McDermott Awarded Cable Installation Project for Saudi Aramco
HOUSTON -- November 05, 2012
McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that
one of its subsidiaries has been awarded a cable procurement and installation
project for Saudi Aramco in the Safaniya, Abu Safah and Marjan fields.
The contract, issued under the existing Long Term Agreement, will include the
procurement, transportation, installation, hookup and testing of seven
composite cables and corresponding anode sleds.
“McDermott’s history of working with Saudi Aramco spans many years and we are
delighted to be working together again on this project,” said Stewart
Mitchell, Senior Vice President and General Manager, Middle East, Caspian and
North Sea for McDermott. “I believe our understanding of Saudi Aramco’s
requirements from previous experience, combined with the proven cable laying
abilities of the North Ocean 102, will help to ensure the safe and timely
delivery of this project.”
The McDermott engineering office in Al-Khobar will undertake design and
installation engineering and procurement, while fabrication will be carried
out at the Jebel Ali facility, with cable installation by North Ocean 102. A
15 kV composite cable covering 26.9-kilometres will be installed in six
segments in the Safaniya, Abu Safa and Marjan fields and a 35 kV composite
cable covering 28.4-kilometres will be installed in one segment in the Marjan
field. The offshore campaign is scheduled to commence during the second
quarter of 2013.
McDermottis a leading engineering, procurement, construction and installation
group of company 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, use of the
North Ocean 102, overall execution and timing associated with this project.
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 design or schedules, contract cancellations, change orders and other
modifications, and difficulties executing on the project. 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
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
Press spacebar to pause and continue. Press esc to stop.