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McDermott has secured a contract from PRIO, formerly known as PetroRio, to transport and install pipelines and associated structures for the Wahoo field, offshore Brazil.
The contractor said in its media release that the scope of the deal includes the transportation and installation of approximately 19 miles (30 kilometers) of coated 10-inch rigid pipelines and associated subsea structures.
Once installed, the pipelines will connect the Wahoo field to the Frade floating production storage and offloading unit. The contract also includes an extension option for a second pipeline, McDermott said.
“This award is a reflection of our offshore installation expertise in the region,” said Mahesh Swaminathan, McDermott’s Senior Vice President, Subsea and Floating Facilities.
“Our proven track record in subsea installations, state-of-the-art vessels, technical expertise, and collaborative approach positions us well for the successful delivery of this project,” Swaminathan added.
The Wahoo field is located about 19 miles (30 kilometers) north of the already-producing Frade field in Brazil’s Campos basin. McDermott said its team in Rio de Janeiro will oversee project management and engineering. The installation activities will be performed by one of McDermott’s rigid pipelay vessels, the company highlighted.
The new deal follows McDermott’s initiation of a financial restructuring process that it commenced earlier this month. The aim of the restructuring is to strengthen its capital structure, enhance its liquidity position, and further position the company for long-term success.
Additionally, McDermott said it has received $250 million in new capital from a group of its existing equity holders, which will support its ability to operate its business, deliver on existing projects and expand backlog with new client projects.
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