McDermott Collaborates with Shell to Decarbonize Construction

Collaboration Builds Pathway to Net Zero Carbon Future

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Nov 03, 2021, 07:00 ET

HOUSTON, Nov. 3, 2021 /PRNewswire/ -- McDermott has signed a memorandum of understanding (MOU) with Shell Eastern Petroleum Pte Ltd (Shell), a subsidiary of Royal Dutch Shell plc, to collaborate on decarbonizing construction. The agreement enables McDermott and Shell to explore opportunities for reducing, and eliminating, emissions from construction through pathways such as low carbon fuels, renewable power, digital solutions and decarbonizing marine construction vessels.

"Companies such as McDermott and Shell—who have targets to progress towards net-zero emissions by 2050, in step with society—are well positioned to approach the challenges of lowering emissions together," said Samik Mukherjee, McDermott's Executive Vice President and Chief Operating Officer. "A pathway to reduce greenhouse gas emissions from construction operations will make significant strides toward net zero Engineering, Procurement and Construction projects in the future."

McDermott's fabrication yards located in Indonesia, China, the Middle East and Mexico, as well as the marine construction vessels, will be key to identifying opportunities to lower emissions and gain operational efficiencies.

"McDermott's integrated project delivery enables us to look holistically across our operations for opportunities to reduce emissions," said Mahesh Swaminathan, McDermott's Senior Vice President, Asia Pacific. "We are looking forward to working with Shell to explore what's possible and see how our combined expertise delivers more sustainable operations."

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.

Contacts:

Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
[email protected]

APAC Media Relations
Miki O'Farrell
APAC Communications and Marketing
+61 (0) 417 145 256
[email protected]

SOURCE McDermott International, Ltd