HOUSTON, Feb. 25, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced today a substantial*
contract award from Saudi Aramco for engineering, procurement,
construction and installation (EPCI) services in the Marjan field,
offshore Saudi Arabia.
The contract includes the design, procurement, fabrication, and
installation, testing and pre-commissioning of the TP-10 tie-in
platform, six gas lift topside modules and associated pipeline and
subsea cables. The total weight of the structures will exceed
29,000 short tons (27,000 metric tons) and pipelines totaling over
40 miles (65 kilometers).
"This award demonstrates the strong market appeal of our
value-driven and highly integrated offering of products and
services," said Linh Austin,
McDermott's Senior Vice President, Middle
East and North Africa. "McDermott has extensive
practical operational experience in the region which gives
assurance to our customers of our ability to deliver projects
safely, on time and to budget."
The fabrication work on the project will be executed from
McDermott's Jebel Ali yard in Dubai and Dammam yard in Saudi
Arabia, while the engineering work will be executed from
both Dubai and the Al Khobar
office in Saudi Arabia in line
with McDermott's strategic focus to strengthen In-Kingdom content.
The Derrick Barge 50 and Derrick Barge 27 from McDermott's global
vessel fleet are scheduled to be utilized.
Work on the project will begin immediately and the contract
award will be reflected in McDermott's first quarter 2019
backlog.
* - McDermott defines a substantial contract as between USD
$500 million and USD $750 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 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. As used in
this press release, McDermott includes McDermott International,
Inc. and its subsidiaries and affiliates. 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 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. 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.