HOUSTON, Nov. 18, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced today it has been awarded
a *sizeable technology contract from Baltic Chemical Company
(BCC) and a *sizeable Extended Basic Engineering (EBE)
contract from China National Chemical Engineering No. 7
Construction Company Limited (CC7). The ethane cracking project is
owned by Baltic Chemical Complex LLC, a subsidiary of
RusGazDobycha.
McDermott's Lummus Technology will provide both the Process
Design Package (PDP) Engineering and the license for its olefin
production and recovery technology. Lummus Technology's
proprietary ethylene steam cracking process is the most
widely-applied process for the production of polymer-grade
ethylene, representing approximately 40 percent of the world's
capacity.
"Lummus Technology has been present in Russia for many years where we have been—and
will continue to be—a reliable partner to our many clients here,''
said Leon de Bruyn, Senior Vice
President, Lummus Technology. "We
are excited to be selected for two world-scale ethylene plants by
BCC and bring our reliable, high-yield and energy-efficient steam
cracking technology to a project that has so much visibility in the
petrochemicals industry."
The project is the largest ethylene integration project in the
world. Located near Russia's
shores at the Gulf of Finland, the
natural gas processing chemical plant will be comprised of two
ethylene cracking facilities, each with an annual capacity of 1.4
million tons.
"McDermott's end-to-end infrastructure and technology solutions
are an important differentiator for operators in Russia,'' said Tareq
Kawash, McDermott's Senior Vice President for Europe, Africa, Russia and Caspian. "The potential future
pull-through opportunities related to the Lummus Technology
portfolio make us uniquely positioned to execute this phase and
future phases of the project."
McDermott has previously partnered with CC7 on the Afipsky
Hydrocracker project and the ongoing Lukoil Delayed Coker Unit
project.
The extended basic engineering work will primarily be executed
from McDermott's downstream Centers of Excellence in The Hague and Brno, Czech Republic.
Work on the project will begin immediately and the contract
award will be reflected in McDermott's fourth quarter 2019
backlog.
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 3,400 patents and patent
applications, Lummus Technology provides one of the industry's most
diversified technology portfolios to the hydrocarbon processing
sector.
* - McDermott defines a sizeable contract as between USD
$1 million and $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 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 backlog, to the extent backlog may be viewed as an indicator
of future revenues or profitability, and statements about the
expected value, scope and timing of the project and the potential
future pull-through opportunities 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. 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
Zoe
Keenan
Communications Manager
Europe, Africa, Russia and Caspian
+447917581727
zakeenan@mcdermott.com
Lummus Technology Media Relations
Chris Huk
Manager, Marketing & Communications, Lummus Technology
+ 1 281 588 5675
chuk@McDermott.com
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SOURCE McDermott International, Inc.