McDermott signs long term offshore EPCI Agreement with Saudi Aramco

Source:McDermott International, Inc.

McDermott International, Inc. announced it has been selected by Saudi Aramco as one of the winners of a global competition for a new Long Term Agreement (LTA) for future brownfield work in various fields in offshore Saudi Arabia.

McDermott International, Inc. (MDR) announced it has been selected by Saudi Aramco as one of the winners of a global competition for a new Long Term Agreement (LTA) for future brownfield work in various fields in offshore Saudi Arabia.

The LTA, which was signed on June 10, 2015, at Saudi Aramco headquarters in Saudi Arabia, establishes the terms and conditions by which McDermott can bid on future engineering, procurement, construction and installation (EPCI) opportunities in various fields in offshore Saudi Arabia.

The signing is the second LTA between McDermott and Saudi Aramco. Currently, McDermott executes work under an existing LTA with Saudi Aramco, which has been in place since June 28, 2007.

“As a long-time partner and service provider, we understand Saudi Aramco’s offshore fields, standards and specifications – and the value that Saudi Aramco places in McDermott’s fully-integrated EPCI solutions,” said Tom Mackie, McDermott’s Vice President, Middle East. “Our close relationship with Saudi Aramco is important and reflects 45 years of operational and technical success, project delivery and execution, and experience in Saudi Aramco’s offshore fields.”

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 11,700 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.

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