DUBAI, United Arab Emirates,
July 23, 2018 /PRNewswire/
-- McDermott International, Inc. (NYSE: MDR) announced today
it has been awarded a sizeable* contract from Samsung Engineering
Saudi Arabia Company Ltd. for engineering, procurement and
construction (EPC) of CB&I® Storage Tanks for the Jubail United
Petrochemical Company (JUPC) Ethylene Oxide (EO)/Ethylene Glycol
(EG) Plant No. 3 at Jubail, Kingdom of
Saudi Arabia.
The fixed lump sum contract encompasses the engineering,
procurement and fabrication of 23 CB&I storage tanks and
modification of two existing tanks. Work on the project will
predominantly be executed from Saudi
Arabia utilizing McDermott's local capabilities and
facilities.
"McDermott and Samsung have a long track record of successful
collaboration and safe execution in the Middle East," said Linh Austin, Senior Vice President, Middle East and North Africa. "Our extensive experience in
Saudi Arabia combined with our
unparalleled technical competency in the storage sector uniquely
position us to deliver this project."
McDermott significantly expanded its service offering after
combining with CB&I earlier this year. The combination brought
together more than 200 years of experience in the energy sector and
positioned McDermott as one of the few companies in the world to
offer fully integrated, end-to-end offshore, upstream and
downstream solutions across the entire energy value chain.
Work on the contract is expected to begin immediately and will
be reflected in McDermott's second quarter 2018 backlog.
* - McDermott defines a sizeable contract as between USD
$1 million and USD $50 million.
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—from the
wellhead to the storage tank—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 40,000 employees and engineers, 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 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,
2017 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
Vice President, Communications & Marketing
+1 281-870-5269
Gentry.Brann@McDermott.com
Local Area Media Relations
Barbara Knight
Head of Communications & Marketing
Middle East and North Africa (MENA)
+971 (0)4 804 3990
bbknight@mcdermott.com
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SOURCE McDermott International, Inc.