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McDermott to Perform Subsea Engineering and Installation of Flexible Pipelines and Umbilicals for Petrobras Offshore Brazil on Multi Year Contract

McDermott International McDermott International, Inc. ("McDermott"), announced today that its subsea construction vessel "Agile" has been contracted by Petrobras to install subsea flexible pipelines and umbilicals in up to 2,000 meters of water offshore Brazil. The company will also provide subsea installation engineering for the duration of the contract, which is for a five year term.

"This project highlights the confidence Petrobras has in McDermott to provide subsea services using our subsea construction and support vessels in the deepwater offshore installation market in Brazil," said Stephen M. Johnson, President and Chief Executive Officer, McDermott International, Inc.

"Considering Brazil is an important and growing market, this is a strategic project for us and we look forward to further building our relationship with Petrobras."

Work is expected to begin at the end of the second quarter of 2011, with McDermott's dedicated subsea engineering team mobilizing to Macae in Brazil in the coming months for the duration of the project.

Published 24/01/2011

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McDermott International, Inc. (NYSE: MDR) is a leading engineering, procurement, construction and installation ("EPCI") company focused on executing complex offshore oil and gas projects worldwide. Providing fully integrated EPCI services for upstream field developments, the Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning. McDermott's customers include national and major energy companies. Operating in more than 20 countries across the Atlantic, Middle East and Asia Pacific, the Company's integrated resources include more than 16,000 employees and a diversified fleet of marine vessels, fabrication facilities and engineering offices. McDermott has served the energy industry since 1923.

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