- New office adds space for up to 300 staff and expands McDermott’s engineering capacity and Saudi operations
- McDermott to significantly increase in-Kingdom contribution in support of Saudi Arabia’s Vision 2030
HOUSTON, Nov. 01, 2016 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) (“McDermott”) announced it has opened a new office in Al Khobar, Saudi Arabia, with the ability to add 300 staff to its existing workforce in the Kingdom.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/01e98c1e-bbdf-46f4-9a86-1838f275d50c
The new office expands McDermott’s engineering capacity in the region and will enhance its offering in Saudi Arabia.
“The opening of our new office further solidifies our leadership in the area and our commitment to Saudi Arabia,” said Linh Austin, Vice President, Middle East and Caspian. “This new office expands our current capability in Kingdom and for the region and increases support to our customers, particularly in brownfield work.”
“This is just one of several initiatives demonstrating McDermott's continued commitment to the Saudi market and the In-Kingdom Total Value Add (IKTVA) Program,” added Austin.
The office opening follows McDermott’s recent Dammam yard inauguration and recruitment drive in Al-Khobar, where the Company interviewed and assessed more than 600 Saudi craftsmen to support IKTVA localization objectives.
McDermott has an extensive history of executing complex EPCI projects offshore Saudi Arabia and is committed to supporting the continued growth of oil and gas production in the Kingdom. Through decades of regional experience and intimate knowledge gained of field conditions, McDermott’s Saudi operation has been established as a brownfield center of excellence.
About McDermott
McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our customers include national and major energy companies. Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 12,400 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit our website at www.mcdermott.com.
Forward-Looking Statement
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 the expected benefits arising from the opening of the Al Khobar, Saudi Arabia office and McDermott’s continued commitment to the Saudi market and IKTVA program. 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, 2015 and subsequent quarterly report 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.