McDermott Signs Long Term EPCI Agreement with Saudi Aramco
July 07 2015 - 9:15AM
Business Wire
- Long Term Agreement signed for future
brownfield engineering, production, construction and installation
in offshore Saudi Arabia
- Award mirrors McDermott’s 45 years of
operational and technical success in the region
McDermott International, Inc. (NYSE: MDR) announced it has been
selected by Saudi Aramco as one of the winners of a global
competition for a new Long Term Agreement (LTA) for future
brownfield work in various fields in offshore Saudi Arabia.
The LTA, which was signed on June 10, 2015, at Saudi Aramco
headquarters in Saudi Arabia, establishes the terms and conditions
by which McDermott can bid on future engineering, procurement,
construction and installation (EPCI) opportunities in various
fields in offshore Saudi Arabia.
The signing is the second LTA between McDermott and Saudi
Aramco. Currently, McDermott executes work under an existing LTA
with Saudi Aramco, which has been in place since June 28, 2007.
“As a long-time partner and service provider, we understand
Saudi Aramco’s offshore fields, standards and specifications – and
the value that Saudi Aramco places in McDermott’s fully-integrated
EPCI solutions,” said Tom Mackie, McDermott’s Vice President,
Middle East. “Our close relationship with Saudi Aramco is important
and reflects 45 years of operational and technical success, project
delivery and execution, and experience in Saudi Aramco’s offshore
fields.”
ABOUT McDERMOTT
McDermott (NYSE: MDR) is a leading provider of integrated
engineering, procurement, construction and installation (EPCI)
services for upstream field developments worldwide. The Company
delivers fixed and floating production facilities, pipelines 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 clients include
national and major energy companies.
Operating in more than 20 countries across the world, our
locally focused and globally integrated resources include
approximately 11,700 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 is 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, please visit www.mcdermott.com.
FORWARD-LOOKING STATEMENTS
In 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, the expected benefits resulting from the
signing of the LTA. 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: our inability to
successfully execute on contracts in backlog, changes in project
design or schedules, the availability of qualified personnel,
changes in the scope or timing of contracts, contract
cancellations, change orders and other modifications, difficulties
executing on projects and changes in contracting terms and industry
norms. 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, 2014 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150707005867/en/
McDermott International, Inc.Investor
RelationsDarcey Matthews, +1-281-870-5147V.P., Investor
Relationsdmatthews@mcdermott.comorMedia RelationsRichard
Goins, +1-281-870-5932Director, Global
Communicationsrgoins@mcdermott.comorRegional
CommunicationsRissa Rosmawati, +971.4.804.3293Middle East
Communicationsrrosmawati@mcdermott.com
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