McDermott International Inc. has landed a substantial contract award from Saudi Aramco for engineering, procurement, construction and installation (EPCI) services in the Marjan field, offshore Saudi Arabia, the company said on Feb. 25.
The contract includes the design, procurement, fabrication, and installation, testing and pre-commissioning of the TP-10 tie-in platform, six gas lift topside modules and associated pipeline and subsea cables. The total weight of the structures will exceed 29,000 short tons (27,000 metric tons) and pipelines totaling over 40 miles (65 km).
“This award demonstrates the strong market appeal of our value-driven and highly integrated offering of products and services,” Linh Austin, McDermott’s seniorvice president, Middle East and North Africa, said. “McDermott has extensive practical operational experience in the region which gives assurance to our customers of our ability to deliver projects safely, on time and to budget.”
The fabrication work on the project will be executed from McDermott’s Jebel Ali yard in Dubai and Dammam yard in Saudi Arabia, while the engineering work will be executed from both Dubai and the Al Khobar office in Saudi Arabia in line with McDermott’s strategic focus to strengthen In-Kingdom content. The Derrick Barge 50 and Derrick Barge 27 from McDermott’s global vessel fleet are scheduled to be utilized.
Work on the project will begin immediately and the contract award will be reflected in McDermott’s first-quarter 2019 backlog.
McDermott defines a substantial contract as between $500 million and $750 million.
Recommended Reading
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
The One Where EOG’s Stock Tanked
2024-02-23 - A rare earnings miss pushed the wildcatter’s stock down as much as 6%, while larger and smaller peers’ share prices were mostly unchanged. One analyst asked if EOG is like Narcissus.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.
BP Pursues ‘25-by-‘25’ Target to Amp Up LNG Production
2024-02-15 - BP wants to boost its LNG portfolio to 25 mtpa by 2025 under a plan dubbed “25-by-25,” upping its portfolio by 9% compared to 2023, CEO Murray Auchincloss said during the company’s webcast with analysts.