HOUSTON--(BUSINESS WIRE)--McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its subsidiaries was awarded a substantial contract to provide the electrical power supply system for Saudi Aramco in the Abu Ali and Khursaniyah fields in the Arabian Gulf. This contract is included in McDermott’s fourth quarter 2013 backlog.
The project includes the procurement, construction, and installation of two 20-kilometer 230 kV subsea circuits routed offshore to connect land based facilities. The cables weigh approximately 95 kilograms per meter.
“The subsea cables for this project are some of the largest ever transported and installed in the Arabian Gulf,” said David Dickson, President and Chief Executive Officer. “We successfully completed another similar 230-kV cable installation project in similar conditions earlier this year. This gave us a unique insight into the project execution requirements for such complex installation work, and we are pleased that Saudi Aramco has shown repeat confidence in us with this award.”
Installing cables of such magnitude in extremely shallow water presents a variety of complex challenges. Technical modifications to an installation barge in the McDermott fleet enable it to lay the cable in extremely shallow water. Project completion, including hookup and commissioning, is expected to be in the third quarter of 2015.
ABOUT McDERMOTT
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 14,000 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.
To learn more, please visit our website at www.mcdermott.com
FORWARD LOOKING STATEMENTS
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott International, Inc. cautions that statements in this press release which are forward-looking and provide other than historical information involve risks and uncertainties that may impact McDermott's actual results of operations. The forward-looking statements in this press release include, among other things, the expected scope, execution and timing associated with this project. Although McDermott's management believes that the expectations reflected in those forward-looking statements are reasonable, McDermott can give no assurance that those expectations will prove to have been correct. Those statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including without limitation, changes in project design or schedule, contract cancellation, change orders and other modifications, and difficulties executing on the project. 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 report on Form 10-K for the year ended December 31, 2013. This news release reflects management's view 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.
