McDermott Awarded Large Contract Amendment by Al-Khafji Joint Operations for a Kuwait Offshore Platform
May 04 2015 - 7:00AM
Business Wire
McDermott International, Inc. (NYSE: MDR) announced today that
it has received a large contract amendment from Al-Khafji Joint
Operations (KJO) for a platform in the Hout field, located 26 miles
east of Al-Khafji in the divided zone between Kuwait and the
Kingdom of Saudi Arabia.
Work on the brownfield project is expected to be executed
through the second quarter of 2017 and is included in McDermott’s
first quarter 2015 backlog.
The large contract amendment is an addition to the initial scope
for KJO’s Hout project awarded to McDermott in March 2012. The
original scope was for an engineering, procurement, construction
and installation (EPCI) project for structures including a tripod
jacket, deck and flare tower and some 26 miles of 24-inch subsea
pipeline. Additionally, McDermott was to carry out modifications to
a number of existing platforms in the Hout field through its
dedicated brownfield division in Jebel Ali.
“This award is a customer relationship success story,” said Tom
Mackie, McDermott’s Vice President, Middle East. “We have always
strived to deliver the best production solution to KJO and today’s
award demonstrates continued confidence in McDermott’s
capabilities.
“McDermott wins on our ability to deliver a differentiated, full
scope EPCI solution for brownfield or greenfield projects to
enhance the safety, operability and maintainability of our
customer’s facilities. These unique capabilities set us apart for
the large contract amendment at KJO’s Hout brownfield production
facility.”
The scope includes EPCI for one new platform and two bridges
with a total weight of approximately 3,300 tons, including
significant modifications at the existing complex.
Engineering is expected to be carried out by McDermott’s
detailed engineering teams. Structures are scheduled to be
fabricated at the Company’s Dubai-based fabrication facility.
Vessels from the McDermott global fleet are scheduled to undertake
the installation work.
ABOUT McDERMOTT
McDermott 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 13,400 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 our website at
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
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, 2014. Except to the extent required by
applicable law, McDermott undertakes no obligation to update or
revise any forward-looking statement.
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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