HOUSTON, Aug. 12, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced it has been awarded a
sizeable* contract by PetroLogistics ll LLC to perform the
front-end engineering design (FEED) services for a propane
dehydrogenation (PDH) facility planned for the U.S. Gulf Coast.
Under the scope of the contract, McDermott will assist in the
development of a PDH plant to be constructed on the U.S. Gulf
Coast. The plant has a design basis of 500 KTA.
"McDermott is pleased to be working with PetroLogistics II in
the development of a facility that will support the growth of
propylene in the U.S.," said Mark
Coscio, McDermott's Senior Vice President for North, Central
and South America. "We will pull
from our vast expertise in engineering to complete the FEED."
"The shale revolution has resulted in a significant decline in
co-product propylene production from the sources that historically
supplied the majority of US propylene: petroleum refineries and
heavy feed ethylene crackers," said Nathan
Ticatch, PetroLogistics II President. "As a result, future
growth in propylene demand will need to be supplied largely via
on-purpose propane dehydrogenation. We are excited to work with
McDermott to develop a facility that can supply a solution to this
need."
McDermott was selected due to its strength in engineering and
extensive knowledge in executing fluid catalytic cracking (FCC)
projects. "We have had excellent experience working with McDermott
in the past and we are pleased to be collaborating with them again
on this very important project," said David
Lumpkins, PetroLogistics Chairman.
This award was reflected in McDermott's second quarter 2019
backlog.
* McDermott defines a sizable contract as between
$1 million and $50 million (USD).
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.
About PetroLogistics II LLC
PetroLogistics II is a Houston
based company focused on acquiring, developing and operating
petrochemical manufacturing, processing and logistics assets in
North America. PetroLogistics II
is owned by affiliates of Quantum Energy Partners and certain
members of the Company's management. For more information with
respect to the FCDh project or the Company, please contact
David Lumpkins, Chairman, at
713-265-6302 or Nathan Ticatch,
President, at 713-265-6303.
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 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, 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
Local Area Media Relations:
Kristi Krupala
Manager, North, Central and South
America (NCSA) Area Communications & Marketing
+1 281 870 5447
Kkrupala2@mcdermott.com
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SOURCE McDermott International, Inc.