HOUSTON, Feb. 18, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced two sizeable*
contracts, one from Sarawak Shell Berhad (SSB) and one from Sapura
Exploration and Production (SEP), to provide transportation and
installation of offshore structures, pipelines and
pre-commissioning work for the Pan Malaysia field development
located off the shore of Sarawak,
Malaysia.
McDermott's scope of work for SSB includes the transportation
and installation of jackets, topsides and pipelines for the Gorek
gas field. The company's scope of work for SEP includes the
transportation and installation of jackets, topsides and pipelines
for the Larak and Bakong gas fields. McDermott will also fabricate
risers and spools for SSB and SEP.
"These two contracts give McDermott the opportunity to
strengthen our long-standing relationship with Sarawak Shell Berhad
and develop a new relationship with Sapura Exploration and
Production," said Ian Prescott,
McDermott's Senior Vice President for Asia Pacific. "They also provide an excellent
opportunity for McDermott to execute offshore projects in
Malaysia using many of the
company's assets, from our highly-skilled and talented workforce to
our marine assets and our global fabrication expertise."
McDermott is scheduled to use its installation vessel, the
Malaysian-registered Derrick Barge
30, for these jobs. The project management team will be based in
Kuala Lumpur using the maximum
Malaysian workforce to meet the local content requirement.
Fabrication of the risers and spools is scheduled to be performed
at McDermott's global execution center in Batam, Indonesia. The offshore campaign is expected
to begin in Q2 2019.
The awards mark McDermott's first contracts in Malaysia since relocating the regional
headquarters to Kuala Lumpur.
McDermott has since increased its local workforce from 90 to nearly
700 employees. "We have grown significantly in a relatively short
space of time. Our Kuala Lumpur
office is one of the company's centers of excellence supporting our
global projects. This gives our local employees excellent
development and growth opportunities. We are extremely pleased to
secure the Pan Malaysia field development work which enables us to
support the growth of the Malaysian oil and gas sector and the
country," said Prescott.
McDermott is continuing its hiring process in Malaysia to meet the growing business
prospects in the region and its recent combination with CB&I
that opens up onshore petrochemical business opportunities in
addition to its offshore business portfolio.
The Pan Malaysia contracts will be reflected in McDermott's
first quarter 2019 backlog.
* McDermott defines a sizable contract as between USD
$1 million and USD $50 million.
About McDermott
McDermott is a premier, fully integrated provider of technology,
engineering and construction solutions to the energy industry. For
more than a century, customers have trusted McDermott to design and
build end-to-end infrastructure and technology solutions to
transport and transform oil and gas into the products the world
needs today. Our proprietary technologies, integrated expertise and
comprehensive solutions deliver certainty, innovation and added
value to energy projects around the world. Customers rely on
McDermott to deliver certainty to the most complex projects, from
concept to commissioning. It is called the "One McDermott Way."
Operating in over 54 countries, McDermott's locally focused and
globally-integrated resources include approximately 40,000
employees, a diversified fleet of specialty marine construction
vessels and fabrication facilities around the world. As used in
this press release, McDermott includes McDermott International,
Inc. and its subsidiaries and affiliates. To learn more, visit
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 or profitability,
and statements about the expected scope, execution, value and
timing of 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: 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,
2017 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.
Contacts:
Investor Relations
Scott
Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Global Vice President, Communications
+1 281 870
5269
Gentry.Brann@McDermott.com
Asia Pacific Media Contact
Philip Ng
Manager, Communications
+60 17
200 4238
fng2@McDermott.com
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SOURCE McDermott International, Inc.
