News Release
McDermott forms Strategic Alliance with SOCAR, Azerbaijan’s State Oil Company
Houston - Mar 17, 2011
McDermott International, Inc. (NYSE:MDR) (“McDermott”), announced today that one of its
subsidiaries, McDermott Caspian Contractors, Inc., and the State Oil Company of the Azerbaijan
Republic (“SOCAR”) have formed a strategic alliance to implement a major pipelay and diving
services contract in the Caspian region.
The contract was recently awarded to McDermott in Azerbaijan as part of further development of the
Azeri, Chirag and Deepwater Gunashli (“ACG”) field in the Azerbaijan sector of the Caspian Sea.
Under the agreement, McDermott will perform the engineering, procurement, fabrication and
installation of pipelines, cables, umbilicals and subsea tie-ins and subsea equipment. SOCAR and its
subsidiaries will perform various construction activities including fabrication of subsea structures,
subsea installation services, provision of equipment and facilities, and will supply project-related and
diving personnel.
“We are honored to be strengthening our collaboration with SOCAR in the Caspian,” said Stephen M.
Johnson, President and CEO McDermott. “SOCAR and its subsidiary companies have played an
important role in the success of our operations in the Caspian since the 1990s.”
McDermott has more than 20-years of work experience across the Caspian region. Its worldwide
leadership in project management, engineering, construction, fabrication and installation of pipelines
and subsea facilities, combined with SOCAR’s extensive Caspian knowledge and unique long-term
experience in the exploration of Azerbaijan’s offshore oil and gas reserves bring unique strengths that
will benefit the successful development of the ACG field.
ABOUT McDERMOTT
McDermott is a leading engineering, procurement, construction and installation (“EPCI”) company focused on
executing complex offshore oil and gas projects worldwide. Providing fully integrated EPCI services for
upstream field developments, the Company delivers fixed and floating production facilities, pipelines and subsea
systems from concept to commissioning. McDermott’s customers include national and major energy
companies. Operating in more than 20 countries across the Atlantic, Middle East and Asia Pacific, the
Company’s integrated resources include more than 16,000 employees and a diversified fleet of marine vessels,
fabrication facilities and engineering offices. McDermott has served the energy industry since 1923.
To learn more, please visit McDermott’s website on the internet at www.mcdermott.com
FORWARD LOOKING STATEMENTS
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995,
McDermott International, Inc. cautions that statements in this press release which are forward-looking and
provide other than historical information involve risks and uncertainties that may impact McDermott's actual
results of operations. The forward-looking statements in this press release include, among other things, the
expected scope and execution associated with this project. Although McDermott's management believes that
the expectations reflected in those forward-looking statements are reasonable, McDermott can give no
assurance that those expectations will prove to have been correct. Those statements are made based on
various underlying assumptions and are subject to numerous uncertainties and risks, including without limitation,
changes in project design or schedules, contract cancellations, change orders and other modifications, and
difficulties executing on the project. 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 report on Form 10-K for the year ended December 31,
2010. This news release reflects management’s view 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.
CONTACT McDERMOTT
Investors & Financial Media
Jay Roueche
Robby Bellamy
VP, Treasurer & IR
Director, IR & Corporate Finance
(1) 281.870.5462
(1) 281.870.5165
[email protected]
[email protected]
Trade, General & Local Media
Louise Denly
Gulia Taghiyeva
Director, Corporate Comms
Corporate Communications Manager – Caspian
(1) 281.870.5025
(994) 12.447.4462/80
[email protected]
[email protected]