HOUSTON, March 03, 2016 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today that it has been awarded a large contract by an upstream oil and gas operator for a project offshore in the Middle East.
The scope includes engineering, procurement, fabrication, transportation and installation of offshore pipelines. Engineering and offshore mobilization of McDermott’s in-house vessels has commenced for this fast-track assignment, with project completion expected by the end of this year.
“The Middle East market remains very active and continues to be a focus for McDermott and we are pleased with our customers’ continued trust in our capabilities in executing offshore EPCI work in the region,” said Linh Austin, Vice President, Middle East Area. “The nature of this fast-track project was ideally suited to our vertically integrated capabilities involving our engineering, project management and procurement teams based in Dubai, as well as our marine assets in the region that addressed all the project drivers to deliver the best customer-focused solution.”
The contract award will be reflected in McDermott’s first quarter 2016 backlog.
McDermott 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 10,600 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 our website at 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, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues, and the expected value, scope, execution and timing associated with the project 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: 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. 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 firstname.lastname@example.org Media Relations Rick Goins Director, Global Communications +1 281. 870.5932 email@example.com Regional Communications Rissa Rosmawati Middle East Communications +971-4-804-3293 firstname.lastname@example.org