CB&I and DSME Sign MoU for Feasibility Study of Large Liquid Hydrogen Carrier

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Oct 18, 2022, 07:00 ET

HOUSTON, Oct. 18, 2022 /PRNewswire/ -- CB&I, McDermott's storage business line, and Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) have signed a memorandum of understanding (MoU) for a feasibility study of a large liquid hydrogen (LH2) carrier including an LH2 storage tank design.

The ability to ship large quantities of hydrogen across the ocean is an increasing need to help countries, like South Korea, achieve carbon reduction goals in a hydrogen economy. CB&I and DSME bring unique expertise to the study. CB&I will evaluate its LH2 storage tank design for ocean-going ships and DSME will investigate and develop the ship's general design to install the LH2 storage tank. The output of the feasibility study is expected to contribute to the future design of a large-scale LH2 carrier.

"The development of LH2 storage for ocean-bound vessels is essential to South Korea's focus on a carbon-neutral environment," said Cesar Canals, Senior Vice President of CB&I. "Our expertise in designing and building field-erected pressure spheres for LH2 storage is a perfect combination with DSME's technical excellence."

CB&I spheres can store LH2 at temperatures of minus 423 degrees Fahrenheit, and the company is nearing completion of the world's largest LH2 sphere in Cape Canaveral, Fla., USA. Their history in this field spans more than 60 years.

About CB&I

CB&I is the world's leading designer and builder of storage facilities, tanks and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. To learn more, visit www.cbi.com.

About DSME

DSME is the world's premium shipbuilding and offshore company. Started in 1973 at Okpo Bay, Geoje Island, located on the southeastern tip of the Korean Peninsula, the shipyard of DSME was completed in 1981. DSME has since grown into the world's premium shipbuilding and offshore contractor who is specialized in building various vessels, offshore platforms, drilling rigs, FPSO/FPUs, submarines, and destroyers. The shipyard, which spans an area of 4.9 million meters squared, encompasses the world's largest dock with a million-ton capacity and is optimized for building high-tech motor vessels using cutting-edge equipment, including a 900-ton goliath crane.

DSME manufactures high-quality products based on its vast IT expertise, well-managed shipbuilding technologies, superb fixed-platform construction capacities, large-scale project management know-how, and submarine/destroyer construction technologies. To learn more, visit www.dsme.co.kr.

About McDermott

McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 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

McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope and benefits of the Memorandum of Understanding 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 or capital 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; actions by lenders, other creditors, customers and other business counterparties of McDermott 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. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management 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.

For media inquiries, please use the contact information below for each company:

McDermott
Reba Reid
Global Media Relations
+1 281 588 5636
[email protected]

Kristi Krupala-Grove
Local Media Relations
+1 346 313 9636
[email protected]

DSME
Yohan Yoon
External Public Relations Department
+82 2 2129 0267
[email protected]

SOURCE McDermott International, Ltd