McDermott International, Inc. has signed another memorandum of understanding (MOU) with Saudi Aramco to expand and develop the company’s physical and human capital within Saudi Arabia as part of Aramco’s In-Kingdom Total Value Add (IKTVA) initiative.
The MOU was signed as part of the first ever Saudi-U.S. CEO Forum. McDermott was the only engineering, construction, procurement, and installation (EPCI) services contractor attending the summit along with other major U.S. business leaders.
The MOU demonstrates McDermott’s support of Saudi Arabia’s Vision 2030 and Aramco’s IKTVA program. The Company has committed to a nine-initiative plan to increase its contribution to the country’s localization efforts and aid Saudi Aramco in meeting its 2021 objectives.
McDermott’s nine-initiative plan expands the Company’s local supply chain, develops full-scale fabrication and marine facilities and moves area operations to Saudi Arabia and provides career training and development opportunities for highly-skilled Saudi nationals.
McDermott believes the potential value of the MOU is approximately USD 2.8B and will create up to 2,000 jobs over the next several years.
