J. Ray McDermott S.A. – a subsidiary of energy-focused engineering and construction firm McDermott International Inc. (MDR) – announced the receipt of a transportation and installation contract from Vietnam-based PTSC Mechanical & Construction Company Ltd. The financial terms of the transaction were not disclosed.
 
The contract calls for J. Ray to transport and install two wellhead platform jackets, topsides (including two drill decks, a main deck and helideck/electrical house), infield pipelines (including tie-spools and a pin-piled pipeline end manifold), and a subsea isolation valve. The company is due to commence work in the third quarter of 2010.
 
J. Ray sees the PTSC award as a major push behind its strategy of tapping the Asia-Pacific market. To be carried out in the Te Giac Trang oilfield offshore Vietnam, it is the company’s second project of the year in this high growth region and recognizes its strong marine capabilities and extensive offshore construction experience in Vietnam.
 
The order is part of J. Ray’s strong and longstanding relationship with PTSC. The Te Giac Trang oilfield is situated in Block 16-1, approximately 100 kilometers southeast of Vung Tau City, at a water depth of about 45 meters.
 
Incorporated in 1959, Houston, Texas-based McDermott International Inc. provides a diverse range of products and services to customers in the energy and power industries, including utilities and other power generators, major and national oil companies, and the U.S. government.
Read the full analyst report on “MDR”
Zacks Investment Research