McDermott Awarded Three Offshore EPCI Projects and Additional Scope on Existing Contract in Arabian Gulf
06 May 2016 - 6:01AM
McDermott International, Inc. (NYSE:MDR) announced today that it
has been awarded three separate projects by a major national oil
company for the integrated engineering, procurement, construction,
and installation (EPCI) services in multiple fields in the Arabian
Gulf. In addition to this, there has also been an award of an
additional scope on an existing contract, also being executed in
the Arabian Gulf.
These projects combined are a substantial brownfield award for
McDermott and have a total scope which includes the EPCI for
jackets and topsides, subsea pipelines and subsea cables.
Work on the projects is expected to be executed through the
fourth quarter of 2017.
“These awards are due, in part, to McDermott’s ability to
provide a highly efficient solution with schedule certainty and
draws upon our in-depth knowledge and experience working offshore
in the Middle East area over many years,” said Linh Austin,
McDermott Vice President, Middle East.
Engineering is expected to be carried out by McDermott’s
specialist teams in Dubai, U.A.E.; and, Chennai, India. Procurement
is expected to be performed by McDermott’s specialist teams based
in Dubai. Fabrication of the structures is scheduled to be
undertaken by McDermott’s Dubai-based fabrication facilities and
marine installation is expected to be under taken by McDermott’s
specialist fleet of shallow water vessels.
Revenue from the contract awards will be included in McDermott’s
second quarter 2016 backlog.
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 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 11,200
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 StatementIn 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 projects 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: 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 business partners, difficulties executing on the
project and changes in 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, 2015 and subsequent quarterly report 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
Kathy Murray
Vice President, Investor Relations
+1 281.870.5147
kamurray@mcdermott.com
Media Relations
Rick Goins
Director, Global Communications
+1 281.870.5932
rgoins@mcdermott.com
Regional Communications
Rissa Rosmawati
Middle East Communications
+971-4-804-3293
rrosmawati@mcdermott.com
McDermott (NYSE:MDR)
Historical Stock Chart
From Apr 2024 to May 2024
McDermott (NYSE:MDR)
Historical Stock Chart
From May 2023 to May 2024