HOUSTON, April 3, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced that Chevron Lummus
Global (CLG), McDermott's joint venture with Chevron, has been has
been awarded a sizeable* technology contract by Chennai Petroleum
Corporation Limited (CPCL) for the license and basic engineering
design of a 2,500 KTA delayed coker at its planned Cauvery Basin
Refinery at Nagapattinam in Tamilnadu, India. The unit will utilize the proprietary
CLG delayed coking technology which maximizes value from the vacuum
residue stream.
"This award represents the continued trust in our advanced
delayed coking technology by Indian refiners and CPCL in
particular," said Leon de Bruyn,
Senior Vice President of McDermott's Lummus Technology business.
"High flexibility of our coking technology to process opportunity
crudes while maximizing yield of valuable products is beneficial
for improved refinery margins."
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 3,100 patents and patent
applications, Lummus Technology provides one of the industry's most
diversified technology portfolios to the hydrocarbon processing
sector.
This contract was signed in the first quarter of 2019.
*McDermott defines a sizeable contract as between USD
$1 million and USD $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 the expected value and scope
of the award 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
Global Vice President, Communications
+1 281 870
5269
Gentry.Brann@McDermott.com
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SOURCE McDermott International, Inc.