HOUSTON, Dec. 12, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced that it has been
awarded a sizeable* technology contract for Next Wave Energy
Partners, LP's grassroots alkylate production facility, known as
Project Traveler, in Pasadena,
Texas.
McDermott's Lummus Technology is providing the PDP and license
for its unique ethylene dimerization process. Lummus
Technology's proprietary Dimer® process converts ethylene to an
unmatched high purity butene-2 feed stream ideal for producing an
alkylate with a higher-octane value. Higher quality alkylate is
used for blending cleaner-burning gasoline required by the demands
of modern and future high-performance engines.
"Lummus' vast portfolio of petrochemical and refining options is
enabling producers to produce an array of higher-value products
from available feed streams. The innovative approach to producing
alkylate from ethylene for Project Traveler is one such example,''
said Leon de Bruyn, Senior Vice
President, Lummus Technology.
"Alkylate is one of the cleanest petroleum products that is high in
octane, yet low in vapor pressure, sulfur and aromatics. As the
world transitions to more sustainable energy sources, Lummus will
continue to deliver innovative solutions that help customers and
end users lower their carbon footprints."
When operational in mid-2022, the facility will have the
capability to consume 1.2 billion pounds per year of ethylene
feedstock producing an estimated 28,000 barrels per day of
alkylate.
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.
The award for the license and PDP will be reflected in
McDermott's fourth quarter 2019 backlog.
*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 backlog, to the extent backlog may be viewed as an indicator
of future revenues or profitability, and statements about the
expected value and scope of the contract 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 and subsequent quarterly reports on Form 10-Q. 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
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.
