McDermott Awarded Major Subsea Pipelines and Cables EPCI Project from Qatargas

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Jul 12, 2023, 08:32 ET

HOUSTON, July 12, 2023 /PRNewswire/ -- McDermott secured a major contract from Qatargas Operating Company Limited to deliver engineering, procurement, construction, and installation (EPCI) for the North Field Production Sustainability (NFPS) Offshore Fuel Gas Pipeline and Subsea Cables Project, COMP1.

The COMP1 project is part of the NFPS Offshore Compression Project involving the installation of new assets in Qatar's North Field, including compression complexes at seven locations to sustain gas supply to the existing liquefied natural gas (LNG) production trains into the future.

The contract award follows the North Field Expansion Project (NFXP) contract awarded to McDermott in 2022, which is currently under execution and remains one of the largest contracts McDermott has been awarded in its company history.

"The COMP1 award reflects the confidence key customers have in our ability to deliver strategically significant energy infrastructure projects in the Middle East," said Mike Sutherland, McDermott Senior Vice President, Offshore Middle East. "As we continue to progress the NFXP offshore contract awarded to us last year, we are helping the State of Qatar expand LNG production from 77 to 126 MTPA via the new LNG trains under construction. We are delighted to deliver this key pipeline and cable infrastructure and support the extension of the production plateau for the existing LNG trains."

"Our continued commitment to Qatar, building end-to-end execution capability in-country and significantly enhancing the local fabrication platform via QFAB, the McDermott-Nakilat joint venture fabrication yard in Qatar, will support continued energy development in the region," said Neil Gunnion, Qatar Country Manager and Vice President, Operations.

The scope of the contract includes the installation of 118 miles (190 kilometers) of 32" diameter subsea pipelines, 11 miles (17 kilometers) of subsea composite cables, 116 miles (186 kilometers) of fiber optic cables, and six miles (10 kilometers) of onshore pipelines. The project will be managed and engineered entirely from the McDermott Doha office with fabrication taking place at QFAB.

McDermott defines a major contract as between USD $750 million and USD $1.5 billion.

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 engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. 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 and execution 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 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, customers 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:

Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
[email protected]

Offshore Middle East Media Relations
Barbara Knight
Senior Director, Global Communications and Marketing
+971 (0)4 804 3990
[email protected]

SOURCE McDermott International, Ltd