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05-07-2019

McDermott announces agreement with Cameron LNG

McDermott International, Inc today announced it and its joint venture member Chiyoda have reached an agreement with Cameron LNG related to the construction of its LNG liquefaction project in Louisiana.
 
The agreement includes the following key components:
* Provides the opportunity for incentive bonus payments for achieving construction and commissioning milestones on specified dates for Trains 2 and 3
* Aligns the start dates for any schedule-related liquidated damages to be consistent with the current schedule
* Fully aligns and strengthens the commitment of CCJV to complete the project in accordance with the current schedule
 
"Over the past year, we have further strengthened our relationship with Cameron LNG and our leadership, oversight, execution, forecasting and reporting on the project. In the last few months, the joint venture project team has made tremendous progress, including first liquid and first cargo from Train 1," said Samik Mukherjee, Group Senior Vice President, Projects. "We are extremely pleased with the agreement, which is a testament to the progress and the strong performance of our project team. It was crafted with the full support and collaboration of Cameron LNG to optimize the timing and cost-effectiveness of the remaining work – and it does so in a way that we believe will benefit all involved parties." 
 
The favorable financial impact of the agreement is incorporated in McDermott's previously issued guidance for 2019.
 
Since the initial award in 2014, McDermott and Chiyoda have provided the engineering, procurement and construction for the Cameron LNG project. The project includes three liquefaction trains with a projected export capacity of more than 12 million tonnes per annum of LNG, or approximately 1.7 billion cubic feet per day.
 
As previously disclosed, the project was approximately 90 percent complete as of the end of the first quarter of 2019. The company expects initial production from Trains 2 and 3 in the first quarter of 2020 and the second quarter of 2020, respectively.

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