HOUSTON–(BUSINESS WIRE)–McDermott International, Inc. (NYSE:MDR) today announced it has been awarded a sizeable brownfield project by Qatar Petroleum for the engineering, procurement, construction and installation (EPCI) of four wellhead jackets.
Installation of two jackets in the Bul-Hanine field offshore east of Doha has been scheduled to be completed by December 2016 with the remaining two scheduled for completion in July 2017. The total weight of all four structures combined is 3,495 tons.
“McDermott’s integrated EPCI capabilities are critical to these offshore projects,” said Tom Mackie, McDermott’s Vice President, Middle East. “This award is another example of collaboration with our customers to meet their critical production and project requirements. The award is expected to be executed with McDermott’s internal resources and backed by our proven track record of designing, building and installing offshore and subsea solutions.”
Revenue for the order will be included in McDermott’s third quarter 2015 backlog.
McDermott has been delivering projects in Qatar for more than 40 years. Detailed design engineering and procurement is expected to be performed by McDermott’s teams in Dubai, U.A.E. Jackets are scheduled for fabrication by McDermott’s Dubai, U.A.E.-based fabrication facility. Vessels from the McDermott global fleet are scheduled to undertake the installation work.
McDermott (NYSE: MDR) is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. McDermott 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 11,700 employees and contractors, 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. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit www.mcdermott.com.
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 backlog, to the extent backlog may be viewed as an indicator of future revenues, and the expected value, scope, execution and timing associated with the project 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: 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 business partners, difficulties executing on the project and changes in industry norms. 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, 2014 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.