan project is ahead of schedule, with the jacket and deck installation and hook-up work performed during the quarter. For more information, see Industrial Info's project reports on GOSP-2 and GOSP-3.
McDermott's third-quarter revenues stood at $958.5 million, compared with $558.5 million in the same period in 2016; net income was reported to be $94.7 million, compared with $16.1 million.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
