HOUSTON, July 19, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced it has been awarded a
sizeable* contract by Argentina-based YPF, S.A. to provide
pre-front-end engineering design (Pre-FEED) services for a five
million tonnes per annum (MTPA) LNG Liquefaction Facility, with a
potential expansion to 10 MTPA, at the Vaca Muerta Shale field in
Argentina.
The scope of work is a continuation of a previous conceptual
study developed for the YPF LNG Export Facility in Argentina under a contract in 2018.
McDermott's London office will
provide engineering services while the Houston office will perform project management
and estimation services.
"The award of this Pre-FEED project is a testimony of
McDermott's technical expertise in LNG and our successful
partnership with YPF over the years," said Mark Coscio, McDermott's Senior Vice President
for North, Central and South
America. "Our experience as the EPC contractor for the Peru
LNG Facility in which YPF was involved – combined with McDermott's
modularization capabilities – were key factors that made us
uniquely qualified to win and execute this contract."
The project will promote the development of the Vaca Muerta
Shale field in The Neuquen region Argentina.
Work on the project will begin immediately, and the contract
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 the expected scope, execution
and timing of the project 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
Local Area Media Relations:
Kristi Krupala
Manager, North, Central and South
America (NCSA) Area Communications & Marketing
+1 281 870 5447
Kkrupala2@mcdermott.com
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SOURCE McDermott International, Inc.