McDermott Awarded Transportation and Installation Contract by ONGC

HOUSTON, Nov. 7, 2023 /PRNewswire/ -- McDermott has been awarded a large* transportation and installation contract by the Oil and Natural Gas Corporation (ONGC) for the KG-DWN-98/2 development project, located off the east coast of India.

Under the scope of the contract, McDermott will perform the transportation and installation of a central processing platform (CPP) and living quarters. Once installed, the CPP will be used to process wet gas which will then be transferred from the platform to an onshore terminal.

The CPP award is an expansion of McDermott's current scope of work under the KG-DWN-98/2 project ? one of the largest subsea projects in India. Originally awarded in 2018, and nearing completion, the integrated subsea package includes the supply of all subsea production systems (SPS), including 26 deepwater trees, and the installation of subsea umbilicals, risers and flowlines (SURF) at a water depth of between zero to 4,265 feet (1,300 meters).

"This award demonstrates McDermott's track record of executing fast track projects of this nature," said Mahesh Swaminathan, McDermott's Senior Vice President, Subsea and Floating Facilities. "It not only builds on the successes of our ongoing work for the KG-DWN-98/2 project but stands as a testament to our strong working relationship with ONGC. We are confident that our collaborative approach will continue to position us well for the successful delivery of this next stage of this important project for India."

Project management and engineering will be executed from Kuala Lumpur, Malaysia, with support from other McDermott offices.

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

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 scope and execution 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 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