McDermott and Nakilat-Keppel Offshore Marine Enter Exclusive Cooperation Agreement in Qatar
July 26 2016 - 4:15PM
McDermott International, Inc. (NYSE:MDR) and Nakilat-Keppel
Offshore Marine (N-KOM), announced today a Memorandum of
Understanding for an exclusive cooperation agreement to pursue
offshore engineering, procurement, construction and installation
(EPCI) projects within Qatari waters.
Under the five-year agreement, McDermott and N-KOM, the joint
venture shipyard between Qatar’s Nakilat and Keppel Offshore &
Marine, will develop an integrated approach to projects in Qatar by
leveraging McDermott’s proven track record in offshore EPCI
projects and N-KOM’s world-class ship repair and offshore
construction facility at the Erhama Bin Jaber Al Jalahma Shipyard,
strategically located in Qatar. McDermott will serve as prime
contractor to customers and lead engineering with its teams based
in Dubai as well as its Global Engineering Center in Chennai, India
where necessary. McDermott will also lead procurement and
installation with vessels mobilized from its global marine
fleet. N-KOM will serve as subcontractor and perform
fabrication from its Qatar facility.
“Through this exclusive agreement, McDermott and Keppel build
upon our long-standing relationship to combine each company’s
strengths to benefit our clients in Qatar and increase Qatari local
content,” said Linh Austin, McDermott’s Vice President, Middle
East. “With both our Dubai- and Saudi-based facilities,
McDermott is well positioned to address the continued growth for
the entire Middle East market. And now with this cooperative
agreement, we have an even higher level of capacity and
availability.”
Qatar continues to be a key growth region for McDermott. Over
the past 20 years, McDermott has fabricated more than 80% of the
North Field gas infrastructure.
“McDermott has been involved in all major offshore developments
in Qatar over the last 50 years and we look forward to furthering
our strong working relationships,” added Austin.
“We are pleased to partner with McDermott, one of the leading
EPCI contractors in this region, to enhance our standing as a
premier marine and offshore service provider in Qatar,” said Eng.
Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat. “N-KOM
has delivered several offshore construction projects, including a
newly built liftboat. This agreement will add value to our services
in this area to better support the local oil and gas industry in
Qatar.”
ABOUT McDERMOTTMcDermott (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 11,200 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.
ABOUT NAKILATNakilat is a Qatari LNG transport
company providing an essential transportation link in the State of
Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in
the world, comprising of 63 LNG vessels. Nakilat also manages and
operates four large LPG carriers. Nakilat operates the ship repair
and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard
in Ras Laffan Industrial City via two strategic joint ventures:
N-KOM and NDSQ. Nakilat also offers a full range of marine support
services to vessels operating in Qatari waters. For more
information, visit: www.nakilat.com.qa
ABOUT N-KOMEstablished in 2007,
N-KOM is a joint venture between Qatar's premier gas shipper
Nakilat and leading offshore rig constructor and ship repairer
Keppel Offshore & Marine Ltd. From its strategic location
within the world-class Erhama Bin Jaber Al Jalahma Shipyard
complex, N-KOM offers a comprehensive range of repair, conversion,
maintenance and fabrication services for marine vessels, offshore
and onshore structures. For more information, visit:
www.nkom.com.qa
FORWARD-LOOKING STATEMENTS 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 the expected benefits and
value to be realized by McDermott from the entry into the
Memorandum of Understanding for an exclusive cooperation agreement
with N-KOM. 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, 2015 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.
McDermott International, Inc
Investor Relations
Kathy Murray
Vice President, Investor Relations
+1 281.870.5147
kamurray@mcdermott.com
Media Relations
Adam Morgan
Director, Global Communications
+1 281.870.5932
amorgan@mcdermott.com
Regional Communications
Rissa Rosmawati
Middle East Communications
+971-4-804-3293
rrosmawati@mcdermott.com
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