McDermott Awarded Two Projects for Saudi Aramco
July 16 2012 - 8:00AM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that one of its subsidiaries has been awarded two
projects for Saudi Aramco in the Arabian Gulf in the Karan,
Safaniya and Zuluf fields. The values of these contracts are
included in McDermott's second quarter 2012 backlog.
The first project, Karan-45, comprises fabrication of a new
wellhead platform, auxiliary platform, jacket and link bridge, with
subsea installation of a 20-inch flowline and a 15kV composite
power and fiber optic cable.
Project management, engineering and procurement will be
undertaken at McDermott’s engineering office in Al-Khobar, Saudi
Arabia. Fabrication will commence shortly at the company’s Jebel
Ali facility in the United Arab Emirates and the offshore scope
will be undertaken by vessels from McDermott’s global fleet. The
project is scheduled for completion in the first quarter 2014.
“As we near completion of the 39 structures originally awarded
under the Karan contract in March 2009, the experience gained has
given us an in-depth knowledge of the specific field
characteristics and project requirements,” said Steve Johnson,
Chairman of the Board, President and Chief Executive Officer of
McDermott. “By using consistent methodology and personnel across
both projects, McDermott strives to provide an optimum solution to
Saudi Aramco through which the Karan-45 project can be delivered
safely and on time.”
The second project, issued under the existing Long-Term
Agreement, includes the procurement of flexible flowlines and the
fabrication, transportation and installation of pipelines and
subsea tie-ins. Procurement and fabrication will be carried out at
the company’s Jebel Ali facility and installation, using vessels
from McDermott’s fleet, is scheduled for completion by the end of
the first quarter of 2013.
ABOUT 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.
To learn more, please visit http://www.mcdermott.com
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.
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