McDermott Joins AquaVentus Consortium to Advance Renewable Hydrogen Production

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Sep 29, 2021, 08:04 ET

HOUSTON, Sept. 29, 2021 /PRNewswire/ -- McDermott has joined AquaVentus, a growing consortium of more than 70 companies, organizations and research institutions collaborating toward green hydrogen energy production in the North Sea.

AquaVentus unites international industry leaders with a shared vision for advancing hydrogen's role as a low-carbon, affordable energy solution-combining their unique expertise to make that future a reality.

"McDermott brings a long history of thinking differently about energy delivery—and unrivaled expertise in offshore infrastructure—to this dynamic group of visionaries," said Samik Mukherjee, Executive Vice President and Chief Operating Officer. "This is a critical piece of the puzzle as we work together to make offshore production of green hydrogen a reality."

AquaVentus aims to develop 10 gigawatts of generation capacity for green hydrogen from offshore wind turbines in the North Sea by 2035. The expectation is that the wind power generated will be used to produce up to one million tons of production capacity of green hydrogen, which will be used to decarbonize Heligoland and transported to land via pipeline.

McDermott's involvement will bring the consortium comprehensive engineering, procurement, construction and installation (EPCI) experience in the onshore, offshore, subsea and storage markets, from concept to completion.

"The German North Sea Offshore Wind sector will be instrumental to meeting the renewable energy demand for the Northern European industry and other markets," said Tareq Kawash, Senior Vice President, Europe, Middle East, Africa. "AquaVentus' network of members, collaborating across the supply chain, is the type of collaboration needed to make green hydrogen a commercially viable energy resource of the future."

About AquaVentus
Aquaventus is a strong consortium that currently includes over 70 leading international companies, organizations and research institutions. Together we want to make a decisive contribution to the implementation of the German and European hydrogen strategy. The aim of AquaVentus is to generate one million tons of green hydrogen with 10 GW of electrolysis capacity from offshore wind energy in the North Sea by 2035. The project family around the AquaVentus initiative includes numerous sub-projects. They range from the production of hydrogen in the North Sea to its transport to customers on the mainland. Coordinated consortia synchronize demand and generation and thus enable a rapid market ramp-up. The AquaVentus project family includes, for example: the development of offshore wind turbines with integrated hydrogen generation (Aqua-Primus), a large-scale offshore hydrogen park (AquaSector), a central supply pipeline (AquaDuctus), port infrastructures (AquaPortus), a research platform ( AquaCampus) as well as maritime hydrogen-based applications (AquaNavis).

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 that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about the goals, expectations and intended benefits of the consortium 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; scientific or technological developments, evolving sustainability strategies, evolving government regulations, 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 and other creditors 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. This communication 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.

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SOURCE McDermott International, Ltd