McDermott secures contract for Nasr-115 expansion project

Core Insights - McDermott has secured a significant contract from ADNOC for the Nasr-115 expansion project, which aims to increase oil production capacity to 115,000 barrels per day by 2027 [1][3] - The contract value is estimated to be between $750 million and $1 billion, involving the construction of various offshore structures and modifications [2][3] Project Details - The Nasr Phase II Full Field Development initiative is designed to enhance production from the Nasr/Al-Nasr oilfield, which began initial production in January 2015 [1][3] - The project will include the construction of two topside structures, a new manifold tower, a jacket, a bridge, and associated pipelines and cables [2] Strategic Importance - McDermott's involvement aligns with ADNOC's commitment to increasing offshore production capacity and supports the company's vision for sustainable energy growth [3] - The Nasr Phase II project previously aimed to elevate production from 22,000 barrels per day to 65,000 barrels per day by mid-2019 [4] Related Developments - ADNOC has also announced the final investment decision for the SARB Deep Gas Development, which will produce 200 million standard cubic feet of gas daily by the end of the decade [4] - The SARB project will utilize advanced technologies and AI for remote operations, optimizing existing infrastructure for better efficiency and safety [5]