McDermott Awarded North Dome and PDM Projects for Saudi Aramco
McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its subsidiaries has recently been awarded two projects by Saudi Aramco in the Abu Safah, Marjan and Safaniya fields in the Arabian Gulf.
The two projects consist of six topsides and a bridge that connects to the existing Marjan facilities. In addition, the project will require other associated modifications and brownfield work. The combined total weight of the structures will exceed 4,000 metric tonnes.
The North Dome project, which was issued under the existing Long Term Agreement and is included in McDermott's third quarter 2012 backlog, comprises procurement, construction and installation of two wellhead decks for Abu Safah and Marjan, and an auxiliary platform and access bridge for Marjan.
The second project, also issued under the existing Long Term Agreement, was included in McDermott's 2012 second quarter backlog and comprises procurement, fabrication, transportation and installation of three electrified production deck modules (PDM's) in the Safaniya and Marjan fields. McDermott's Jebel Ali fabrication facility will construct the platforms, while vessels from McDermott's global fleet will be used to install the facilities.
“We will be executing both projects using engineering, project management and procurement resources from our Al-Khobar, Saudi Arabia office. Our In-Kingdom activities continue to grow as we ramp up this Engineering office and our recruitment efforts, to position McDermott for current and future project requirements,” said Stewart Mitchell, Senior Vice President and General Manager, Middle East, Caspian and North Sea for McDermott.
McDermott is a leading engineering, procurement, construction and installation group of companies 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, execution and timing associated with these projects. 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 designs or schedules, contract cancellations, change orders and other modifications, and difficulties executing on the projects. 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.