B&W Awarded Contract Extension for Palm Beach County Facility
17 Juli 2007 - 2:30PM
Business Wire
McDermott International, Inc. (NYSE:MDR) announced today that its
subsidiary, The Babcock & Wilcox Company (�B&W�), has
signed a 20-year contract extension to provide operations and
management services to the Solid Waste Authority for Palm Beach
County�s waste-to-energy facility in West Palm Beach, Florida. The
contract value for the first phase of the extension is in excess of
$300 million and will be included in B&W�s second quarter
bookings. Under the terms of the contract extension, which will
take effect when the existing term ends in September 2009, B&W
will operate and manage the North County Resource Recovery Facility
for an additional 20-year term. This facility was designed to
reduce the volume of the county's wastes, generate electricity, and
maximize the recovery of aluminum and ferrous metals. �This
contract extension is confirmation of the strong relationship that
B&W has with the Solid Waste Authority of Palm Beach County,�
said Brandon Bethards, President of B&W�s Fossil Power Group.
�We appreciate the trust they continue to place in our employees
who operate the facility, and we are pleased to have an opportunity
to extend our work at the plant.� The 40-acre facility processes
more than 2,000 tons of household and municipal solid waste per day
and is comprised of three operating plants: a refuse derived fuel
(�RDF�) plant, a combustion plant and a turbine generator plant.
Waste processed at the facility is collected, sorted, separated
from hazardous and oversize materials and shredded to produce
combustible RDF and non-combustible residue. The RDF is then burned
in a furnace to create steam, which is used to generate electricity
for sale. Aluminum, ferrous and non-ferrous metals also are
recovered from waste processed at the facility. B&W employs
more than 150 workers at the facility, which features two B&W
boilers as well as B&W electrostatic precipitators and dry
scrubbers. The Solid Waste Authority of Palm Beach County is a
governmental agency responsible for providing an integrated solid
waste management system for Palm Beach County, Florida. With
approximately 400 employees, the Solid Waste Authority provides
solid waste disposal and recycling services and programs to the
county's 1.4 million residents and businesses. McDermott is an
engineering and construction company, with specialty manufacturing
and service capabilities, focused on energy infrastructure.
McDermott�s customers are predominantly utilities and other power
generators, major and national oil companies, and the United States
Government. With its global operations, McDermott operates in over
20 countries with more than 20,000 employees, and can be found on
the internet at www.mcdermott.com. In accordance with the Safe
Harbor provisions of the Private Securities Litigation Reform Act
of 1995, McDermott International, Inc. cautions that statements in
this press release which are forward-looking and provide other than
historical information involve risks and uncertainties that may
impact McDermott�s actual results of operations. The
forward-looking statements in this press release include, among
other things, the value, work scope, length, and timing associated
with the North County Resource Recovery Facility. Although
McDermott�s management believes that the expectations reflected in
those forward-looking statements are reasonable, McDermott can give
no assurance that those expectations will prove to have been
correct. Those statements are made based on various underlying
assumptions and are subject to numerous uncertainties and risks,
including without limitation change orders and other modifications
to contracts. 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 risk factors, please see McDermott�s annual report on Form
10-K for the year ended December 31, 2006 filed with the Securities
and Exchange Commission.
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