McDermott International Inc. (MCDIF)

[AOuvier]

MDRIQ- Huge News
McDermott to provide EPFC for six crude oil storage tanks
HOUSTON, Feb. 12, 2020 /PRNewswire/ -- McDermott International, Inc. today announced it has been awarded contract by a major oil and gas operator for six crude oil storage tanks in Texas. The storage tanks will be part of energy infrastructure project linking the Permian Basin in West Texas to the Texas Gulf Coas t.
The scope of the project, which will be executed by CB&I Storage Solutions, includes the engineering, procurement,
fabrication and construction (EPFC) of six floating roof crude oil tanks--four with a 500,000-barrel capacity each two with a 250,000-barrel capacity each. Engineering, procurement and fabrication will be performed at the
company's Houston Fairbanks office and fabrication facility.
"We have a strong track record of providing world-class storage solutions for major energy infrastructure projects over the world," said Cesar Canals, Senior Vice President of CB&I Storage Solutions. "This new award is a testament
to our service offerings and capabilities, including our vast experience in engineering, fabricating and constructing
complex, large-scale storage tanks."
The award will be reflected in McDermott's fourth quarter 2019 backlog.
The contract range for this award is between USD $1 million and $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 more than 42,000 employees, a diversified 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 be viewed as an indicator of future revenues or profitability, and about the expected scope, execution and timing 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. 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 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 obligation to update or revise any forward-looking statement.
Contacts:
Investor Relations
Scott Lamb
Vice President, Investor Relations
[phone]
[e-mail]
Global Media Relations
Gentry Brann
Senior Vice President, Communications, Marketing and Administratio n
[phone]
[e-mail]
Local Area Media Relations
Matt Braud
Communications and Marketing, CB&I Storage Tank Solutio ns
[phone]
[e-mail]
View original content to download
multimedia:http://www.prnewswire.com/news-releases/mcdermott-awarded-contract-for-epfc-work-301003286.html
SOURCE McDermott International, In c.
/Web site: www.mcdermott.com
(END) Dow Jones Newswires
February 12, 2020 06:55 ET (11:55 GMT)
Story ID: 20200212SN006930
Keywords: PR NEWSWIRE, HIGH-YIELD ISSUERS, COMPANY NEWS, OIL FIELD EQUIPMENT & SERVICES-NYSE COMPOSITE INDEX COMPONENTS, DOW JONES CONTENT SET SN, PRESS RELEASE WIRES, GRAND ASSET CLASS EQUITIES, DOW JONES TOTAL MARKET INDEX COMPONENT, OIL & GAS, SIGNIFICANT COMPANIES ON THE ENERGY SERV ICE
Symbols: MDRIQ