McDermott International and Saudi Aramco ink new MOU

Houston-based oil industry services company McDermott International has signed a memorandum of understanding (MOU) with Saudi Aramco, coinciding with US President Donald Trump’s state visit to Saudi Arabia.

The two firms have a longstanding history of co-operation, with McDermott regularly working engineering, procurement, construction and installation (EPCI) on offshore projects for Aramco.

This latest MOU commits McDermott to helping Aramco develop its physical and human capital, increasing the localisation of its personnel within the kingdom.

The deal, over time, could be worth $2.8bn to McDermott, the company estimates.

It was one of numerous deals worth around $50bn made as part of a Saudi-US CEO forum while President Trump was in Riyadh.

Saudi Aramco, based in Dhahran, is the world’s biggest oil company.