B&W to Supply Boilers for Kearl Oil Sands Project
13 July 2009 - 11:00PM
Business Wire
McDermott International, Inc. (�McDermott�) (NYSE:MDR) announced
today that a subsidiary of The Babcock & Wilcox Company
(�B&W�), has been awarded a contract to supply four modularized
boilers for Phase 1 of the Kearl Oil Sands Project (�Kearl�) being
developed by Imperial Oil in the Athabasca Oil Sands Region,
located 70 kilometers north of Fort McMurray, Alberta.
Kearl Phase 1 consists of a surface mine and plant facilities
that will produce clean bitumen for blending, transport and sale.
The boilers provided by B&W will produce utility steam that
will be used to supply various processes in the plant.
�This contract demonstrates our reputation of performance and
reliability which will be crucial in the challenging environment of
the Alberta oil sands,� said Richard L. Killion, President and
Chief Operating Officer of Babcock & Wilcox Power Generation
Group. �One of the many advantages of our boiler is that its
modularity lowers construction risk and offers far greater cost
certainty than traditional boiler options.�
Backed by more than 140 years of experience, B&W is a
leading provider of thermal power solutions for utility and
industrial markets in Canada.
McDermott is an engineering and construction company, with
specialty manufacturing and service capabilities, focused on energy
infrastructure. McDermott�s customers are predominantly utilities
and other power generators, major and national oil companies, and
the United States Government. With its global operations, McDermott
operates in over 20 countries with more than 25,000 employees, and
can be found on the internet at www.mcdermott.com.
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott International,
Inc. cautions that statements in this press release which are
forward-looking and provide other than historical information
involve risks and uncertainties that may impact McDermott�s actual
results of operations. The forward-looking statements in this press
release include, among other things, the expected scope associated
with the Kearl Oil Sands project. Although McDermott�s management
believes that the expectations reflected in those forward-looking
statements are reasonable, McDermott can give no assurance that
those expectations will prove to have been correct. Those
statements are made based on various underlying assumptions and are
subject to numerous uncertainties and risks, including without
limitation, changes in project design or schedules, contract
cancellations, change orders and other modifications, and
difficulties executing on the project. If one or more of these
risks materialize, or if underlying assumptions prove incorrect,
actual results may vary materially from those expected. For a more
complete discussion of these and other risk factors, please see
McDermott�s annual report on Form 10-K for the year ended December
31, 2008, and subsequent quarterly reports on Form 10-Q, filed with
the Securities and Exchange Commission.
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