This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

McDermott Awarded Subsea Cable Installation Contract For Saudi Aramco

McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its subsidiaries was awarded a substantial contract to provide the electrical power supply system for Saudi Aramco in the Abu Ali and Khursaniyah fields in the Arabian Gulf. This contract is included in McDermott’s fourth quarter 2013 backlog.

The project includes the procurement, construction, and installation of two 20-kilometer 230 kV subsea circuits routed offshore to connect land based facilities. The cables weigh approximately 95 kilograms per meter.

“The subsea cables for this project are some of the largest ever transported and installed in the Arabian Gulf,” said David Dickson, President and Chief Executive Officer. “We successfully completed another similar 230-kV cable installation project in similar conditions earlier this year. This gave us a unique insight into the project execution requirements for such complex installation work, and we are pleased that Saudi Aramco has shown repeat confidence in us with this award.”

Installing cables of such magnitude in extremely shallow water presents a variety of complex challenges. Technical modifications to an installation barge in the McDermott fleet enable it to lay the cable in extremely shallow water. Project completion, including hookup and commissioning, is expected to be in the third quarter of 2015.


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 clients include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 14,000 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 and is listed on the New York Stock Exchange.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.04 -47.82 -0.28%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,809.2320 -29.4110 -0.61%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs