McDermott Awarded Three Offshore Contracts by Saudi Aramco
HOUSTON, PRNewswire -- McDermott continues its decades-long partnership with Saudi Aramco with three new awards for engineering, procurement, construction and installation (EPCI) projects. In total, McDermott will provide EPCI of four drilling jackets and seven oil production deck modules (PDMs) in Saudi Arabia's Zuluf, Ribyan, Abu Sa'fah and Safaniya fields located offshore in the Arabian Gulf.
"These awards are a direct result of our long track record of successfully delivering shallow water infrastructure for Saudi Aramco and our commitments to the growth of Saudi Arabia's energy sector as well as In-Kingdom execution in line with Vision 2030," said Tareq Kawash, McDermott's Senior Vice President, Europe, Middle East and Africa.
In addition to the seven PDMs and four drilling jackets, the scope of work for the three contract release purchase orders (CRPOs) includes EPCI of more than 28 miles (45 kilometers) of pipelines, more than 62 miles (100 kilometers) of subsea cables and tie-in works to existing facilities. Fabrication is expected to begin in the first quarter of 2022, with offshore installation commencing fourth quarter of 2022 and overall completion expected second quarter of 2023.
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 that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about the expected scope and timing of execution of the projects 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 and other creditors 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. This communication 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.