HOUSTON, April 12, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced today a large* contract award from Qatargas for engineering, procurement, construction
and installation (EPCI) for expansion of the North Field offshore facilities in the State of
Qatar.
The contract for new facilities includes the full suite of EPCI services for eight new offshore jackets.
McDermott plans to use its project management and engineering teams in Doha, Qatar, with
fabrication primarily taking place at McDermott's facilities in Batam, Indonesia. Vessels
Derrick Barge 50 and Derrick Barge 27 from McDermott's global fleet
are scheduled to undertake the installation and completions work.
The work is expected to begin immediately and will be booked into McDermott's second quarter 2019 backlog.
* - McDermott defines a large contract as between USD $50 million and USD $250 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 32,000 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.
To learn more, visit www.mcdermott.com.
Forward-Looking Statements
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 or
profitability, and statements about the expected value, scope, execution and timing of 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: 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, 2018. 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.
Contacts:
Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832-513-1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Global Vice President, Communications & Marketing
+1 281-870-5269
Gentry.Brann@McDermott.com
Local Area Media Relations
Barbara Knight
Head of Communications & Marketing
Middle East and North Africa (MENA)
+971 (0)4 804 3990
bbknight@mcdermott.com
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SOURCE McDermott International, Inc.