HOUSTON, May 23, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced that it has been
awarded a sizeable* technology contract by MOL Petrochemicals for
the basic engineering, technology license, catalyst and Front End
Engineering Design (FEED) for an Olefins Conversion Technology
(OCT) unit at MOL's petrochemicals complex in Tiszaújvaros,
Hungary. Once complete, this unit
will have a production capacity of 100,000 MTA of polymer grade
propylene from steam cracker and refinery feedstocks, utilizing
Lummus' proprietary OCT, and CDHydro®
Deisobutenizer. The unit will also produce an isobutene-rich
stream.
Lummus Technology's OCT is the most economical and commercially
proven route to on-purpose propylene production, with very low
energy consumption due to its energy-neutral chemistry, and low
feedstock consumption due to high selectivity.
"We are honored by MOL's selection to use OCT for integration
into their petrochemicals business," said Leon de Bruyn, Senior Vice President of
McDermott's Lummus Technology business. "OCT is recognized as the
most economical route for utilizing C4 and C5
feeds from a steam cracker or refinery to increase propylene
production in a petrochemicals complex."
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 second 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. 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 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
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SOURCE McDermott International, Inc.