McDermott Awarded FEED Contract by Delta Offshore Energy for Gas Pipeline in Vietnam

HOUSTON, Aug. 26, 2020 /PRNewswire/ -- McDermott International Ltd. today announced it has been awarded a contract by Delta Offshore Energy to provide front-end engineering design (FEED) services for a subsea gas pipeline. The pipeline will connect a regassification platform, located approximately 22 miles (35 kilometers) offshore, to the planned 3,200 MW power plant in Bac Lieu Province, Vietnam.

McDermott has also been awarded the pre-engineering geotechnical and geophysical survey services being carried out as a part of the FEED scope.

McDermott's Houston office is leading engineering services—supported by its Kuala Lumpur office, which has a long track record of delivering solutions to customers in Vietnam. McDermott will perform project management, execution planning and estimation services. Installation studies will be performed by McDermott's marine operations.

"This award illustrates the confidence Delta Offshore Energy and its partners have in McDermott's ability to deliver a turn-key EPCI solution for the subsea gas pipeline FEED scope for its Sisyphus project," said Mark Coscio, Senior Vice President for North, Central and South America. "We look forward to expanding our partnership and achieving a successful outcome."

McDermott's extensive experience in Vietnam and recent work for Delta Offshore Energy were key factors for this contract win. McDermott has more than 20 years of experience working in Vietnam and will leverage its relationship with local partners to smoothly execute the scope. Three months prior to the award, McDermott commenced a project feasibility study for the project, which was converted into the FEED.

McDermott anticipates the FEED contract will be converted into an EPCI contract in the first quarter of 2021.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach to design and build infrastructure solutions to responsibly transport and transform oil and gas into the products the world needs today. From concept to commissioning, our expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.  

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope of the project discussed in this press release and the anticipated conversion of the FEED contract into an EPCI contract. 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 or capital 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; actions by lenders, other creditors, customer and other business counterparties of McDermott 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. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management 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
Kevin Hargrove
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+1 281 870 5569
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Global Media Relations
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Senior Vice President, Communications, Marketing and Administration
+1 281 870 5269
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Local Area Media Relations: 
Kristi Krupala
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SOURCE McDermott International Ltd.

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