McDermott Secures Two EPCIC Contracts for North Oil Company's Ruya Development Project

02/01/2024

HOUSTON, Feb. 1, 2024 /PRNewswire/ -- McDermott has been awarded two contracts from North Oil Company (NOC) to deliver engineering, procurement, construction, installation and commissioning (EPCIC) for packages 11 and 13 of the Ruya Development Project, as part of the expansion of the Al-Shaheen field, Qatar's largest oil field.

The Package 11 mega* contract scope, awarded to a consortium of McDermott and Qingdao McDermott Wuchuan (QMW), includes installation of nine satellite wellhead platforms and jackets in two offshore campaigns. The Package 13 substantial* contract, awarded to a consortium of McDermott and Hyundai Heavy Industry (HHI), is for EPCIC of one 25,000 metric ton central processing platform, flare platform and bridges.

"These awards build on our successful execution of the front-end engineering design (FEED) project—one of the largest FEEDs in McDermott's 100-year history—completed in just over 12 months," said Mike Sutherland, McDermott's Senior Vice President, Offshore Middle East. "We will continue to earn the confidence of QatarEnergy and TotalEnergies by delivering strategically significant energy infrastructure projects in the Middle East."

"We have been on this journey with NOC since our Doha operating center started the pre-FEED in 2021," said Neil Gunnion, Qatar Country Manager and Vice President, Operations. "This team of experts will now lead the execution of EPCIC work, leveraging their robust experience and in-depth knowledge of Qatar's offshore sector for the successful expansion of the Al-Shaheen field."

McDermott defines a mega contract as being over USD 1.5 billion, and a substantial contract as being between USD $500 and $750 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 value, scope and execution 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, 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

Offshore Middle East Media Relations
Barbara Knight
Senior Director, Global Communications and Marketing
+971 (0)4 804 3990
bbknight@mcdermott.com 

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SOURCE McDermott International, Ltd

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