McDermott Awarded Detailed Engineering And Long Lead Procurement For The BP Cassia C Compression Platform

  • McDermott to build on its strong collaborative relationship with BP on the Cassia C Compression Platform in Trinidad and Tobago
  • This award builds on McDermott's work on the BP Trinidad & Tobago, LLC (bpTT) Angelin project
  • McDermott's digital platform will deliver advanced technology through project execution and the development of a digital twin of the complete system

HOUSTON, March 05, 2018 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today it has been awarded a detailed engineering and long lead procurement services contract from BP Trinidad & Tobago, LLC (bpTT) for the Cassia C Compression Platform, located 40 miles (65 kilometers) off the southeast coast of Trinidad and Tobago.

The contract follows McDermott's award for the engineering, procurement, construction, installation and commissioning (EPCIC) contract for the Angelin project by bpTT last year. "This award is significant as we continue to build our relationship with bpTT through strong collaboration and predictability in our execution," said Scott Munro, McDermott's Vice President for Americas, Europe and Africa. "We plan to leverage off our successful experience with BP on the Angelin project."

The Cassia C Compression project includes a new unmanned compression platform for the existing Cassia complex.  The facility will provide gas compression to the Cassia complex via a new bridge connected to Cassia B.  Cassia C is bpTT's third Cassia platform, handling gas coming from its operations in the prolific Columbus basin.

McDermott expects to use the Project Lifecycle Management (PLM) module from its new digital platform Gemini XD to deliver advanced technology through project execution and the development of a digital twin of the complete system.

McDermott's team in Houston plans to lead the engineering and execution with support from the Company's engineering center in Chennai, India.

About McDermottMcDermott is a leading provider of integrated engineering, procurement, construction and installation ("EPCI"), front-end engineering and design ("FEED") and module fabrication services for upstream field developments worldwide. McDermott delivers fixed and floating production facilities, pipelines, installations and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons.  Our customers include national and major energy companies.  Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 11,800 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver.  McDermott has served the energy industry since 1923, and shares of its common stock are listed on the New York Stock Exchange. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit our website at www.mcdermott.com.

Forward-Looking StatementsIn 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 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, 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.

McDermott International, Inc. Investor RelationsTy Lawrence Vice President, Treasurer and Investor Relations +1 281.870.5147 tplawrence@mcdermott.com Global Media RelationsAdam MorganDirector, Global Communications & Marketing+1 281.253.9005 amorgan@mcdermott.com

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