Shell Enters Two-Year Agreement for use of J. Ray McDermott's Derrick Barge 50.NEW ORLEANS--(BUSINESS WIRE)--July 1, 1997--J. Ray McDermott (NYSE NYSE See: New York Stock Exchange :JRM JRM Journal of Recreational Mathematics JRM Journal of Reproductive Medicine ) announced today that it has agreed with Shell Deepwater Development Inc. to commit its Derrick Barge 50 to Shell's exclusive use for two years, beginning July 1, 1999. The agreement also calls for J. Ray to add two thrusters and upgrade the pipeline installation system on the derrick barge. The modifications will provide year-round station-keeping ability and improved capacity for J-lay pipeline installation. In recent years, Derrick Barge 50 has participated in most of the Gulf of Mexico's deepwater developments, installing both platforms and pipelines. In service since 1988, it is the world's largest monohull A monohull is a type of boat having only one hull, unlike multihulled boats which can have two or more individual hulls connected to one another. Uses This is the most prevalent form of waterborne vessel. It is the most straightforward and intuitive design. crane vessel A crane vessel is a ship that is specialized in lifting heavy loads. The largest crane vessels are often used for offshore construction. The larger vessels are often semi-submersibles, but also conventional monohulls are used. , 495 feet long and 151 feet wide with a lifting capacity of 4,400 tons. In 1992, it became the first vessel to successfully install deepwater pipelines using the J-lay method, when it completed lines for Shell's Auger project to depths approaching 3,000 feet. It has worked on the installation of a significant number of fixed and floating facilities in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and other parts of the world, including tension leg platforms, the world's first spar production platform, and on a number of deepwater pipeline projects. "Over the past several years, J. Ray McDermott and Shell have created a unique working relationship built on open, honest communication, teamwork, and trust. Our relationship has now created this new landmark for partnering and alliances in our industry," said Bobby Rawle, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , J. Ray McDermott. "Shell asked us to commit one of our best resources for a specified period and in return has made a commitment that will help us meet our financial performance goals. In addition, we both avoid the time and expense required to provide DB-50 on a project-by-project basis. We are very happy with this agreement, which we believe sets a new standard for conducting business in our industry." "We've created a true partnership between two recognized leaders in one of the world's most active deepwater regions, and both of us benefit," said Rich Pattarozzi, president and chief executive officer, Shell Deepwater Development Inc. "We can count on proven, state-of-the-art equipment for our deepwater developments and on J. Ray's commitment to safety, cost, and schedule. In return, we commit to use DB-50 at a fair rate and to support the modifications that will increase the capabilities of this world-class barge. We are extremely pleased to continue our long relationship with J. Ray through this important agreement." J. Ray McDermott is a leading 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. ) holds a majority interest in J. Ray McDermott. CONTACT: J. Ray McDermott, New Orleans Don Washington, 504/587-4080 |
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