- McDermott is the first EPCI Company to implement an advanced data solution to improve schedule certainty for its customers
- Cutting-edge platform, based on Dassault Systèmes’ 3DEXPERIENCE platform, provides improved safety, quality and greater efficiency from project inception to decommissioning, and the industry’s first true digital twin
- New offering will standardize and simplify work processes to one common platform, improving collaboration across the Company
HOUSTON, March 27, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE: MDR ) announced today the planned implementation of a new software platform that is expected to improve efficiency and productivity throughout the lifecycle for McDermott’s global engineering, procurement, construction and installation (EPCI) projects. The new offering brings an integrated approach from project inception to decommissioning for life of field services – making McDermott the first energy-focused EPCI company to implement such an advanced industry solution.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/Attachm...315bf4d74c .
The platform will enable McDermott to digitize and standardize its processes, driving down costs by eliminating legacy systems and simplifying work processes into a single integrated, software-agnostic engineering platform. The real-time dashboard will allow lead engineers and project managers to know the latest status of engineering deliverables. All information will be interrelated so there is only one source of "truth" and cross-functional change management is maintained.
In addition, the creation of a digital twin combines an integrated 3D model to marry the as-built physical state with a living, up-to-date 3D model combined with data and analysis for the facility.
“This initiative will transform engineering in the oil and gas industry and enable McDermott to provide its customers with our full suite of services for the life of the project via an integrated and easy to use software and 3D-centric platform,” said Vaseem Khan, McDermott’s Vice President, Engineering. “Our customers will also benefit from a ready-to-use platform for big data analytics as a component of the digital twin, which will serve as the single source of truth for operations and maintenance.”
From project inception to decommissioning, the life of field services digital documents will permit a more open exchange of information that will improve productivity, cross-functional collaboration and ensure on schedule delivery of complex projects with improved safety, quality and greater efficiency. The life of field services will focus on the following areas: technical and operational data management; process optimization; predictive maintenance; operations management and asset integrity management.
McDermott signed a multi-year agreement with Dassault Systèmes to integrate its 3DEXPERIENCE platform into McDermott’s existing processes to enable start to finish management for subsea and offshore energy projects.
McDermott plans to implement a pilot project in the fourth quarter of 2017 to integrate the new platform into its business. The new “best-in-class” solution will be implemented in phases, with the first phase scheduled for completion next year.
About McDermott McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our customers include national and major energy companies. Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 12,400 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit our website at www.mcdermott.com .
Forward-Looking Statement In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about the expected timing of and benefits to McDermott resulting from the implementation of the 3DEXPERIENCE platform. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2016. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
McDermott International, Inc. Investor Relations Kathy Murray Vice President, Treasurer and Investor Relations +1 281.870.5147 kamurray@mcdermott.com Media Relations Adam Morgan Director, Global Communications +1 281.253.9005 amorgan@mcdermott.com
