MCDERMOTT INTERNATIONAL INC - Load-out marks first jacket delivered to Saudi Aramco from McDermott’s recently opened Dammam fabrication yard
- Jacket was completed on schedule and installed in Safaniya oil field
- Dammam yard surpasses 600,000 man-hours lost time incident free
DUBAI, United Arab Emirates, June 13, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) recently celebrated a major milestone with the load-out and installation of the first jacket fully fabricated by the Company at its recently opened Dammam fabrication yard in Saudi Arabia.
The Safaniya 264 Jacket is part of McDermott’s Long Term Agreement II (LTA II) scope of work with Saudi Aramco. The current scope of work being done at the Dammam yard covers four jackets, eight bridges and more than 70 subsea pipeline spools, as well as onshore support work.
The Dammam facility was opened in 2016 to support McDermott’s growing Middle East operations and expand the Company’s regional capacity. It reflects McDermott’s commitment to supporting Saudi Arabia and key client Saudi Aramco in their localization efforts.
Since inauguration in August 2016, the yard has completed more than 600,000 man-hours without a Lost Time Incident (LTI), further contributing to the 50 million man-hours LTI free McDermott recently achieved across the Middle East region.
“The load-out of the first jacket from our Dammam fabrication facility marks another milestone in McDermott’s long term commitment to Saudi Arabia and their Vision 2030,” said Linh Austin, McDermott’s Vice President of Middle East and Caspian. “Not only have we delivered our first jacket from our new facility, we’ve done it to Saudi Aramco’s schedule; all with no lost time incidents.”
The jacket has been installed in the Safaniya oil field, located 125 miles (200 km) north of Dhahran in the Arabian Gulf, by McDermott’s Derrick Barge 32 vessel.
McDermott has extensive experience offshore Saudi Arabia, having worked in the region for more than 50 years. In 2015, McDermott won a lump sum contract from Saudi Aramco for brownfield work, which was the largest single award for McDermott’s Middle East Area operations in Company history. More recently, McDermott was awarded an EPCI contract for four jackets and three gas observation platforms, the third fast-track project awarded to McDermott by Saudi Aramco in the past 18 months.
This milestone follows McDermott’s recent announcement that it had signed a strategic Memorandum of Understanding with Saudi Aramco for a long-term land lease at the new maritime facility at Ras Al Khair in Saudi Arabia, currently being developed by Saudi Aramco.
ABOUT McDERMOTT
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 13,500 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 the expected scope, execution and timing associated with 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 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, 2016 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. Investor Relations Ty Lawrence Vice President, Treasurer and Investor Relations +1 281.870.5147 tlawrence@mcdermott.com Global Media Relations Adam Morgan Director, Global Communications +1 281.253.9005 amorgan@mcdermott.com Local Middle East Zoe Keenan Communications Manager Middle East & Caspian +971 (0) 4 804 3139 zakeenan@mcdermott.com
