McDermott International, Inc. (NYSE:MDR) (�McDermott�) announced today that its subsidiary, J. Ray McDermott, S.A. (�J. Ray�), has been awarded the Karan Offshore Platforms and Subsea Pipelines project by Saudi Aramco. The project involves work inside Saudi Arabia and outside the Kingdom. Once complete, the facility will have a production capacity of 1,800 million cubic feet per day of raw sour Khuff gas.

�J. Ray McDermott has been a consistent contractor for Saudi Aramco for almost 40 years,� said Bob Deason, J. Ray�s President and Chief Executive Officer. �Our first successful collaboration was in 1972, in the Safaniya Field, and most recently with the Long Term Agreement and Maintain Potential projects. We believe that our familiarity with Saudi Aramco�s standards has enabled us to maintain our high ranking in their technical evaluations and our ability to win repeat business is the reward for consistently delivering excellence on Saudi Aramco projects.�

The project comprises four wellhead complexes each of which has a platform topside with gas, chemical injection, and controls facilities as well as a bridge connected auxiliary platform, associated flare bridges and stacks. The four wellhead complexes are clustered around a tie-in platform with similar facilities. The project also includes intrafield pipelines as well as a 110 kilometer trunkline to the shore and all subsea power distribution cables.

The fabrication scope includes topsides and jackets weighing a total of 27,000 metric tons and will utilize J. Ray�s new cladding facility in Jebel Ali, which, with its state-of-the-art computerized vertical and horizontal cladding systems, is capable of welding high integrity corrosion resistant alloys. J. Ray will also perform all of the offshore installation work.

McDermott is an engineering and construction company, with specialty manufacturing and service capabilities, focused on energy infrastructure. McDermott�s customers are predominantly utilities and other power generators, major and national oil companies, and the United States Government. With its global operations, McDermott operates in over 20 countries with more than 25,000 employees, and can be found on the internet at www.mcdermott.com.

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 associated with the Karan 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, 2008, and subsequent quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission.

McDermott (NYSE:MDR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more McDermott Charts.
McDermott (NYSE:MDR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more McDermott Charts.