McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its subsidiaries has recently been awarded two projects by Saudi Aramco in the Abu Safah, Marjan and Safaniya fields in the Arabian Gulf.
The two projects consist of six topsides and a bridge that connects to the existing Marjan facilities. In addition, the project will require other associated modifications and brownfield work. The combined total weight of the structures will exceed 4,000 metric tonnes.
The North Dome project, which was issued under the existing Long Term Agreement and is included in McDermott’s third quarter 2012 backlog, comprises procurement, construction and installation of two wellhead decks for Abu Safah and Marjan, and an auxiliary platform and access bridge for Marjan.
The second project, also issued under the existing Long Term Agreement, was included in McDermott’s 2012 second quarter backlog and comprises procurement, fabrication, transportation and installation of three electrified production deck modules (PDM’s) in the Safaniya and Marjan fields. McDermott’s Jebel Ali fabrication facility will construct the platforms, while vessels from McDermott’s global fleet will be used to install the facilities.“We will be executing both projects using engineering, project management and procurement resources from our Al-Khobar, Saudi Arabia office. Our In-Kingdom activities continue to grow as we ramp up this Engineering office and our recruitment efforts, to position McDermott for current and future project requirements,” said Stewart Mitchell, Senior Vice President and General Manager, Middle East, Caspian and North Sea for McDermott. 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV