McDermott Awarded EPCI & Commissioning Contract in the Arabian Gulf
HOUSTON -- November 20, 2013
McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that
one of its subsidiaries was awarded an Engineering, Procurement, Construction
and Installation (EPCI) project for a customer in the Arabian Gulf. The value
is approximately US$ 200 million and will be included in McDermott’s fourth
quarter 2013 backlog.
The contract includes the fabrication, transportation and installation of
offshore facilities including two production deck modules and ten observation
platforms. The scope also includes works for two subsea pipeline
installations, three submarine power cables and two fiber optic cables.
“Engineering work will be undertaken by the Dubai and Al Khobar offices, with
construction and transportation from its Jebel Ali fabrication facility,” said
Stewart Mitchell, Senior Vice President and General Manager, Middle East &
Atlantic. “This project is a continuation of work we have previously completed
for the same Client in the same field. Knowledge and experience gained over
the years will give us a greater insight into the field characteristics and
project execution requirements. We are pleased that our Client has shown
continued confidence in McDermott with this award.”
Installation will be carried out using vessels from its global fleet which are
expected to mobilize in the end of the second quarter of 2014. Project
completion, including hookup and commissioning, is expected during the first
quarter of 2015.
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
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 value, scope,
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
schedule, contract cancellation, 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, 2012 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
Steve Oldham, (1) 281-870-5147
Trade, General & Local Media
Louise Denly, (1) 281-870-5025
Rissa Rosmawati, (971) 56.683.4351
Press spacebar to pause and continue. Press esc to stop.