McDermott International, Inc. (NYSE:MDR) (“McDermott”), announced today that one of its subsidiaries, Babcock & Wilcox Power Generation Group, Inc. (“B&W”), and Fluor Corporation have formed a strategic alliance to market and sell carbon dioxide (“CO2”) capture systems for existing coal-fired power plants in the United States and Canada.

B&W and Fluor will jointly market and provide project execution for Fluor’s Econamine FG PlusSM technology – an advanced version of an established Fluor process that has been successfully used in 23 commercial plants for the recovery of CO2 from flue gas for more than 20 years. The process uses an advanced amine-based solvent to capture CO2, which can then be permanently stored or used in other industrial applications.

The alliance combines the strengths of Fluor’s established Econamine FG PlusSM technology and engineering, procurement and construction capabilities with B&W’s expertise in the retrofit supply and integration of air quality control systems.

“B&W is enthusiastic about this collaboration,” said Richard L. Killion, President and Chief Operating Officer of Babcock & Wilcox Power Generation Group, Inc. “B&W has long been a leader with retrofit applications of air quality control systems and we expect to create significant value for our customers.”

“Our combined efforts will position both companies to better serve our power clients in the carbon capture market,” said Dave Dunning, Fluor’s Power Group President. “By focusing on CO2 retrofit applications, we believe we capture and will deliver the strengths of both companies in a way that our customers will appreciate and value.”

Both companies will collaborate on providing engineering, procurement, construction and commissioning services using Fluor’s Econamine FG PlusSM technology. The agreement also includes a license for B&W to use and market the technology in support of this collaborative effort. B&W will provide Fluor access to its research and development facilities and pilot plant in Barberton, Ohio for testing and advancing the process for future coal-fired plant scale-up applications.

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 25,000 employees.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release regarding the expectations of the carbon capture technology collaboration between B&W and Fluor constitute forward-looking statements that involve risks and uncertainties, including risks inherent in the development and commercialization of carbon capture systems, the need for future capital and inefficiencies or delays implementing the collaboration. If one or more of these risks materialize, actual results may vary materially from those expected. For additional information on potential factors and other risks that may affect McDermott’s operation, see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K.

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