Amid shakeups, McDermott in early mega-deal in Uganda
Just days after the announced departure of its CEO, McDermott International said June 9 it had received a conditional offer from TotalEnergies to develop hydrocarbons in Uganda’s Lake Albert region.
McDermott and Sinopec received a conditional “letter of award” from the French company for $2bn for contracts at the Tilenga project in Uganda. All told, developments in the oil-rich Lake Albert basin could bring as much as $10bn in new investments to Uganda and neighbouring Tanzania.
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"This is a first step which allows launching the detailed engineering and procurement activities before the final approval by the partners,” said Tareq Kawash, McDermott’s senior vice president for regional operations.
The Lake Albert basin is one of the more promising oil reservoirs in Africa.
The agreement follows a shake up in McDermott’s front office. The company said June 9 it named Samik Mukherjee, a 30-year industry veteran and a senior vice president at McDermott, as its new executive vice president and chief operating officer.
Lee McIntire, meanwhile, assumed the position of interim chief executive officer after the abrupt retirement of CEO David Dickson on June 7. McDermott, which filed for bankruptcy protection last year, offered no reason for Dickon’s retirement.