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McDermott to build fabrication yard at new Saudi shipbuilding complex

Mar. 08, 2017 5:58 PM ETMcDermott International, Inc. (MDRIQ) StockBy: Carl Surran, SA News Editor11 Comments
  • McDermott (MDR) says it signed an MOU with Saudi Aramco to build a new fabrication and marine complex planned by Saudi Aramco on the kingdom's east coast at Ras Al Khair.
  • MDR says it plans to build and outfit offshore oil and gas platforms at the new yard, and that the work will expand its capabilities and capacity to service its growing Middle East and other regional markets; Saudi officials have said the complex will cost more than $5B to build.
  • Reuters reports the companies aim to sign a final agreement by next year, with Aramco providing land for the project by the end of 2019.

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