HOUSTON--(BUSINESS WIRE)--McDermott International, Inc. (NYSE: MDR) announced it has been selected by Saudi Aramco as one of the winners of a global competition for a new Long Term Agreement (LTA) for future brownfield work in various fields in offshore Saudi Arabia.
The LTA, which was signed on June 10, 2015, at Saudi Aramco headquarters in Saudi Arabia, establishes the terms and conditions by which McDermott can bid on future engineering, procurement, construction and installation (EPCI) opportunities in various fields in offshore Saudi Arabia.
The signing is the second LTA between McDermott and Saudi Aramco. Currently, McDermott executes work under an existing LTA with Saudi Aramco, which has been in place since June 28, 2007.
“As a long-time partner and service provider, we understand Saudi Aramco’s offshore fields, standards and specifications – and the value that Saudi Aramco places in McDermott’s fully-integrated EPCI solutions,” said Tom Mackie, McDermott’s Vice President, Middle East. “Our close relationship with Saudi Aramco is important and reflects 45 years of operational and technical success, project delivery and execution, and experience in Saudi Aramco’s offshore fields.”
McDermott (NYSE: MDR) 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 11,700 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. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates.
To learn more, please 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, the expected benefits resulting from the signing of the LTA. 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 scope or timing of contracts, contract cancellations, change orders and other modifications, difficulties executing on projects and changes in contracting terms and 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.