HOUSTON, July 10, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced it has been awarded a
contract in excess of $1.5 billion
for Package 4 of Saudi Aramco's Marjan Increment Development
Project to provide engineering, procurement, construction and
installation (EPCI) of offshore gas facilities and pipelines.
Marjan Package 4 represents the second largest EPCI offshore
contract awarded by Saudi Aramco in the Marjan Increment
Development Project. The Marjan field lies in the Arabian Gulf, off
Saudi Arabia's East Coast.
"The award of Marjan Package 4, in addition to Marjan Package 1,
is further evidence of Aramco's confidence in McDermott's ability
to deliver on a project of this scale," said Linh Austin, Senior Vice President, Middle East and North Africa. "Our locally focused and
globally-integrated approach we refer to as the One McDermott Way,
is integral to our ability to provide effective, innovative
solutions for our clients."
The contract includes the fabrication of three tie-in platforms
and seven wellhead platforms with a total weight of more than
61,400 tons (55,700 metric tons). The scope also includes the
installation of subsea trunk lines and in-field pipelines in excess
of 330 miles (540 kilometers), and the laying of more than 55 miles
(90 kilometers) of subsea cables.
Project management will be based out of Dubai, United Arab Emirates, with engineering
support from McDermott offices in Al Khobar, Saudi Arabia and Chennai, India. Fabrication will take place at
McDermott's Batam, Jebel Ali and Dammam yards. The engineering phase is
scheduled to begin in the third quarter of 2019 and fabrication is
scheduled to begin in the first quarter of 2020, with overall
completion planned for the fourth quarter of 2022. The contract
award will be reflected in McDermott's second quarter 2019
backlog.
About McDermott
McDermott is a premier, fully integrated provider of technology,
engineering and construction solutions to the energy industry. For
more than a century, customers have trusted McDermott to design and
build end-to-end infrastructure and technology solutions to
transport and transform oil and gas into the products the world
needs today. Our proprietary technologies, integrated expertise and
comprehensive solutions deliver certainty, innovation and added
value to energy projects around the world. Customers rely on
McDermott to deliver certainty to the most complex projects, from
concept to commissioning. It is called the "One McDermott Way."
Operating in over 54 countries, McDermott's locally focused and
globally-integrated resources include approximately 32,000
employees, a diversified fleet of specialty marine construction
vessels and fabrication facilities around the world. To learn more,
visit www.mcdermott.com.
Forward-Looking Statements
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 backlog, to the extent backlog
may be viewed as an indicator of future revenues or profitability,
and statements about the expected value, scope, execution and
timing of the project discussed in this press release. 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,
2018 and subsequent quarterly reports on Form 10-Q. 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.
Contacts:
Investor Relations
Scott
Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Senior Senior Vice President, Communications, Marketing and
Administration
+1 281 870 5269
Gentry.Brann@McDermott.com
Local Media Relations
Barbara
Knight
Senior Director, Area Communications and Marketing
Middle East and North Africa (MENA)
+971 (0)4 804 3990
BBknight@McDermott.com
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SOURCE McDermott International, Inc.
