McDermott and Saudi Aramco Announce MoU

By Davis Thattil | Jul 04, 2017
McDermott International, Inc. 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 forum was organized to coincide with U.S. President Donald Trump’s visit to Saudi Arabia. At the forum, Saudi ministers and CEOs from major U.S. companies met to discuss expanding business between the U.S. and Saudi Arabia.
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 plans to increase the number of Saudi nationals in its Middle East workforce to 40 percent by 2030.

McDermott believes the potential value of the MOU is approximately $2.8 billion USD and will create up to 2,000 jobs over the next several years. Saudi Aramco launched the IKTVA program in 2015 to expand Saudi Arabian-based business operations to help drive domestic value creation and maximize long-term economic growth, diversification, job creation and workforce development to support a rapidly changing local economy.


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