Ray McDermott Signs Exclusive Agreement to Fabricate Topsides for Four BP Deepwater Projects in Gulf of Mexico; Projects to Create 400-500 New Jobs for Morgan City Area
Updated: Monday, November 20, 2000 01:29 PM ET
MORGAN CITY, La.--(BUSINESS WIRE)--Nov. 20, 2000--J. Ray McDermott, S.A., a subsidiary of McDermott International, Inc. (NYSE:MDR, news, msgs), has signed a letter of intent to fabricate the topsides for four major BP deepwater projects in the Gulf of Mexico. The agreement gives BP exclusive use of J. Ray McDermott's facility near Morgan City, Louisiana, during the fabrication.
Over the next several years, the work is expected to bring as much as $600 million in revenues to J. Ray McDermott and create an additional 400-500 new jobs for fabrication workers at the facility. J. Ray McDermott will dedicate its fabrication yard in Amelia, Louisiana, solely for work on the topsides for BP's Holstein, Mad Dog, Atlantis and Crazy Horse projects in the deepwater Gulf of Mexico. Fabrication will commence in the second half of 2001. Three of the four projects will be spar developments. Development options for Crazy Horse, the largest of the projects, are still being evaluated.
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