McDermott Awarded Large Offshore EPCI Contract from Saudi Aramco

HOUSTON, June 24, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today a large* contract award from Saudi Aramco for engineering, procurement, construction and installation (EPCI) services in the Marjan and Zuluf fields, offshore Saudi Arabia.

The contract includes the full suite of EPCI services for the relocation of Control Rooms in Zuluf GOSP-4, Marjan GOSP 2 and 3 including the fabrication of new control rooms, boat landings and new jacket members, as well as the upgrade of all control systems as required.

"McDermott's extensive history with Saudi Aramco and our commitment to the continued growth of Saudi Arabia's energy sector is reflected in this award," said Linh Austin, McDermott's Senior Vice President, Middle East and North Africa. "We have a long track record of executing similar upgrade projects and believe that by working closely with our clients we can offer industry leading solutions which are suited to this evolving market segment."

The project is scheduled to be fully executed from McDermott's Al Khobar office and Dammam fabrication facility, in line with its strategic focus to strengthen In-Kingdom content.

Work on the project will begin immediately and the contract award will be reflected in McDermott's second quarter 2019 backlog.

* - McDermott defines a large contract as between USD $50 million and USD $250 million.

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 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

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues or profitability, and about the expected value, scope, execution and timing 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 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 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. For a more complete discussion of these and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views 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

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Vice President, Investor Relations
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Senior Vice President, Communications & Marketing
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Barbara Knight
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Middle East and North Africa (MENA)
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SOURCE McDermott International, Inc.