- The fourth fast-track contract awarded to date in the past 24 months builds off McDermott’s successful track record in the Middle East
- McDermott to provide 13 jackets in the Zuluf, Marjan, Berri and Abu Safah fields offshore Saudi Arabia with a combined weight of 24,000 metric tons
- Back-to-back awards from Saudi Aramco demonstrates confidence in McDermott’s experience and proven performance
DUBAI, U.A.E., Jan. 24, 2018 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today a large* contract award from Saudi Aramco for the engineering, procurement, construction and installation of 13 jackets in the Zuluf, Marjan, Berri and Abu Safah fields, offshore Saudi Arabia.
McDermott has more than 50 years’ experience in these fields and this is the fourth fast-track project to be awarded by Saudi Aramco in the last 24 months. The combined total weight of the structures is approximately 26,455 short tons (24,000 metric tons).
“This award is testament to Saudi Aramco’s confidence in McDermott’s ability to execute fast-track projects on schedule and to the highest standards of delivery. Since 2001, McDermott has built and installed over 121 jackets for Saudi Aramco with a total weight of over 220,462 tons (200,000 metric tons). Not only is McDermott able to meet the schedules of fast-track projects, but we consistently deliver them with outstanding safety performance,” said Linh Austin, McDermott Vice President, Middle East and Caspian.
The contract award will be reflected in McDermott’s first quarter 2018 backlog and work is expected to be carried out through the second half of 2018.
McDermott plans to use its engineering teams in Dubai and Chennai with construction taking place at McDermott's facilities in Jebel Ali, Dubai and Dammam, Saudi Arabia. Vessels from McDermott's global fleet are scheduled to undertake the installation and completions work.
* - McDermott defines a large contract as between USD $50 million and USD $250 million.
About McDermott
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 customers include national and major energy companies. Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 12,000 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. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, 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 value, scope, execution and timing associated with 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, 2016 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.
McDermott International, Inc.
Investor Relations
Ty Lawrence
Vice President, Treasurer and Investor Relations
+1 281.870.5147
tplawrence@mcdermott.com
Global Media Relations
Adam Morgan
Director, Global Communications & Marketing
+1 281.253.9005
amorgan@mcdermott.com
Local Media Relations
Barbara Knight
Head of Communications, Middle East & Caspian
+971 (0) 4 804 3990
bbknight@mcdermott.com
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/aa0b83d8-4bf4-411a-b115-079094b60af6