HOUSTON, Oct. 1, 2018 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced that it has been
awarded a sizeable* technology contract for Map Ta Phut Olefins
Co., Ltd.'s (MOC) petrochemical plant in Rayong Province,
Thailand. MOC is a joint venture
company of SCG Chemicals Company Limited, which is a wholly owned
subsidiary of SCG, and the Dow Chemical Company.
McDermott will provide the basic engineering and license of
Lummus' olefins technology and will design and supply the
proprietary SRT® III heater for the MOC Debottleneck Project, a
parallel gas cracker added to increase plant capacity which will
utilize Lummus' side cracker technology, including a low pressure
chilling train and enhanced binary refrigeration.
"We have worked with Map Ta Phut Olefins since their first
project in 2005," said Daniel M.
McCarthy, Executive Vice President of McDermott's Lummus
Technology business. "This additional capacity will be realized by
using our unique side cracker technology, which permits the cost
effective expansion of a liquid feed plant that has already reached
its maximum capacity using conventional technology."
McDermott's Lummus Technology is a leading licensor of
proprietary petrochemicals, refining, gasification and gas
processing technologies, and a supplier of proprietary catalysts
and related engineering. With a heritage spanning more than 100
years, encompassing approximately 3,100 patents and patent
applications, Lummus Technology provides one of the industry's most
diversified technology portfolios to the hydrocarbon processing
sector.
Portions of this award were booked in prior quarters. The heater
supply will be reflected in McDermott's third quarter 2018
backlog.
* McDermott defines a sizeable contract as between USD
$1 million and USD $50 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 backlog, to the extent backlog
may be viewed as an indicator of future revenues or profitability,
and the expected scope, value and execution 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.