McDermott Awarded Cable Installation Project for Saudi Aramco
McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its subsidiaries has been awarded a cable procurement and installation project for Saudi Aramco in the Safaniya, Abu Safah and Marjan fields.
The contract, issued under the existing Long Term Agreement, will include the procurement, transportation, installation, hookup and testing of seven composite cables and corresponding anode sleds.
“McDermott's history of working with Saudi Aramco spans many years and we are delighted to be working together again on this project,” said Stewart Mitchell, Senior Vice President and General Manager, Middle East, Caspian and North Sea for McDermott. “I believe our understanding of Saudi Aramco's requirements from previous experience, combined with the proven cable laying abilities of the North Ocean 102, will help to ensure the safe and timely delivery of this project.”
The McDermott engineering office in Al-Khobar will undertake design and installation engineering and procurement, while fabrication will be carried out at the Jebel Ali facility, with cable installation by North Ocean 102. A 15 kV composite cable covering 26.9-kilometres will be installed in six segments in the Safaniya, Abu Safa and Marjan fields and a 35 kV composite cable covering 28.4-kilometres will be installed in one segment in the Marjan field. The offshore campaign is scheduled to commence during the second quarter of 2013.
McDermott is a leading engineering, procurement, construction and installation group of company focused on executing complex offshore oil and gas projects worldwide. Providing fully integrated EPCI services for upstream field developments, the company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning. McDermott's customers include national and major energy companies. Operating in more than 20 countries across the Atlantic, Middle East and Asia Pacific, McDermott's integrated resources include more than 13,500 employees and a diversified fleet of marine vessels, fabrication facilities and engineering offices. McDermott has served the energy industry since 1923.
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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 scope, use of the North Ocean 102, overall 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, 2011 and subsequent quarterly reports on Form 10-Q. This news release reflects management's view 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.