Page 12 - MEOG Week 31

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e Facility has been secured against ADES 13 & 14 (the Company’s recently built onshore rigs for Saudi Arabia) and will be used to optimise ADES’s cost of funding and provide access to liquidity in accordance with the Group’s business strategy.
e Facility terms: 7-year tenor with a 12-month grace period; Fixed interest rate of 2.25% plus variable rate of 6 months SAIBOR to be paid semi-annually; Repayment of the principal amount will be calculated using the straight-line amortisation method, with a xed repayment rate of 7.69%, payable semi- annually a er the grace period.
Commenting on the Facility agreement, Dr. Mohamed Farouk, Chief Executive O cer of ADES International Holding,
said: “We are pleased to see ADES’ banking relationships and access expanded with the NCB agreement, one of the leading Saudi- based banks. It is testimony to the continued con dence placed in ADES by major regional
and international banks in the Middle East. e relatively low interest rate facility will enhance our nancing options and helps reduce the cost of funding for our business activities and the execution of our growth strategy going forward.”
aDes
McDermott awarded
offshore EPCI contract by
Aramco
McDermott International, Inc. (NySE: MDR) announced it has been awarded a large contract by Saudi Aramco to provide engineering, procurement, construction and installation (EPCI) of a production deck module (PDM) in the Hasbah gas eld with hook-up and modi cation works in Saudi Arabia’s Karan elds located o shore in the
Arabian Gulf.
e scope of work includes EPCI of
Wellhead PDM for four wells, 3.75 miles (6 kilometres) of 16-inch corrosion resistant alloy (CRA) cladded owline, 4 miles (6.5 kilometres) of subsea umbilical cable, o shore tie-ins to existing facilities and electrical modi cations to existing PDMs.
“ is award is con rmation that the McDermott execution model we call the One McDermott Way gives clients con dence that we consistently deliver quality,” said Linh Austin, Senior Vice President, Middle East and North Africa.
Engineering of the project will be performed in Saudi Arabia and fabrication will take place at McDermott’s Jebel Ali yard in the united Arab Emirates. Fabrication is expected to begin in the second quarter of 2020 and the contract award will be re ected in McDermott’s third quarter 2019 backlog. mCDermott
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Week 31 06•August•2019