STATOIL CONTRACT AWARDED TO J. RAY McDERMOTT JOINT VENTURE.NEW ORLEANS--(BUSINESS WIRE)--March 15, 1995--McDermott-ETPM West, Inc., a joint venture between J. Ray McDermott, S.A. (NYSE NYSE See: New York Stock Exchange :JRM JRM Journal of Recreational Mathematics JRM Journal of Reproductive Medicine ) and ETPM ETPM Entrepose GTM Pour les Travaux Petroliers et Maritimes (French oil and gas industry installation contractor, now Stolt Offshore) , a fully-owned subsidiary of GTM-Entrepose, has been awarded a contract by Statoil A/S on behalf of several Norwegian companies This is a list of Norwegian companies operating as of 2004, and historical companies. Operating
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 fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , transportation, and installation of new and refurbished offshore platforms, installation of offshore pipelines, and design and installation of subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". production facilities for the offshore oil and gas industry. McDermott International, Inc. (NYSE:MDR MDR, n See multidrug resistance. MDR, n the abbreviation for minimum daily requirement, specifically the Minimum Daily Requirements for Specific Nutrients compiled by the United States Food and Drug Administration. ) owns a majority interest in J. Ray McDermott. CONTACT: J. Ray McDermott, New Orleans Don Washington, 504/587-4080 |
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