McDermott International, Inc. (NYSE: MDR) said Thursday it was awarded an Engineering, Procurement, Construction and Installation (EPCI) project for a customer in the Arabian Gulf.
The value is about $200 million and will be included in McDermott’s fourth quarter 2013 backlog.
McDermott didn’t name the customer but said the project is a continuation of previously completed for the same client in the same field.
Last month, McDermott replaced its CEO.
In August, the company reported losses of about $150 million. Its stock price is down about 30% from a year ago.
Houston-based McDermott increased its loss estimates by $62 million last quarter due to delays on a deepwater pipelay project in Malaysia.
And in the Middle East, McDermott took a $38 million charge on an offshore project in Saudi Arabia.
The new contract announced Thursday includes the fabrication, transportation and installation of offshore facilities including two production deck modules and ten observation platforms, McDermott said. The scope also includes works for two subsea pipeline installations, three submarine power cables and two fiber optic cables.
“Engineering work will be undertaken by the Dubai and Al Khobar offices, with construction and transportation from its Jebel Ali fabrication facility,” said Stewart Mitchell, Senior Vice President and General Manager, Middle East & Atlantic.
Installation will be carried out using vessels from its global fleet which are expected to mobilize in the end of the second quarter of 2014. Project completion, including hookup and commissioning, is expected during the first quarter of 2015.