HOUSTON, Dec. 17, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced that it has been
awarded a sizeable* technology contract by Naftna Industrija
Srbije (NIS) for the modernization of its existing Fluid
Catalytic Cracking (FCC) unit to be implemented at their refinery
in Pancevo, Serbia.
As part of this project, McDermott's Lummus Technology will
provide the license and basic engineering for the Indmax FCC
technology and a grassroots CDEtbe® unit for
production of bio ethanol base Ethyl Tertiary Butyl Ether (ETBE).
The state-of-the-art Indmax FCC technology, which was jointly
developed by Indian Oil Corporation (IOCL) and Lummus, will shift
the yield of the existing FCC unit toward production of valuable
olefins and higher-octane naphtha. Part of the olefins will be
converted with bio-ethanol to ETBE using Lummus'
CDEtbe® technology, which is used as a clean,
octane-boosting gasoline-blending component.
"We are extremely pleased that NIS has again selected Lummus
Technology to upgrade their refinery," said Leon de Bruyn, Senior Vice President of Lummus
Technology. "This award represents the first license of the Indmax
FCC technology in Europe,
demonstrating the increasing interest in Indmax FCC globally. It
also demonstrates our ability to supply integrated and optimized
solutions to our clients from our broad portfolio of technologies.
NIS will benefit from the added process flexibility and improved
economics for many years to come."
Previously, NIS has also selected the hydrocracking technology
from Lummus Technology's joint venture, Chevron Lummus Global
(CLG), as well as, more recently, Lummus Technology's delayed
coking technology.
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 basic engineering 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. 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 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.