HOUSTON, Dec. 18, 2018 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced that it has been
awarded two sizeable* technology contracts by Indian Oil
Corporation Ltd. (IOCL) for the license and basic engineering
design of a 200 KTA polypropylene plant in Barauni, India, as well as a 420 KTA polypropylene
plant in Gujarat, India. Indian
Oil Corporation is the leading refiner and a major petrochemical
player in India. Both plants will
use Lummus' proprietary NOVOLEN® process reactors and proprietary
NHP® catalyst to produce a wide range of leading polypropylene
products for the Indian and regional markets.
"Lummus' Novolen Technology offers the most competitive
technology for the manufacturing of polypropylene, and continues to
provide innovations in process and products," said Daniel M. McCarthy, Executive Vice President of
McDermott's Lummus Technology business. "By licensing this
technology to enhance the profitability of both the Barauni
Refinery and the Gujarat Refinery, IOCL will be able to produce a
variety of polypropylene products to meet India's increasing demand for plastics."
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.
These awards were 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 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, 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 and value of the technology
contract 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.