McDermott International Inc. (NYSE: MDR) and Petrofac Ltd. have formed a strategic marketing alliance to pursue top-tier deepwater subsea, umbilical, riser and flowline (SURF) projects, the companies said in a Feb. 25 release.
The five-year alliance expects to provide oil and gas companies a competitive, integrated solution across a broad range of complex engineer, procure, construct, install (EPCI) subsea projects in deep and ultradeepwater across the U.S. Gulf of Mexico (GoM), Mexico, Brazil, the North Sea, Mediterranean and West Africa.
Leveraging the complementary capabilities and experience of both companies, the alliance will open up further EPCI opportunities by combining McDermott’s specialty SURF fleet, its new Derrick Lay Vessel DLV 2000 and strong subsea fabrication capability with Petrofac’s world class JSD 6000 installation vessel. Currently under construction, the JSD 6000 complements McDermott’s vessels, offering top-tier functionality for a wide range of ultradeepwater pipelay, subsea lowering and above surface construction work, through its combined J-lay, S-lay and ultra-heavy lift capabilities.
About The Alliance
The key terms of the alliance are:
- Territory: U.S. GoM, Mexico, West Africa, Brazil, North Sea and Mediterranean.
- Scope: SURF projects above US$200 million.
- Duration: Five years (plus follow-on time to deliver secured projects).
- Structure and scope: project scope is anticipated to be split between partners roughly equally, but according to the specifics of a particular opportunity, and governed by separate project agreements.
Recommended Reading
OGInterview: Building EIV Capital’s Midstream Investment Strategy
2024-05-01 - Midstream-focused EIV Capital has added non-operated assets and transition projects to its portfolio as a sign of the times.
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
SunPower Appoints Garzolini as Executive VP, Chief Revenue Officer
2024-03-14 - Tony Garzolini will oversee SunPower’s sales, including the direct, dealer and new homes channels, along with pricing and demand generation.
Jerry Jones Invests Another $100MM in Comstock Resources
2024-03-20 - Dallas Cowboys owner and Comstock Resources majority shareholder Jerry Jones is investing another $100 million in the company.
Vision RNG Expands Leadership Team
2024-05-01 - Vision RNG named Adam Beck as vice president of project execution, Doug Prechter as vice president of finance and Beckie Dille as HR manager.