McDermott secures substantial offshore EPCI contract in the Middle East
McDermott International, Inc. (NYSE: MDR) announced on March 21st a substantial contract award from a Middle East customer for engineering, procurement, construction and installation (EPCI) services in the Arabian Gulf.
The contract for new facilities includes the full suite of EPCI services for six new offshore jackets as well as three associated topsides. The project scope also includes eight kilometers (4.9 miles) of 28-inch corrosion resistant alloy cladded pipeline, two inter-platform bridges, eight kilometers (4.9 miles) of composite cables as well as brownfield works at the existing offshore facilities.
The duration of the work is expected to be approximately 34 months and the contract award will be reflected in McDermott's first quarter 2019 backlog.
McDermott plans to use its engineering teams in the Middle East and Chennai, with fabrication primarily taking place at McDermott's facilities in Batam, Indonesia. Vessels Emerald Sea, Derrick Barge 30, and Derrick Barge 50 from McDermott's global fleet are scheduled to undertake the installation and completions work.
McDermott defines a substantial contract as between USD $500 million and USD $750 million.
About McDermott
McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 40,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates.
