McDermott Releases 2023 Sustainability Report

HOUSTON, June 18, 2024 /PRNewswire/ -- McDermott announces the release of its 2023 Sustainability Report, which details the company's progress in advancing environmental, social, and governance (ESG) commitments during its centennial year. McDermott remains dedicated to helping customers develop cleaner and more efficient pathways to produce and deliver the world's energy. The company's focus on project excellence, responsible business, and supporting the transition to a lower carbon future is evident throughout the report.

"Our resilience over 100 years is demonstrated by our ability to respond to continual change and adapt for future growth," said Michael McKelvy, McDermott's President and CEO. "Through our time-tested engineering, procurement, construction, and installation (EPCI) capabilities, we continue to safely and sustainably deliver the energy infrastructure needed to meet global demand."

The report highlights the company's industry-leading safety performance, expanded adoption of renewable energy, onsite solar power generation, and digital technologies – all of which enhance operational efficiencies across the business. McDermott also advanced low-carbon projects in offshore wind generation and liquefied natural gas (LNG) production to help address the challenge of scaling up production while minimizing environmental impact. The company partnered with various organizations to explore low-carbon pathways, including scaling of hydrogen production and carbon capture utilization and storage. The company's local content programs—which develop skills and business acumen to support social, economic, and institutional growth—have had a positive impact in host countries and received national recognition in Uganda.

"These achievements would not be possible without our dedicated employees, whose diverse talents, discipline, and know-how drive our business forward," said Rachel Clingman, McDermott's Executive Vice President, Sustainability and Governance. "Together, we remain customer-focused, leveraging our integrated EPCI capabilities, and using our customer's ESG goals as a compass in delivering innovative projects."

The report was prepared in accordance with international frameworks and best practices, including the Global Reporting Initiative Standards, Sustainability Accounting Standards Board, United Nations Sustainable Development Goals, International Petroleum Industry Environmental Conservation Association, International Association of Oil and Gas Producers, Taskforce for Climate-Related Financial Disclosures, and American Petroleum Institute. It is available to read and download on the company's website.

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. 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 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.

Contacts:

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

SOURCE McDermott International, Ltd