McDermott Completes Load-out and Install of First Jacket from Dammam Fabrication Yard
June 13 2017 - 7:30AM
McDermott International, Inc. (NYSE:MDR) recently celebrated a
major milestone with the load-out and installation of the first
jacket fully fabricated by the Company at its recently opened
Dammam fabrication yard in Saudi Arabia.
The Safaniya 264 Jacket is part of McDermott’s
Long Term Agreement II (LTA II) scope of work with Saudi Aramco.
The current scope of work being done at the Dammam yard covers four
jackets, eight bridges and more than 70 subsea pipeline spools, as
well as onshore support work.
The Dammam facility was opened in 2016 to support McDermott’s
growing Middle East operations and expand the Company’s regional
capacity. It reflects McDermott’s commitment to supporting Saudi
Arabia and key client Saudi Aramco in their localization
efforts.
Since inauguration in August 2016, the yard has completed more
than 600,000 man-hours without a Lost Time Incident (LTI), further
contributing to the 50 million man-hours LTI free McDermott
recently achieved across the Middle East region.
“The load-out of the first jacket from our Dammam fabrication
facility marks another milestone in McDermott’s long term
commitment to Saudi Arabia and their Vision 2030,” said Linh
Austin, McDermott’s Vice President of Middle East and Caspian. “Not
only have we delivered our first jacket from our new facility,
we’ve done it to Saudi Aramco’s schedule; all with no lost time
incidents.”
The jacket has been installed in the Safaniya oil field, located
125 miles (200 km) north of Dhahran in the Arabian Gulf, by
McDermott’s Derrick Barge 32 vessel.
McDermott has extensive experience offshore Saudi Arabia, having
worked in the region for more than 50 years. In 2015, McDermott won
a lump sum contract from Saudi Aramco for brownfield work, which
was the largest single award for McDermott’s Middle East Area
operations in Company history. More recently, McDermott was awarded
an EPCI contract for four jackets and three gas observation
platforms, the third fast-track project awarded to McDermott by
Saudi Aramco in the past 18 months.
This milestone follows McDermott’s recent announcement that it
had signed a strategic Memorandum of Understanding with Saudi
Aramco for a long-term land lease at the new maritime facility at
Ras Al Khair in Saudi Arabia, currently being developed by Saudi
Aramco.
ABOUT McDERMOTTMcDermott 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 customers include national and major energy companies.
Operating in approximately 20 countries across the world, our
locally focused and globally integrated resources include
approximately 13,500 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. As used in this press release,
McDermott includes McDermott International, Inc. and its
subsidiaries and affiliates. To learn more, visit our website at
www.mcdermott.com. FORWARD LOOKING STATEMENTSIn
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 scope, execution
and timing associated with the projects 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: adverse changes in the markets in which we
operate or credit markets, 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 other business
counterparties, changes in industry norms and adverse outcomes in
legal or other dispute resolution proceedings. 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, 2016 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
Ty Lawrence
Vice President, Treasurer and Investor Relations
+1 281.870.5147
tlawrence@mcdermott.com
Global Media Relations
Adam Morgan
Director, Global Communications
+1 281.253.9005
amorgan@mcdermott.com
Local Middle East
Zoe Keenan
Communications Manager
Middle East & Caspian
+971 (0) 4 804 3139
zakeenan@mcdermott.com
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