McDermott Awarded North Dome and PDM Projects for Saudi Aramco
HOUSTON -- November 05, 2012
McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that
one of its subsidiaries has recently been awarded two projects by Saudi Aramco
in the Abu Safah, Marjan and Safaniya fields in the Arabian Gulf.
The two projects consist of six topsides and a bridge that connects to the
existing Marjan facilities. In addition, the project will require other
associated modifications and brownfield work. The combined total weight of the
structures will exceed 4,000 metric tonnes.
The North Dome project, which was issued under the existing Long Term
Agreement and is included in McDermott’s third quarter 2012 backlog, comprises
procurement, construction and installation of two wellhead decks for Abu Safah
and Marjan, and an auxiliary platform and access bridge for Marjan.
The second project, also issued under the existing Long Term Agreement, was
included in McDermott’s 2012 second quarter backlog and comprises procurement,
fabrication, transportation and installation of three electrified production
deck modules (PDM’s) in the Safaniya and Marjan fields. McDermott’s Jebel Ali
fabrication facility will construct the platforms, while vessels from
McDermott’s global fleet will be used to install the facilities.
“We will be executing both projects using engineering, project management and
procurement resources from our Al-Khobar, Saudi Arabia office. Our In-Kingdom
activities continue to grow as we ramp up this Engineering office and our
recruitment efforts, to position McDermott for current and future project
requirements,” said Stewart Mitchell, Senior Vice President and General
Manager, Middle East, Caspian and North Sea for McDermott.
McDermott is a leading engineering, procurement, construction and installation
group of companies focused on executing complex offshore oil and gas projects
worldwide. Providing fully integrated EPCI services for upstream field
developments, the company delivers fixed and floating production facilities,
pipelines and subsea systems from concept to commissioning. McDermott’s
customers include national and major energy companies. Operating in more than
20 countries across the Atlantic, Middle East and Asia Pacific, McDermott’s
integrated resources include more than 13,500 employees and a diversified
fleet of marine vessels, fabrication facilities and engineering offices.
McDermott has served the energy industry since 1923.
To learn more, please visit http://www.mcdermott.com
FORWARD LOOKING STATEMENTS
In accordance with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, McDermott International, Inc. cautions that
statements in this press release which are forward-looking and provide other
than historical information involve risks and uncertainties that may impact
McDermott's actual results of operations. The forward-looking statements in
this press release include, among other things, the expected scope, execution
and timing associated with these projects. Although McDermott's management
believes that the expectations reflected in those forward-looking statements
are reasonable, McDermott can give no assurance that those expectations will
prove to have been correct. Those statements are made based on various
underlying assumptions and are subject to numerous uncertainties and risks,
including without limitation, changes in project designs or schedules,
contract cancellations, change orders and other modifications, and
difficulties executing on the projects. 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 report on Form 10-K for
the year ended December 31, 2011 and subsequent quarterly reports on Form
10-Q. This news release reflects management's view 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.
Investors & Financial Media:
Robby Bellamy, 1 281-870-5165
Trade, General & Local Media:
Louise Denly, 1 281-870-5025
Karen MacPherson, 971 56 683 4351
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