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Public Relations
External Press Releases
September 9, 2005
J. Ray McDermott and Keppel FELS Complete
Formation of FloaTEC, LLC, a Deepwater Solutions Joint Venture
Two offshore industry legends combine
complementary strengths in the pursuit of deepwater floating
production system deliveries
J. Ray McDermott, Inc. (“J Ray”)
a subsidiary of McDermott International, Inc. (NYSE: MDR)
and Keppel FELS LTD. (“Keppel”) a wholly owned
subsidiary of Singapore-listed Keppel Corporation Limited,
have completed the formation of FloaTEC, LLC, a new joint
venture company to pursue deepwater and ultra deepwater oil
and gas development opportunities.
To add to the Joint Venture’s offerings,
J Ray and Keppel have purchased patent rights previously owned
by ABB for the Extended Tension Leg Platform (ETLP) and Single
Column Floater (SCF®) designs. Drawing on its parent companies’
resources, FloaTEC, LLC will focus on providing world-class
deepwater solutions and lead pursuits and prospect developments
in close dialogue with potential clients. The deepwater solutions
include tension leg platforms (TLPs), SPARs and production
semisubmersibles.
“We believe that the timing could not be better for
this cooperation with our colleagues at Keppel FELS and the
establishment of this exciting joint venture,” said
Bruce W. Wilkinson, Chairman of the Board and Chief Executive
Officer of McDermott International, Inc. “Both companies
have developed unique technologies and capabilities over the
years and command an attractive product portfolio, in particular
within floating production solutions. This joint venture further
strengthens that combined product portfolio and prepares us
to take a leading role in the coming surge in global deepwater
development prospects.”
“J. Ray and Keppel are uniquely positioned
to offer total solutions to customers through this new company,”
said Choo Chiau Beng, Chairman and Chief Executive Officer
of Keppel Offshore & Marine Ltd., the parent company of
Keppel FELS. “We have established reputations in the
international market for versatility, reliability, quality
service, timely delivery, good project management and a commitment
to excellence. Our new company will offer quality solutions
to customers enhanced by proprietary technology and critical
engineering expertise.”
To lead this new company, Eric H. Namtvedt has
been named President. He joins the JV with over 25 years of
experience in the industry. Namtvedt has worked for a major
oil company, the Norwegian government, a global E & C
contractor, and an oilfield service and fabrication company,
leading projects ranging geographically from the US to West
Africa, South East Asia, North Sea and Australia and including
engineering and Front-End Engineering Development work and
Engineering Procurement Construction. Namtvedt’s experience
includes the establishment of joint venture companies, both
in fabrication and technology development.
“Clearly the establishment of FloaTEC, LLC
represents a significant commitment by both J Ray and Keppel
and a firm belief that jointly they can achieve more and provide
better value to their clients,” said Namtvedt. “J
Ray is widely recognized for its marine construction and installation
services, and Keppel has a long history of client-focused
product developments and deliveries of semis, floaters, jack-ups
and specialized ships. Field proven designs of SPARs and Production
Semi-submersibles have been successfully delivered from Keppel
and J Ray’s global fabrication facilities.”
Under the FloaTEC, LLC umbrella, the joint venture
boasts an unmatched portfolio of floating production solutions
for its clients, represented by their brand names –
SparTEC®; SemiTEC™ and TlpTEC™.
“Our new company, in close dialogue with
potential clients, will work to provide optimum solutions
from this suite of hull designs. In addition to providing
engineering solutions, we will be able to offer full EPIC
solutions for hull, topsides, mooring systems and risers by
drawing on our parents’ global engineering, project
management, fabrication and marine construction resources.”
J. Ray McDermott is a leading provider of solutions
for offshore field development worldwide. McDermott International
is a leading worldwide energy services company. McDermott's
subsidiaries provide engineering, fabrication, installation,
procurement, research, manufacturing, environmental systems,
project management and facilities management services to a
variety of customers in the energy industry, including the
U.S. Department of Energy.
Keppel FELS is the world leader in the design
and construction of jackup rigs, having built over 60% of
the world’s fleet on order in the last decade. It is
a wholly owned subsidiary of Singapore-listed Keppel Corporation
Limited, through Keppel Offshore & Marine Limited. The
group has a network of 16 yards around the world to be close
to its market and customers. Integrating the experience and
expertise of its yards worldwide, the group aims to be a provider
of choice and a partner in solutions for the offshore and
marine industry.
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CONTACT: Ray Scippa
Public Relations
281-870-5025
rscippa@mcdermott.com
www.mcdermott.com
Sarah Seah (Ms)
Deputy General Manager
Group Corporate Communications, Keppel Corporation
Tel: +65 64136420
sarah.seah@kepcorp.com
www.kepcorp.com
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Copyright © FloaTEC, LLC 2007 |
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