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McDermott Awarded Two Projects For Saudi Aramco

Stocks in this article: MDR

McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its subsidiaries has been awarded two projects for Saudi Aramco in the Arabian Gulf in the Karan, Safaniya and Zuluf fields. The values of these contracts are included in McDermott's second quarter 2012 backlog.

The first project, Karan-45, comprises fabrication of a new wellhead platform, auxiliary platform, jacket and link bridge, with subsea installation of a 20-inch flowline and a 15kV composite power and fiber optic cable.

Project management, engineering and procurement will be undertaken at McDermott’s engineering office in Al-Khobar, Saudi Arabia. Fabrication will commence shortly at the company’s Jebel Ali facility in the United Arab Emirates and the offshore scope will be undertaken by vessels from McDermott’s global fleet. The project is scheduled for completion in the first quarter 2014.

“As we near completion of the 39 structures originally awarded under the Karan contract in March 2009, the experience gained has given us an in-depth knowledge of the specific field characteristics and project requirements,” said Steve Johnson, Chairman of the Board, President and Chief Executive Officer of McDermott. “By using consistent methodology and personnel across both projects, McDermott strives to provide an optimum solution to Saudi Aramco through which the Karan-45 project can be delivered safely and on time.”

The second project, issued under the existing Long-Term Agreement, includes the procurement of flexible flowlines and the fabrication, transportation and installation of pipelines and subsea tie-ins. Procurement and fabrication will be carried out at the company’s Jebel Ali facility and installation, using vessels from McDermott’s fleet, is scheduled for completion by the end of the first quarter of 2013.

ABOUT McDERMOTT

McDermott is a leading engineering, procurement, construction and installation group of companies focused on executing complex offshore oil and gas projects worldwide. Providing fully integrated EPCI services for upstream field developments, the company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning. McDermott’s customers include national and major energy companies. Operating in more than 20 countries across the Atlantic, Middle East and Asia Pacific, McDermott’s integrated resources include more than 13,500 employees and a diversified fleet of marine vessels, fabrication facilities and engineering offices. McDermott has served the energy industry since 1923.

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