July 23, 2018 - 7:00 AM EDT
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McDermott Awarded EPC Contract for CB&I® Storage Tanks in Saudi Arabia

- Award is testament to McDermott's extensive experience and proven performance in the Middle East - Majority of work to be executed in Saudi Arabia, further strengthening McDermott's content in-country - CB&I Storage Tanks are part of McDermott's expanded offering following its combination with CB&I in May 2018

DUBAI, United Arab Emirates, July 23, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today it has been awarded a sizeable* contract from Samsung Engineering Saudi Arabia Company Ltd. for engineering, procurement and construction (EPC) of CB&I® Storage Tanks for the Jubail United Petrochemical Company (JUPC) Ethylene Oxide (EO)/Ethylene Glycol (EG) Plant No. 3 at Jubail, Kingdom of Saudi Arabia.

The fixed lump sum contract encompasses the engineering, procurement and fabrication of 23 CB&I storage tanks and modification of two existing tanks. Work on the project will predominantly be executed from Saudi Arabia utilizing McDermott's local capabilities and facilities.

"McDermott and Samsung have a long track record of successful collaboration and safe execution in the Middle East," said Linh Austin, Senior Vice President, Middle East and North Africa. "Our extensive experience in Saudi Arabia combined with our unparalleled technical competency in the storage sector uniquely position us to deliver this project."

McDermott significantly expanded its service offering after combining with CB&I earlier this year. The combination brought together more than 200 years of experience in the energy sector and positioned McDermott as one of the few companies in the world to offer fully integrated, end-to-end offshore, upstream and downstream solutions across the entire energy value chain.

Work on the contract is expected to begin immediately and will be reflected in McDermott's second quarter 2018 backlog.

* - McDermott defines a sizeable contract as between USD $1 million and USD $50 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—from the wellhead to the storage tank—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 40,000 employees and engineers, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. 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 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, 2017 and subsequent quarterly reports on Form 10-Q. 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]

new McDermott logo (PRNewsfoto/McDermott International, Inc.)

 

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SOURCE McDermott International, Inc.


Source: PR Newswire (July 23, 2018 - 7:00 AM EDT)

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