McDermott International, Inc. announced that the company has signed a long-term exclusive agreement with L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro, focused on subsea projects offshore the east coast of India.

“This exclusive agreement further strengthens the relationship between McDermott and LTHE, both companies that have successfully cooperated on several earlier projects in India and, more recently, won the Vashishta deepwater development project,” said David Dickson, McDermott’s President and Chief Executive Officer. “With the emerging east coast of India deepwater market offering attractive development opportunities for our clients, we believe this long-term collaboration provides a compelling value proposition for the successful design and delivery of subsea projects.”

“Together, we leverage McDermott’s proven track record in subsea engineering, procurement and installation with our versatile fleet and lay technologies that will be further enhanced by the upcoming delivery of the Derrick Lay Vessel 2000 and our in-market capabilities and strategically-positioned LTHE fabrication yard and spoolbase at Kattupalli,” Dickson added.

“Through this agreement, LTHE and McDermott have developed an approach which includes utilization of LTHE’s state-of-the-art facility, strategically located Kattupalli near Chennai, for fabrication and local spoolbase in India, and offer an optimized and reliable EPCI solution for emerging deepwater projects in India,” said Subramanian Sarma, Chief Executive Officer and Managing Director of LTHE.

The agreement follows the December 21, 2015 announcement that a consortium of McDermott and LTHE had been awarded an engineering, procurement, commissioning and installation (EPCI) contract for the Vashishta and S1 Development Project, a greenfield deepwater development off India’s East coast.

About McDermott

McDermott (NYSE:MDR) is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our clients include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 10,600 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923 and is listed on the New York Stock Exchange. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates.

About Larsen & Toubro

Larsen & Toubro is a USD 14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. Its products and systems are marketed in over 30 countries worldwide. L&T is one of the largest and most respected companies in India’s private sector. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business over seven decades.