McDermott, PTSC Consortium Receives Limited Letter of Award for Block B Gas Development Project Offshore Vietnam

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Oct 31, 2023, 09:26 ET

HOUSTON, Oct. 31, 2023 /PRNewswire/ -- A consortium comprised of McDermott and Petrovietnam Technical Services Corporation (PTSC) has received a limited letter of award from Phu Quoc Petroleum Operating Company for engineering, procurement, construction, installation (EPCI), and hook-up and commissioning (HUC) services.

Under the full project scope, the consortium will provide EPCI and HUC services for a central production platform, living quarters platform, flare tower, and bridges for the Block B gas development project off the southwest coast of Vietnam.

"This award combines our 50 years of experience executing complex EPCI projects in the region with PTSC's technical strengths," said Mahesh Swaminathan, McDermott's Senior Vice President, Subsea and Floating Facilities. "Together, we will initiate this important groundwork as we finalize the full project scope and ultimately deliver another world-class project for Vietnam."

The full project contract is expected to be executed between the parties in early 2024 with an award value of more than $1 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 execution of the full project award discussed in this press release, including the timing, value, and scope of the project. 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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SOURCE McDermott International, Ltd