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DOE - Fossil Energy Techline - Issued on: August 9, 2007 DynMcDermott to Continue Operating Strategic Petroleum ReserveWashington, DC - The Department of Energy announced that it has exercised an option to extend the contract of DynMcDermott Petroleum Operations Company of New Orleans to manage and operate the Strategic Petroleum Reserve (SPR) for an additional five years. DynMcDermott was selected by DOE in January 2003 for a five-year base period to manage and operate the SPR, commencing on April 1, 2003, with an option to extend for up to an additional five years. The new contract will run through March 2013 and is valued at approximately $600,000,000. DynMcDermott was first awarded the contract in 1993 and has held the contract longer than any previous contractor. DynMcDermott has received numerous awards and accreditations, including the 2005 Malcolm Baldridge Award; the 2006 Robert W. Campbell Award; the Secretary of Energy Gold Medal Award; both OSHA and DOE Voluntary Protection Program Star status at all SPR sites; ISO 9001 and 14001 certifications at all SPR sites; and the Fossil Energy Environmental Safety and Health Achievement Award. As operator of the nation's crude oil reserve, DynMcDermott performs all necessary technical, operations and management functions to manage and operate SPR. This encompasses all on-going objectives of the facility as well as those that may be assigned during the term of the option and include: expansion of the SPR; all infrastructure management and maintenance; human resources management; environmental management; health, safety, and security; and purchasing, financial and other administrative systems. DynMcDermott is responsible for maintaining the SPR inventory and storage capacity, assuring operational readiness to draw down and distribute of crude oil within 13 days of a Presidential direction. DynMcDermott Petroleum Operations Company was formed in 1993 by four companies to execute the Strategic Petroleum Reserve Maintenance and Operations contract with the U.S. Department of Energy. The four current companies are Computer Sciences Corporation; McDermott International, International Matex Tank and Terminals (IMTT) and Jacobs Engineering. - End of Techline
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