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.

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 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.

If you liked this article you might like

Crude Oil and 4 Oil Services Stocks Are Leaking Post-Election Gains

Bullish and Bearish Reversals in the Market

Crude Oil, 5 Oil Services Stocks Now Springing Leaks

Health Care and Pharma Feeling the Wrath of Trump: Cramer's 'Mad Money' Recap (Wednesday 1/11/17)

Berkshire Hathaway, SAP, Dominion Resources: 'Mad Money' Lightning Round