Saudi Aramco, McDermott sign MoU for construction of offshore platforms

An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city, in this November 11, 2007 file photo. (REUTERS)
Updated 08 March 2017
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Saudi Aramco, McDermott sign MoU for construction of offshore platforms

JEDDAH: Saudi Aramco signed a memorandum of understanding (MoU) with McDermott International for the integrated engineering procurement construction and installation (EPCI) of offshore platforms for McDermott’s growing Middle East and other regional oil and gas development markets at the King Salman International Complex for Maritime Industries and Services, according to a Saudi Aramco statement issued here on Wednesday.
This project is part of Saudi Aramco’s plan to expand its local supply chain, which will improve the company’s agility while driving additional economic and human capital development, as well new employment opportunities to help the Kingdom achieve the goals of Saudi Vision 2030.
The selection of McDermott was the result of a rigorous evaluation process, which followed extensive negotiations with several world-class players in the offshore EPCI services field.
The project aims to create a world-class provider of offshore EPCI services throughout the Middle East and regional markets. It will build on the existing relationship between Saudi Aramco and McDermott to localize this part of the supply chain, which would improve efficiency while increasing local content, export of energy goods and services, and further development of the Kingdom’s economy.


Britain unveils “short and sharper” code for companies

Updated 16 July 2018
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Britain unveils “short and sharper” code for companies

  • The new code emphasises the need for boards to refresh themselves, become diverse and plan properly for replacing top jobs
  • Company remuneration committees should also take into account workforce pay when setting director pay

LONDON: Companies in Britain must strive to rein in excessive executive pay and make boards more diverse under a new “short and sharper” corporate code, published on Monday.
The Financial Reporting Council (FRC) has updated its code of corporate standards for publicly listed companies, which must comply with it or explain to shareholders if they do not.
The new code comes as the watchdog, which oversees company governance standards and accountants, faces a review to see if it can uphold high corporate standards to maintain Britain’s attractions as a place to invest after Brexit.
British lawmakers have called for tougher corporate govenance standards following a row between food retailer Tesco and its suppliers and the collapse of retailer BHS and outsourcer Carillion. And shareholders have become much more active in terms of rejecting some executive pay deals.
“To make sure the UK moves with the times, the new code considers economic and social issues and will help to guide the long-term success of UK businesses,” FRC Chairman Win Bischoff said.
“This new code, in its short and sharper form, and with its overarching theme of trust, is paramount in promoting transparency and integrity in business for society as a whole.”
There is a new provision for greater board engagement with the workforce to understand their views — aimed at reinforcing an existing provision in law since 2006 which has had a patchy impact.
This, along with a requiremnent to have “whistleblowing” mechanisms that allow directors and staff to raise concerns for effective investigation, mark the biggest broadening of corporate standards in many years, the FRC said.
“The new code is much stronger on abilities to raise concerns in confidence,” said David Styles, FRC director of corporate governance.
It also emphasises the need for boards to refresh themselves, become diverse and plan properly for replacing top jobs.
It introduces a requirement for companies to explain publicly if a board chair has remain unchanged for more than nine years.
Company remuneration committees should also take into account workforce pay when setting director pay.
“To address public concern over executive remuneration... formulaic calculations of performance-related pay should be rejected,” the watchdog said.