MDR McDermott International Inc

McDermott International, Inc. (NYSE:MDR) announced today that it has been awarded three separate projects by a major national oil company for the integrated engineering, procurement, construction, and installation (EPCI) services in multiple fields in the Arabian Gulf. In addition to this, there has also been an award of an additional scope on an existing contract, also being executed in the Arabian Gulf.

These projects combined are a substantial brownfield award for McDermott and have a total scope which includes the EPCI for jackets and topsides, subsea pipelines and subsea cables.

Work on the projects is expected to be executed through the fourth quarter of 2017.   

“These awards are due, in part, to McDermott’s ability to provide a highly efficient solution with schedule certainty and draws upon our in-depth knowledge and experience working offshore in the Middle East area over many years,” said Linh Austin, McDermott Vice President, Middle East.

Engineering is expected to be carried out by McDermott’s specialist teams in Dubai, U.A.E.; and, Chennai, India. Procurement is expected to be performed by McDermott’s specialist teams based in Dubai. Fabrication of the structures is scheduled to be undertaken by McDermott’s Dubai-based fabrication facilities and marine installation is expected to be under taken by McDermott’s specialist fleet of shallow water vessels.

Revenue from the contract awards will be included in McDermott’s second quarter 2016 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 11,200 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 StatementIn 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 projects 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, 2015 and subsequent quarterly report 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              
Kathy Murray                    
Vice President, Investor Relations
+1 281.870.5147                 
kamurray@mcdermott.com  

Media Relations                 
Rick Goins                      
Director, Global Communications
+1 281.870.5932                 
rgoins@mcdermott.com            

Regional Communications
Rissa Rosmawati
Middle East Communications
+971-4-804-3293
rrosmawati@mcdermott.com