McDermott Awarded Offshore Contract from PTTEP

03/27/2024

HOUSTON, March 27, 2024 /PRNewswire/ -- McDermott has been awarded a sizeable* offshore transportation, installation and commissioning contract from PTTEP Sabah Oil Limited (PTTEP) for the Kikeh subsea gas lift project, located 75 miles (120 kilometers) northwest of the island of Labuan, offshore Sabah in East Malaysia.

Under the scope of the contract, McDermott will remove the existing flexible gas lift riser and perform the installation and commissioning of a new dynamic riser section and flowline comprised of two thermoplastic composite pipe jumpers. This will enable gas delivery to a subsea production system tied back to the Kikeh floating production, storage and offloading (FPSO) vessel.

"McDermott is uniquely positioned to deliver this project, having performed the installation of subsea infrastructure in the Kikeh field between 2011 and 2012, and again in 2014, in the nearby Siakap North-Petai field," said Mahesh Swaminathan, McDermott's Senior Vice President, Subsea and Floating Facilities. "We pioneered reel-lay installation for pipe-in-pipe production and water injection flowlines in the region, underscoring our commitment to engineering innovation. Returning to the Kikeh field not only reaffirms our expertise, but also presents another opportunity to deliver exceptional results through our unmatched experience in offshore transportation, subsea installations, and commissioning."

Project management and engineering will be executed from Kuala Lumpur, Malaysia, with support from other McDermott offices.

Operated by PTTEP on behalf of partner Petronas Carigali and PT Pertamina Malaysia Exploration Production, the Kikeh field has been producing from the existing Kikeh FPSO since 2007. The Kikeh FPSO is the first and largest deepwater FPSO in Malaysia.

*McDermott defines a sizeable contract as between USD $1 million and USD $50 million.

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 engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. 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 execution of the full project award discussed in this press release, including the timing, value, and scope of the project. 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, customers 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:
Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
RReid@McDermott.com

Local Media Relations
Barbara Knight
Senior Director, Business Line Communications and Marketing
+971 56 403 2903
BBKnight@mcdermott.com

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SOURCE McDermott International, Ltd

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