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Qatargas Awards Offshore Engineering Contract to McDermott

01/06/2021
FEED Contract for North Field South Reflects McDermott's Commitment to Qatar

HOUSTON, Jan. 6, 2021 /PRNewswire/ -- McDermott International, Ltd today announced it has been awarded a contract from Qatargas to deliver front-end engineering and design (FEED) work for Qatar Petroleum's North Field South (NFS) project.

"For more than 30 years, McDermott has executed projects in Qatar's North Field, and we will leverage our experience and local resources to successfully deliver this project," said Tareq Kawash, McDermott Senior Vice President, Europe, Middle East and Africa. "As oil and gas field development continues in the region, we are poised to build on this initial work to further support Qatargas as they progress the subsequent phases of the NFS project."

The contract scope includes the replication of five offshore wellhead platforms. The FEED contract will be executed from McDermott's Doha office and work will begin immediately.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach to design and build infrastructure solutions to responsibly transport and transform oil and gas into the products the world needs today. From concept to commissioning, our expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope 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 or capital 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; actions by lenders, other creditors, customer and other business counterparties of McDermott 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. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management 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
Kevin Hargrove
Vice President and Treasurer
+1 281 870 5569
KHargrove@McDermott.com

Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
RReid@McDermott.com

Local Area Media Relations
Barbara Knight
Senior Director, Area Communications and Marketing
+971 (0)4 804 3990
bbknight@mcdermott.com

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SOURCE McDermott International, Ltd

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