McDermott returns to North Sea
McDermott (NYSE:MDR) is re-entering the North Sea rigid pipelay sector after forming an alliance with Norwegian subsea contractor Ocean Installer.
HOUSTON – McDermott (NYSE:MDR) is re-entering the North Sea rigid pipelay sector after forming an alliance with Norwegian subsea contractor Ocean Installer.
“We look forward to working together with…Ocean Installer to pursue subsea installation projects that support the continued development of the North Sea and further expansion of Norway’s offshore energy reserves,” said Stephen M. Johnson, McDermot’s chairman and CEO.
McDermott operates a fleet of rigid-lay vessels including the new lay vesselNorth Ocean 105; sister ship Lay Vessel 108 (expected to be available mid-2014); and a newbuild deepwater combination S-Lay vessel DLV2000 with a 2,000-ton crane (expected to be available in 2015).
Demand for subsea, umbilical, riser, and flowline services is growing in the North Sea, with a clear need for additional capacity, according to the alliance.
The two parties plan to capitalize by combining Ocean Installer’s North Sea experience with McDermott’s global resources.
Under the accord, they commit to exclusively pursue and jointly execute rigid pipelay projects in the North Sea, with potential for a more permanent relationship between the two companies.