HOUSTON, Feb. 25, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today a substantial* contract award from Saudi Aramco for engineering, procurement, construction and installation (EPCI) services in the Marjan field, offshore Saudi Arabia.

The contract includes the design, procurement, fabrication, and installation, testing and pre-commissioning of the TP-10 tie-in platform, six gas lift topside modules and associated pipeline and subsea cables. The total weight of the structures will exceed 29,000 short tons (27,000 metric tons) and pipelines totaling over 40 miles (65 kilometers).

"This award demonstrates the strong market appeal of our value-driven and highly integrated offering of products and services," said Linh Austin, McDermott's Senior Vice President, Middle East and North Africa. "McDermott has extensive practical operational experience in the region which gives assurance to our customers of our ability to deliver projects safely, on time and to budget."

The fabrication work on the project will be executed from McDermott's Jebel Ali yard in Dubai and Dammam yard in Saudi Arabia, while the engineering work will be executed from both Dubai and the Al Khobar office in Saudi Arabia in line with McDermott's strategic focus to strengthen In-Kingdom content. The Derrick Barge 50 and Derrick Barge 27 from McDermott's global vessel fleet are scheduled to be utilized.

Work on the project will begin immediately and the contract award will be reflected in McDermott's first quarter 2019 backlog.

* - 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 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 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
[email protected]

Global Media Relations

Gentry Brann
Vice President, Communications & Marketing
+1 281-870-5269
[email protected]

Local Area Media Relations

Barbara Knight
Head of Communications & Marketing
Middle East and North Africa (MENA)
+971 (0)4 804 3990
[email protected]

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SOURCE McDermott International, Inc.