McDermott awarded ethylene contract in Russia

McDermott International, Inc. (NYSE: MDR) on March 20 announced that it has been awarded a large (value between $50m and $250m) technology contract for the basic engineering and licensing of Irkutsk Oil Company's (IOC) 650 KTA ethylene plant in Russia, plus the detailed engineering and material supply of six SRT® (Short Residence Time) pyrolysis heaters for the plant. The plant will be designed to produce 650 KTA of polymer grade ethylene from ethane and propane, and will also produce high-purity hydrogen and C5 by-products.

"This contract is a significant award for us in Russia," said Daniel M. McCarthy, Executive Vice President of McDermott's Lummus Technology business. "The remote location and harsh winter conditions presented constraints on the target project completion date that are being minimized through careful planning of the equipment design and specification schedule."

McDermott's Lummus Technology is a leading licensor of proprietary petrochemicals, refining, gasification and gas processing technologies, and a supplier of proprietary catalysts and related engineering. With a heritage spanning more than 100 years, encompassing approximately 3,100 patents and patent applications, Lummus Technology provides one of the industry's most diversified technology portfolios to the hydrocarbon processing sector.

This award was reflected in McDermott's fourth quarter 2018 backlog.

About McDermott
McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world.