HOUSTON, April 2, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced it has signed a Joint
Venture Agreement with Zamil Offshore to target the Maintenance,
Modifications and Operations (MMO) market in Saudi Arabia.
McDermott and Zamil will work together on an exclusive basis to
provide Saudi Aramco with comprehensive offshore brownfield EPCI
solutions and asset maintenance services. The new joint venture
will be uniquely positioned to offer integrated, cost effective MMO
services, to address the rising market demand in Saudi Arabia.
Zamil is renowned as the largest offshore and marine services
provider in the Middle East. The
partnership with Zamil will provide McDermott access to a new
revenue stream in the maintenance, turnaround, inspection, and
asset integrity services market in Saudi
Arabia.
"Our partnership with Zamil reflects McDermott's commitment to
supporting Saudi Aramco across the oil and gas production life
cycle," said Linh Austin,
McDermott's Senior Vice President, Middle
East and North Africa.
"Building on the strengths and distinguished track-record of both
companies and fueled by McDermott's technology and digital-ready
solutions," added Austin, "we will enable our customers to maximize
the performance of offshore assets by increasing reliability and
production uptime."
The joint venture bolsters McDermott's long-term growth plans in
Saudi Arabia and is expected to
significantly contribute to the in-Kingdom Total Value Add (IKTVA)
program and local content commitments, ultimately supporting Saudi
Vision 2030.
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. 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 benefits of
McDermott's joint venture with Zamil Offshore 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.