McDermott shift from Singapore to Malaysia done by June


  • Business
  • Tuesday, 19 Apr 2016

SINGAPORE: The relocation of Houston-based McDermott International from Singapore to Malaysia is expected to be completed by June. 

Its vice-president and general manager for Asia-Pacific, Hugh Cuthbertson said the transition was underway and new personnel were being recruited in Kuala Lumpur since two months ago. 

"We will continue this and hope to have the office fully manned by June. 

"Our new head office has been fully prepared and out-fitted, it is already functioning and new personnel are already working from it," Cuthbertson said in an email interview with Bernama. 

Besides McDermott, other multinational oil services companies, including Technip and Subsea 7, are also relocating to Malaysia from the republic. 

McDermott, which provides engineering solutions and designs oil production facilities, was reportedly bucked the trend of most offshore and marine players and done relatively well in the past year. 

It grew its order book of oil production facilities last year to US$4.2 billion (US$1=RM3.89) from US$3.6 billion in 2014, the largest increase in orders since 2012, a report said. 

"Our move to Malaysia was influenced by several factors, we have a client base in Kuala Lumpur and we want to work closely with clients as we move forward. 

"Kuala Lumpur is also increasingly recognised as a regional hub for the oil and gas industry. Many of our key suppliers and specialist vendors are based there and there is a strong oil and gas industry engineering base as well," Cuthbertson said. 

On April 13, McDermott named its US$453 million new flagship vessel DLV2000, proving that it is positioning itself for the global energy recovery amidst a lower global oil price and reduced deep water exploration. 

The first project DLV2000 will be deployed for is the INPEX Ichthys Liquefied Natural Gas project in offshore Western Australia next month. 

The DLV2000 will add high-end capabilities and versatility to McDermott's global fleet by utilising a single vessel on projects requiring a combination of pipelay, heavy lift and deck space for structures and offshore workforce accommodation that would normally be executed by multiple vessels. 

McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPIC) services for offshore and subsea field developments worldwide, offering financial strength through diversity. 

It delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning to help all companies safely produce and transport hydrocarbons. 

McDermott has served the energy industry since 1923 and is listed on the New York Stock Exchange. - Bernama


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