McDermott signs MoU with Saudi Arabia

McDermott International, Inc. has announced its plans to construct offshore production solutions in Saudi Arabia. McDermott signed a memorandum of understanding (MoU) with Saudi Aramco for a long-term land lease at the new maritime facility at Ras Al Khair in Saudi Arabia.
With a long-term phased approach, McDermott plans to build a new fabrication and marine complex expected to use state-of-the-art facilities, increased automation and an optimized layout to increase McDermott’s abilities to service its growing Middle East and Caspian markets.
The future fabrication facility at Ras Al Khair is expected to provide up to 16-million manhours of capacity, up from 8-million manhours at McDermott’s current Jebel Ali facilities.
The move also demonstrates McDermott’s support of Saudi Arabia’s Vision 2030 and Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program. The IKTVA program intends to expand KSA-based business operations to help drive domestic value creation and maximize long-term economic growth, diversification, job creation and workforce development, to support a rapidly changing Saudi economy.

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