McDermott wins largest Aramco contract
The deal is the company's largest single award in the Middle East to date
McDermott International has been awarded a lump sum contract by Saudi Aramco for brownfield work in various fields offshore Saudi Arabia.
The package of various EPCI projects that make up the contract represent the largest single award for McDermott’s Middle East Area operations in company history. Revenue from the fixed-price award will be included in McDermott’s third quarter 2015 backlog.
Work on the contract is expected to be executed through the second quarter of 2018. The award follows the June 2015 signing of a second Long Term Agreement (LTA) between McDermott and Saudi Aramco for engineering, procurement, construction and installation (EPCI) opportunities in various fields offshore Saudi Arabia.
David Dickson, McDermott’s President and CEO, said, “Winning this important award and signing the new LTA sends a clear signal that our increased engagement with key clients is generating concrete results. Our detailed knowledge and understanding of Saudi Aramco’s objectives, as well as our proven excellence in the Kingdom and the region continue to set us apart. Delivering on strong project execution and integrating McDermott’s local knowledge are critical to future success as we execute these and other projects for Saudi Aramco.”
Tom Mackie, McDermott’s Vice President, Middle East, said, “As one of the original two contractors for Saudi Aramco’s first LTA in 2007, we understand Saudi Aramco’s offshore fields, standards and specifications – and the value that Saudi Aramco places in McDermott’s fully integrated EPCI solutions.”