- Award testament to McDermott’s operational expertise in Middle East
- McDermott to provide full suite of EPCI services for significant scope of work
- Award to be reflected in McDermott’s Q4 2017 backlog
DUBAI, United Arab Emirates, Nov. 09, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) today announced a major* contract award from a Middle East customer for engineering, procurement, construction and installation (EPCI) services offshore in the Arabian Gulf.
“McDermott continues to receive considerable projects in the Middle East. This award signifies our long-standing position and strong relationships with our Middle East customers,” said Linh Austin, McDermott Vice President, Middle East and Caspian.
Work on the contract is expected to begin immediately and will be reflected in McDermott’s fourth quarter 2017 backlog.
McDermott plans to use its engineering and procurement teams in Dubai, Chennai and Al Khobar, Saudi Arabia. Construction is expected to take place at McDermott’s facilities in Dammam, Saudi Arabia and Jebel Ali, Dubai. Vessels from McDermott’s global fleet are scheduled to perform the installation work.
* - McDermott defines a major contract as between USD $750 million and USD $1,500 million.
About McDermott
McDermott is a leading provider of integrated engineering, procurement, construction and installation (“EPCI”), front-end engineering and design (“FEED”) and module fabrication services for upstream field developments worldwide. McDermott delivers fixed and floating production facilities, pipelines, installations 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 customers include national and major energy companies. Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 12,000 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 shares of its common stock are 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, 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 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: adverse changes in the markets in which we operate or credit markets, 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 other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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, 2016 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
Ty Lawrence
Vice President, Treasurer and Investor Relations
+1 281.870.5147
tplawrence@mcdermott.com
Global Media Relations
Adam Morgan
Director, Global Communications
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Barbara Knight
Head of Communications & Marketing
Middle East & Caspian
+971 (0) 4 804 3990
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