HOUSTON, Sept. 26, 2018 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced today it received full
notice to proceed (FNTP) from Entergy Texas, Inc. on the Montgomery
County Power Station (MCPS), a 993-megawatt combined-cycle natural
gas power plant in Willis,
Texas.
The substantial* contract was originally awarded in Q1 2017 for
McDermott to perform the engineering, procurement, construction and
commissioning (EPCC) of a 2x1 Combined Cycle Power Station totaling
993-megawatts. The combined-cycle gas turbine (CCGT) plant will
help serve Entergy's more than 455,000 customers in the 27 counties
located across Southeast Texas.
Full notice to proceed fully authorizes McDermott to begin EPC
services for the plant.
"McDermott congratulates Entergy Texas on receiving full notice
to proceed and we commend their vision of delivering clean energy
solutions to southeast Texas,"
said Richard Heo, McDermott's Senior
Vice President for North, Central and South America. "This combined-cycle project,
along with two other power projects we are executing for Entergy in
Louisiana, underscores our strong
track record and comprehensive capabilities in providing integrated
solutions for leading power companies in the U.S."
"We are excited to partner with McDermott as we move forward on
MCPS," said Sallie Rainer, president
and CEO of Entergy Texas. "The construction of MCPS will provide
customers a new source of reliable power that reduces costs and
lowers emissions, while also benefitting the
southeast Texas economy."
The contract award will be reflected in McDermott's third
quarter 2018 backlog.
* - McDermott defines a substantial contract as between USD
$500 million and USD $750 million.
About McDermott
McDermott is a premier, fully integrated provider of technology,
engineering and construction solutions to the energy industry. For
more than a century, customers have trusted McDermott to design and
build end-to-end infrastructure and technology solutions—from the
wellhead to the storage tank—to transport and transform oil and gas
into the products the world needs today. Our proprietary
technologies, integrated expertise and comprehensive solutions
deliver certainty, innovation and added value to energy projects
around the world. Customers rely on McDermott to deliver certainty
to the most complex projects, from concept to commissioning. It is
called the "One McDermott Way." Operating in over 54 countries,
McDermott's locally focused and globally-integrated resources
include approximately 40,000 employees and engineers, a diversified
fleet of specialty marine construction vessels and fabrication
facilities around the world. As used in this press release,
McDermott includes McDermott International, Inc. and its
subsidiaries and affiliates. To learn more, visit
www.mcdermott.com.
Forward-Looking Statements
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott cautions that
statements in this press release which are forward-looking, and
provide other than historical information, involve risks,
contingencies and uncertainties that may impact McDermott's actual
results of operations. These forward-looking statements include,
among other things, statements about the expected scope and value
of the project discussed in this press release. Although we believe
that the expectations reflected in those forward-looking statements
are reasonable, we can give no assurance that those expectations
will prove to have been correct. Those statements are made by using
various underlying assumptions and are subject to numerous risks,
contingencies and uncertainties, including, among others: adverse
changes in the markets in which we operate or credit markets, our
inability to successfully execute on contracts in backlog, changes
in project design or schedules, the availability of qualified
personnel, changes in the terms, scope or timing of contracts,
contract cancellations, change orders and other modifications and
actions by our customers and other business counterparties, changes
in industry norms and adverse outcomes in legal or other dispute
resolution proceedings. 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 and
quarterly filings with the Securities and Exchange Commission,
including its annual report on Form 10-K for the year ended
December 31, 2017 and subsequent
quarterly reports on Form 10-Q. This press release reflects
management's views as of the date hereof. Except to the extent
required by applicable law, McDermott undertakes no obligation to
update or revise any forward-looking statement.
Contacts:
Investor Relations
Scott
Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Global Vice President, Communications
+1 281 870
5269
Gentry.Brann@McDermott.com
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SOURCE McDermott International, Inc.