September 26, 2018 - 7:00 AM EDT
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McDermott Receives Full Notice to Proceed on Entergy's Montgomery County Power Station Project

- The award and receiving FNTP reinforces McDermott's position as a leading EPC contractor in the power industry - Project follows on McDermott's safe and cost-effective project execution of two power plants owned and operated by Entergy - Contract demonstrates McDermott's positive and strategic relationship with Entergy

HOUSTON, Sept. 26, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today it received full notice to proceed (FNTP) from Entergy Texas, Inc. on the Montgomery County Power Station (MCPS), a 993-megawatt combined-cycle natural gas power plant in Willis, Texas.

The substantial* contract was originally awarded in Q1 2017 for McDermott to perform the engineering, procurement, construction and commissioning (EPCC) of a 2x1 Combined Cycle Power Station totaling 993-megawatts. The combined-cycle gas turbine (CCGT) plant will help serve Entergy's more than 455,000 customers in the 27 counties located across Southeast Texas. Full notice to proceed fully authorizes McDermott to begin EPC services for the plant.

"McDermott congratulates Entergy Texas on receiving full notice to proceed and we commend their vision of delivering clean energy solutions to southeast Texas," said Richard Heo, McDermott's Senior Vice President for North, Central and South America. "This combined-cycle project, along with two other power projects we are executing for Entergy in Louisiana, underscores our strong track record and comprehensive capabilities in providing integrated solutions for leading power companies in the U.S."

"We are excited to partner with McDermott as we move forward on MCPS," said Sallie Rainer, president and CEO of Entergy Texas. "The construction of MCPS will provide customers a new source of reliable power that reduces costs and lowers emissions, while also benefitting the southeast Texas economy."

The contract award will be reflected in McDermott's third quarter 2018 backlog.

* - McDermott defines a substantial contract as between USD $500 million and USD $750 million.

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—from the wellhead to the storage tank—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 40,000 employees and engineers, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit www.mcdermott.com.

Forward-Looking Statements

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release 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 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 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 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. For a more complete discussion of these and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q. This press release 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:

Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
[email protected]

Global Media Relations
Gentry Brann
Global Vice President, Communications
+1 281 870 5269                                                         
[email protected]

new McDermott logo (PRNewsfoto/McDermott International, Inc.)

 

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SOURCE McDermott International, Inc.


Source: PR Newswire (September 26, 2018 - 7:00 AM EDT)

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