McDermott to Expand Presence in Saudi Arabia

McDermott International has signed a memorandum of understanding (MoU) with Saudi Aramco to expand and develop the company’s physical and human capital within Saudi Arabia.

The MoU is a part of Aramco’s In-Kingdom Total Value Add (IKTVA) initiative.

The company has committed to a nine-initiative plan to increase its contribution to the country’s localization efforts and aid Saudi Aramco in meeting its 2021 objectives. McDermott plans to increase the number of Saudi nationals in its Middle East workforce to 40 percent by 2030.

David Dickson, president and chief executive officer of McDermott said: “As part of our global strategy to enhance our capabilities and deepen customer relationships, this MoU strengthens our long-term plans to transition our Middle East operations to Saudi Arabia, which we believe positions us competitively in the regional market.”

McDermott’s nine-initiative plan expands the company’s local supply chain, develops full-scale fabrication and marine facilities and moves area operations to Saudi Arabia and provides career training and development opportunities for Saudi nationals.

McDermott believes the potential value of the MoU is approximately $2.8 billion and will create up to 2,000 jobs over the next several years.

Share this article

Follow Subsea World News

Events>

<< Aug 2018 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The European Corrosion Congress - EUROCORR

The European Corrosion Congress - EUROCORR, the EFC’s annual conference, is the flagship event of the European corrosion calendar…

read more >

ONS 2018

Offshore Northern Seas (ONS) provides a platform for the presentation of the political, economic and technological issues involving…

read more >

FPSO World Congress 2018

FPSO World Congress 2018 will take a closer look at the overall life-cycle of an FPSO…

read more >

EIC Connect Oil & Gas USA 2018

EIC Connect Oil & Gas USA 2018 is the Energy Industries Council’s (EIC) not-for-profit event designed to promote…

read more >