HOUSTON, Sept. 17, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced that its joint
venture Qingdao McDermott Wuchuan Offshore Engineering Co. Ltd
(QMW) in Qingdao, China, has been
awarded a large* contract to provide three complex modules for the
Arctic LNG 2 Project in the Yamal-Nenets Autonomous Region in
Russia.
"This award recognizes QMW's experience and excellent
performance in the Arctic on an earlier Yamal LNG project. It is
further evidence that QMW is a tier one module fabricator in the
LNG market. Fabrication will be completed in QMW's mega module
workshop which provides increased certainty for safety,
schedule and successful project delivery," said McDermott's Senior
Vice President Asia Pacific, Ian
Prescott.
The scope includes the fabrication of three Pre-Assembled Unit
Complex Process Modules. QMW will undertake fabrication
engineering, partial procurement, construction and
pre-commissioning scope. Fabrication for the modules is scheduled
to commence at the end of 2019 and be completed in mid-2022.
* - McDermott defines a large contract as between USD
$50 million and USD $250 million. The designation refers to
McDermott's share of the award via its joint venture. Because QMW
is accounted for as an equity method joint venture, its associated
backlog is not included in McDermott's publicly reported RPO
backlog (Remaining Performance Obligation backlog).
About Qingdao McDermott Wuchuan
QMW is a joint venture between a McDermott and state-owned CSIC
and offers integrated Engineering, Procurement, construction and
Commissioning solutions for the Floating Production Storage and
Offloading ("FPSO"), onshore and offshore modules market and
fabrication capabilities through an 111-acre fabrication yard
located in the Huangdao District in Qingdao (Shandong
Province), China. Adjacent
to two large shipbuilding and repair yards operated by CSIC, QMW
focuses on high quality, cost-competitive FPSO topsides
construction and integration, onshore and offshore module
fabrication and large integrated deck fabrication.
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. 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, execution
and timing 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,
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
Gentry.Brann@McDermott.com
Asia Pacific Media Relations
Miki O'Farrell
Manager, Marketing Asia Pacific
+60 12 305 3609
mofarrell@mcdermott.com
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SOURCE McDermott International, Inc.