McDermott Awards SAFIRA Fabrication Yard Construction Contract

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Oct 19, 2022, 07:00 ET

HOUSTON, Oct. 19, 2022 /PRNewswire/ -- McDermott and Saudi Aramco gathered Monday in Ras Al-Khair, Saudi Arabia, to mark the award of the construction contract for the Saudi Arabia Fabrication In-Kingdom Ras Al-Khair (SAFIRA) fabrication yard.

The project—located at the King Salman International Complex for Maritime Industries and Services—is another step to support Saudi Arabia's Saudi Vision 2030 and increase local content. McDermott will oversee construction of the facility, which will be performed by a subcontractor. Once complete, the SAFIRA development will have the capability to fabricate and assemble the offshore platforms, jackets and structures for subsea pipelines required to support Saudi Aramco's planned offshore expansions.

"This fabrication facility will further enhance McDermott's in-Kingdom project delivery capability and support our growing Saudi-based project management team, engineering and procurement offices, and ongoing recruitment and development of talented Saudi nationals at all levels in the company," said Mike Sutherland, McDermott's Vice President, Offshore Operations.

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 capabilities of the SAFIRA yard and enhancements to McDermott's capabilities. 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.

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Barbara Knight
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SOURCE McDermott International, Ltd