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McDermott Int’l Plans to Establish Highly-Developed Facilities in KSA

Aramco’s Marine Project. (Asharq Al-Awsat)
Aramco’s Marine Project. (Asharq Al-Awsat)
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McDermott Int’l Plans to Establish Highly-Developed Facilities in KSA

Aramco’s Marine Project. (Asharq Al-Awsat)
Aramco’s Marine Project. (Asharq Al-Awsat)

Houston-based McDermott International announced the construction of new highly-developed facilities in Saudi Arabia to support its operations in the Middle East, as well as support Aramco’s In-Kingdom Total Value Add (IKTVA) program.

McDermott continues to develop infrastructure in the fields of wind energy and other renewable energies in the kingdom.

McDermott President and CEO David Dickson stated that the two Memorandum of Understanding (MoUs) signed between McDermott and Aramco, support Vision 2030 and Aramco's initiative to enhance its added value and presence inside the Kingdom. He added that this complies with the initiatives launched in Saudi Arabia and the ability to provide local solutions to meet the needs of the modern business environment.

Speaking to Asharq Al-Awsat, Dickson expected that the two new facilities, set to be built in Ras al-Kheir, will enhance McDermott's manufacturing capacity in the Middle East from 8 million hours to 16 million hours a year, which will provide better service in the Middle East and other regions.

Dickson emphasized that McDermott is committed to using the local Saudi competencies to operate its facilities and develop their expertise, adding that he looks forward to recruiting and developing qualified Saudi talent at a high level in the Kingdom.

He stressed that oil and gas will continue to play an important role in meeting the world's energy needs in the foreseeable future.

Dickson also expects McDermott to play a key role in developing some of the infrastructure in wind and other renewable energy markets because of its growing importance and compatibility with many of the manufacturing, installation and project implementation needs.

He stressed that the oil and gas will remain at the heart of the work of McDermott, but there are other opportunities to expand the scope of its work beyond that.

"We are fully committed to supporting Aramco's added value within the Kingdom, and although we have come a long way in this area, we need to do more, and we are focusing on doing so," Dickson concluded.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.