McDermott continues to take significant steps to support Saudi Arabia's ongoing efforts to increase localization in line with the Saudi Vision 2030. McDermott signed a Memorandum of Understanding (MoU) with Saudi Aramco as part of its Namaat Program to explore the feasibility of executing onshore modular construction in the Kingdom using McDermott's Saudi Arabia Fabrication In Ras Al-Khair (SAFIRA) fabrication yard. The signing took place during the Industrial Investment Event in Dhahran, Saudi Arabia.
"McDermott is one of the premier module fabricators in the industry," said Samik Mukherjee, McDermott's Executive Vice President and Chief Operating Officer. "It is a key competency we offer in our delivery of integrated, at-scale solutions for our customers—driving certainty on cost and schedule throughout project execution. It also elevates safety and quality, while reducing the footprint at site as work done at our fabrication facilities takes place in a controlled environment."
The partnership will identify ways to collaborate on the plant modularization concept, helping Saudi Aramco determine the extent of modularization opportunities within its upstream and downstream onshore projects portfolio.
Key data points: The growth forecast = 6.6% annually for the next 7 years. Scroll below to get more insights. This market report covers trends, opportunities and forecasts in smart oilfield market to 2031 by component (hardware, software, and services), technology (internet of things, artificial intelligence & machine learning, cloud computing, data analytics, and automation & remote monitoring), application (upstream activities, midstream activities, and downstream activities), end use (independent oil & gas operators, national oil companies, international oil companies, service companies, government & regulatory bodies, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)
Download free sample pages"This agreement demonstrates Saudi Aramco's confidence in McDermott as a trusted partner and is an opportunity for both companies to exchange knowledge," said Tareq Kawash, McDermott Senior Vice President, Europe, Middle East and Africa. "It enhances our close relationship and reinforces our commitment to growing our capabilities in-Kingdom."
McDermott's SAFIRA fabrication yard is being developed within Saudi Aramco's King Salman International Complex for Maritime Industries and Services in Ras Al-Khair. Once fully functional, it will have the capability to fabricate and assemble offshore platforms and jackets, subsea pipelines and onshore modules.
