McDermott Awarded Project for Twelve Jackets Offshore Saudi Arabia
McDermott International, Inc. (NYSE:MDR) announced today that it has been awarded a large brownfield contract by Saudi Aramco for the engineering, procurement, construction and installation (EPCI) of twelve jackets for offshore oil and gas fields in Saudi Arabian waters. Work is scheduled for completion by the end of the first quarter of 2016 and will be included in McDermott’s second quarter 2015 backlog.
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McDermott has been awarded a large brownfield contract by Saudi Aramco for the engineering, procurement, construction and installation (EPCI) of twelve jackets, similar to these pictured, for offshore oil and gas fields in Saudi Arabian waters. (Photo: Business Wire)
This is the second award McDermott has received in 2015 from Saudi Aramco and represents work scope bid under an existing Long-Term Agreement. In March 2015, the client awarded McDermott a brownfield contract for a power supply system replacement that utilizes McDermott’s full EPCI expertise.
“The project called for an extremely responsive bid phase and for fast-track execution,” said Tom Mackie, McDermott’s Vice President, Middle East. “Our ability to provide schedule certainty – through the provision of integrated EPCI services combined with the right technical solution to meet the challenging time constraints – was key to winning the project.”
Engineering and procurement is expected to be performed by McDermott’s teams in Dubai, U.A.E., and Al Khobar, Saudi Arabia. The jackets are scheduled for fabrication by McDermott’s Dubai, U.A.E.-based fabrication facility. Vessels from the McDermott global fleet are scheduled to undertake the installation work.
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 clients include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 11,700 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 and is listed on the New York Stock Exchange. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates.
To learn more, please visit our website at 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, and the expected scope, value, execution and timing associated with this project. 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: our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the scope or timing of contracts, contract cancellations, change orders and other modifications, difficulties executing on the project and changes in contracting terms and industry norms. 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, 2014 and subsequent quarterly reports. 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.
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