MDR McDermott International Inc

McDermott International, Inc. (NYSE:MDR) announced today that it has been awarded a large brownfield contract by RasGas Company Limited (RasGas) for the engineering, procurement, construction and installation (EPCI) of a flow assurance and looping project consisting of 74 miles of 6- and 8-inch pipeline and topside modifications, offshore Qatar. Work is scheduled for completion by the end of the third quarter of 2017. 

McDermott and RasGas have worked closely together for two decades with McDermott having fabricated and installed numerous RasGas facilities offshore Qatar. Currently, the companies have an Engineering Service Agreement (ESA) under which McDermott has executed several concept studies and Front End Engineering Design (FEED) projects. Additionally, the McDermott team is assisting with the upgrade and replacement of three helidecks.

“Some 20 years ago, McDermott and RasGas began building what has become a historically strong working relationship,” said Tom Mackie, McDermott’s Vice President, Middle East. “This set the stage for this award. By combining our knowledge of the customer’s current production infrastructure, early collaboration through our ESA, and our unique brownfield capabilities, McDermott provided RasGas with an optimal EPCI solution.”

Engineering, procurement and fabrication is expected to be performed by McDermott’s teams based in Dubai, U.A.E. Vessels from the McDermott global fleet are expected to undertake the installation work. 

Revenue for the order will be included in McDermott’s third quarter 2015 backlog.

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 11,700 employees and contractors, 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.

To learn more, please 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: 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 business partners, difficulties executing on the project and changes in 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.

McDermott International, Inc.

Investor Relations
Darcey Matthews
Vice President, Investor Relations
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Rick Goins
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Rissa Rosmawati
Middle East Communications
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