McDermott International, Inc. (NYSE:MDR) has been awarded three separate projects by a major national oil company for the integrated engineering, procurement, construction, and installation (EPCI) services in multiple fields in the Arabian Gulf. In addition to this, there has also been an award of an additional scope on an existing contract, also being executed in the Arabian Gulf.
These projects combined are a substantial brownfield award for McDermott and have a total scope which includes the EPCI for jackets and topsides, subsea pipelines and subsea cables.
Work on the projects is expected to be executed through the fourth quarter of 2017.
‘These awards are due, in part, to McDermott’s ability to provide a highly efficient solution with schedule certainty and draws upon our in-depth knowledge and experience working offshore in the Middle East area over many years,’ said Linh Austin, McDermott Vice President, Middle East.
Engineering is expected to be carried out by McDermott’s specialist teams in Dubai, U.A.E.; and, Chennai, India. Procurement is expected to be performed by McDermott’s specialist teams based in Dubai. Fabrication of the structures is scheduled to be undertaken by McDermott’s Dubai-based fabrication facilities and marine installation is expected to be under taken by McDermott’s specialist fleet of shallow water vessels.
Revenue from the contract awards will be included in McDermott’s second quarter 2016 backlog.
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