HOUSTON, July 2, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today announced it has been awarded two sizeable* technology contracts by a subsidiary of PT Chandra Asri Petrochemical Tbk, PT Chandra Asri Perkasa, for the company's planned new petrochemical complex in Indonesia. McDermott's scope of work includes licensing and basic engineering packages for Lummus Technology's olefins technology, including Short Residence Time (SRT®) ethylene heater design and critical supply, and for butadiene extraction technology.
The steam cracker is expected to produce 1,100 kta of ethylene and 600 kta of propylene using Lummus Technology's proprietary, highly selective SRT VII cracking heaters. Additionally, the complex is expected to produce approximately 175 kta of butadiene using the market-leading BASF/Lummus Technology butadiene extraction technology.
"Lummus Technology has a strong relationship with Chandra Asri that goes back more than 25 years," said Daniel M. McCarthy, Executive Vice President of McDermott's Lummus Technology business. "We licensed several technologies for their first complex and look forward to working with them on the second complex, which will boost petrochemical production to help meet domestic demand in Indonesia."
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 of technology development spanning more than 100 years, encompassing approximately 3,500 patents and patent applications, Lummus Technology provides one of the industry's most robust technology portfolios to the hydrocarbon processing sector.
* 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—from the wellhead to the storage tank—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 40,000 employees and engineers, 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 and execution of the contracts 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, 2017 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
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Vice President, Investor Relations
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Global Vice President, Communications
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SOURCE McDermott International, Inc.