HOUSTON, May 7, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today reiterated the position it
had announced on April 29, 2019, that
its Cameron LNG project did not experience any material change in
its cost position in the first quarter of 2019.
The company's statement comes in response to an announcement
yesterday by Chiyoda Corporation, McDermott's joint venture partner
in executing the contract, that Chiyoda had recorded an
unquantified change in estimate on the Cameron project in the first
quarter of 2019, along with charges on other projects, pending
arbitration cases and other matters.
McDermott is not involved in Chiyoda's new Strategy & Risk
Integration Division, which was mentioned in its news release.
Over the past year, through the company's active management of
the project, McDermott has strengthened leadership, oversight,
execution, forecasting and reporting. And more recently,
McDermott has taken an expanded role in the commissioning
activities. This expanded oversight has given the company
additional leverage to drive the project forward through the
commissioning process.
McDermott and Chiyoda are executing the project under a 50-50
joint venture arrangement. The Cameron LNG project, currently under
construction in Hackberry,
Louisiana, is a world-scale facility incorporating proven
technology designed to produce nearly 14 million tons per year of
liquefied natural gas. In April 2019,
Train 1 of the Cameron LNG project reached the final commissioning
stage. This included the introduction of pipeline feed gas into
Train 1 of the liquefaction export facility, the precursor for the
production of liquefied natural gas (LNG), which is expected by mid
May. As of the end of the first quarter of 2019, the Cameron
project was approximately 90 percent complete.
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 32,000
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 the expected timing of initial
production of LNG on the Cameron project, McDermott's ability to
drive the project through the commissioning phase and the expected
scope of the project. 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, 2018 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
Senior Vice President, Communications, Marketing and
Administration
+1 281-870-5269
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SOURCE McDermott International, Inc.