McDermott Expands Energy Transition Portfolio with Green Hydrogen Award

HOUSTON, Feb. 3, 2021 /PRNewswire/ -- McDermott International, Ltd today announced that its CB&I Storage Solutions business has been awarded a contract by New Jersey Natural Gas for the engineering, procurement and construction (EPC) of a power-to-gas facility in Howell, New Jersey. The facility will use solar power to produce green hydrogen for injection into an existing natural gas distribution network for home and commercial use.

"Green hydrogen is critical to power a carbon-free future," said Cesar Canals, Senior Vice President of CB&I Storage Solutions. "As the energy industry seeks opportunities to reduce its impact on the environment, our proven project execution model is positioned to deliver the next generation of sustainable energy infrastructure."

Initial engineering activities are underway in Plainfield, Illinois; project completion is expected in 2021.

CB&I Storage Solutions is the world's leading designer and builder of storage facilities, tanks and terminals. With more than 59,000 structures completed throughout its 130-year history, CB&I Storage Solutions has the global expertise and strategically-located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects.

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 to design and build infrastructure solutions to responsibly transport and transform oil and gas into the products the world needs today. From concept to commissioning, our expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. It is called the "One McDermott Way." 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 backlog, to the extent backlog may be viewed as an indicator of future revenues or profitability, and about the expected scope and value 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 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, customer 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:

Investor Relations
Kevin Hargrove
Vice President and Treasurer
+1 281 870 5569
[email protected]

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

Local Area Media Relations
Kallise Clayton
Communications and Marketing, CB&I Storage Solutions
+1 281 870 5274
[email protected]

SOURCE McDermott International, Ltd

Related Links

www.mcdermott.com

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