- Back-to-back awards with Middle East customers demonstrates McDermott’s experience and proven performance
- Contract builds off McDermott’s successful track record in the Middle East
- Sizeable award will be included in Q4 2016 backlog
DUBAI, Jan. 25, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today it was awarded an offshore pipelay contract in the Middle East.
The pipelay contract, sizeable in value, includes the engineering, procurement and installation of two oil pipelines offshore. Work on this contract is expected to be completed by the end of the second quarter in 2018.
“This contract marks another example where our clients in the Middle East recognize our integrated customer-driven solutions that are consistently delivered with outstanding safety and within cost and schedule,” said Linh Austin, McDermott’s Vice President, Middle East and Caspian. “This award demonstrates our ability to offer our customers a flexible, tailored project solution that meets their needs and that uses our multi-purpose assets.”
Work on the contract is expected to begin immediately and will be reflected in McDermott’s fourth quarter 2016 backlog.
Detailed engineering and procurement is expected to be carried out by McDermott’s specialist teams in Dubai, U.A.E with vessels from the McDermott global fleet scheduled to undertake the installation work in 2018.
McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines 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 12,400 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. 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, 2015 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.
Vice President, Treasurer and Investor Relations
Global Media Relations
Director, Global Communications
Local Media Relations
Manager, Communications & Marketing
Middle East & Caspian
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