McDermott International, Inc. (NYSE: MDR) (�McDermott�), announced today that The Babcock & Wilcox Company (�B&W�), through a subsidiary, has received awards in excess of $1 billion for the manufacture of nuclear components to support U.S. defense programs, including the manufacture of U.S. Naval nuclear power systems for submarines and aircraft carriers. The value of these awards was recorded in McDermott�s Government Operations segment backlog during the fourth quarter 2008.

This work is part of a previously negotiated and announced set of contracts that, if fully executed, will be worth more than $2.66 billion in revenue over a 10 year span. As a result of this increased workload, B&W expects to hire approximately 250 new salaried and hourly employees throughout three of its locations.

�We are extremely pleased with these new agreements and the continued growth of our nuclear business and product line,� said Brandon C. Bethards, chief executive officer of B&W. �Our team will continue to focus on providing a complete range of reliable, cost effective and technologically advanced nuclear products as we help our clients meet today�s needs, as well as those of the future.�

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 and anticipated timing of B&W awards, the anticipated series of orders, revenue recognition and timing, and the expectations on hiring. 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, modifications in Government demand and other revisions to contracts or anticipated orders. 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 for the year ended December 31, 2007 filed with the Securities and Exchange Commission.

McDermott (NYSE:MDR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more McDermott Charts.
McDermott (NYSE:MDR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more McDermott Charts.