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June 22, 2018

McDermott Awarded Transportation and Installation Subcontract in Vietnam

05/29/2018
- McDermott has been awarded a transportation and installation subcontract by PTSC Offshore Service Joint Stock Company for the Sao Vang and Dai Nguyet gas and condensate field developments in Vietnam
- Installation work scheduled to be carried out from 2019 to 2021
- McDermott's experience in installing large central processing platforms and topside float-overs in Vietnam led to the award of this contract

KUALA LUMPUR, Malaysia, May 29, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today it has been awarded a sizeable* transportation and installation subcontract by PetroVietnam Technical Services Corporation (PTSC) Offshore Service Joint Stock Company for the Idemitsu Kosan Co., Ltd. (IKC) Sao Vang and Dai Nguyet gas and condensate field developments in the Nam Con Son Basin, located offshore Vietnam.

The scope-of-work is expected to cover transportation and installation services for the central processing platform jacket, topside float-over, wellhead platform, flexible pipelines, subsea power cables and auxiliary services. Installation will be carried out at water depths of between 110 meters (360 feet) and 130 meters (430 feet).

McDermott plans to use resources from Kuala Lumpur, Dubai and Houston for project management and engineering. The work will be performed from 2019 to 2021.

"McDermott has a strong track record in executing offshore projects in Vietnam and in delivering solutions for PTSC," said McDermott Senior Vice President for Asia Pacific, Ian Prescott. "In the last two decades, we have provided engineering, procurement, construction and installation work for large, central processing platforms to pipeline installations in the region. This award enhances our position as a leading integrated oil and gas service provider in the region and reinforces that our experience and local knowledge will ensure project certainty with quality results."

The contract award will be reflected in McDermott's second quarter 2018 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—from the wellhead to the storage tank—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 and engineers, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. 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 the expected scope, execution and timing of 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, 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

Local Asia Contact

Philip Ng
Communications Manager, Asia
+6017 200 4238 (mobile, Kuala Lumpur, Malaysia)
fng2@mcdermott.com

new McDermott logo (PRNewsfoto/McDermott International, Inc.)

 

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SOURCE McDermott International, Inc.

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