HOUSTON, April 22, 2019 /PRNewswire/
-- McDermott International, Inc. (NYSE: MDR) and Kuwait
Integrated Petroleum Industries Company (KIPIC), a subsidiary of
Kuwait Petroleum Corporation (KPC), today announced that KIPIC has
awarded McDermott a technology contract for the basic engineering,
technology license and catalyst for an integrated Low Pressure
Recovery (LPR) and Olefins Conversion Technology (OCT) unit at
KIPIC's Petrochemical Refinery Integration Project (PRIZe) in Al
Zour, Kuwait. Once complete, this
unit will produce 330,000 metric tons per annum of polymer grade
propylene using refinery by-product streams.
"This award marks the 50th OCT unit that Lummus Technology has
licensed, and we are honored to celebrate this milestone with
KIPIC," said Leon de Bruyn, Senior
Vice President of McDermott's Lummus Technology business. "This is
a significant achievement that highlights the trust that our
customers have in our industry-leading technologies."
The Petrochemical Refinery Integration project (PRIZe) will add
a gasoline block, an aromatics block, OCT unit, polypropylene
units, associated utility and offsite facilities to the existing
refinery site. The new units will be closely integrated with the
ZOR Refinery and LNGI projects which will be operated as an
integrated facility once complete.
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 award will be reflected in McDermott's first quarter 2019
backlog.
About KIPIC
Kuwait Integrated Petroleum Industries
Company (KIPIC) is responsible for operating and managing the
integrated complex for refining, petrochemicals manufacture
businesses and liquefied natural gas import facilities at Al-Zour
complex which is located about 70km south of Kuwait City. KIPIC planning to implement a
world scale petrochemicals and gasoline manufacturing facility
adjacent to the Al Zour refinery and LNG import facilities which
are currently under construction.
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. 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 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.