McDermott Awarded Major EPCI Contract in Middle East
November 09 2017 - 4:30PM
McDermott International, Inc. (NYSE:MDR) today announced a major*
contract award from a Middle East customer for engineering,
procurement, construction and installation (EPCI) services offshore
in the Arabian Gulf.
“McDermott continues to receive considerable projects in the
Middle East. This award signifies our long-standing position and
strong relationships with our Middle East customers,” said Linh
Austin, McDermott Vice President, Middle East and Caspian.
Work on the contract is expected to begin immediately and will
be reflected in McDermott’s fourth quarter 2017 backlog.
McDermott plans to use its engineering and procurement teams in
Dubai, Chennai and Al Khobar, Saudi Arabia. Construction is
expected to take place at McDermott’s facilities in Dammam, Saudi
Arabia and Jebel Ali, Dubai. Vessels from McDermott’s global fleet
are scheduled to perform the installation work.
* - McDermott defines a major contract as between USD $750
million and USD $1,500 million.
About McDermott
McDermott is a leading provider of integrated engineering,
procurement, construction and installation (“EPCI”), front-end
engineering and design (“FEED”) and module fabrication services for
upstream field developments worldwide. McDermott delivers fixed and
floating production facilities, pipelines, installations and subsea
systems from concept to commissioning for complex Offshore and
Subsea oil and gas projects to help oil companies safely produce
and transport hydrocarbons. Our customers include national
and major energy companies. Operating in approximately 20
countries across the world, our locally focused and globally
integrated resources include approximately 12,000 employees, a
diversified fleet of specialty marine construction vessels,
fabrication facilities and engineering offices. We are renowned for
our extensive knowledge and experience, technological advancements,
performance records, superior safety and commitment to
deliver. McDermott has served the energy industry since 1923,
and shares of its common stock are listed on the New York Stock
Exchange. As used in this press release, McDermott includes
McDermott International, Inc. and its subsidiaries and affiliates.
To learn more, visit our website at www.mcdermott.com.
Forward-Looking StatementsIn accordance with the
Safe Harbor provisions of the Private Securities Litigation Reform
Act of 1995, McDermott cautions that statements in this press
release which are forward-looking, and provide other than
historical information, involve risks, contingencies and
uncertainties that may impact McDermott's actual results of
operations. These forward-looking statements include, among other
things, statements about backlog, to the extent backlog may be
viewed as an indicator of future revenues, and the expected value,
scope, execution and timing associated with the project discussed
in this press release. Although we believe that the expectations
reflected in those forward-looking statements are reasonable, we
can give no assurance that those expectations will prove to have
been correct. Those statements are made by using various underlying
assumptions and are subject to numerous risks, contingencies and
uncertainties, including, among others: adverse changes in the
markets in which we operate or credit markets, our inability to
successfully execute on contracts in backlog, changes in project
design or schedules, the availability of qualified personnel,
changes in the terms, scope or timing of contracts, contract
cancellations, change orders and other modifications and actions by
our customers and other business counterparties, changes in
industry norms and adverse outcomes in legal or other dispute
resolution proceedings. 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 and
quarterly filings with the Securities and Exchange Commission,
including its annual report on Form 10-K for the year ended
December 31, 2016 and subsequent quarterly reports on Form 10-Q.
This press release reflects management's views 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. Investor
RelationsTy Lawrence Vice President, Treasurer and
Investor Relations +1 281.870.5147 tplawrence@mcdermott.com
Global Media RelationsAdam MorganDirector, Global
Communications+1 281.253.9005amorgan@mcdermott.com
Local Media RelationsBarbara Knight Head of
Communications & MarketingMiddle East & Caspian+971 (0) 4
804 3990bbknight@mcdermott.com
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