McDermott Awarded EPCI & Commissioning Contract in the Arabian Gulf
20 November 2013 - 1:30PM
Business Wire
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.
ABOUT 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 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
MediaSteve Oldham, (1)
281-870-5147soldham@mcdermott.comorTrade, General & Local
MediaLouise Denly, (1) 281-870-5025ldenly@mcdermott.comRissa
Rosmawati, (971) 56.683.4351rrosmawati@mcdermott.com
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