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The leading engineering and consultancy firm, McDermott has filed for bankruptcy. While filing at the Southern District of Texas, the firm has estimated its liabilities to lie between $1 billion and $10 billion. McDermott has also decided to liquidate Lummus Technology unit for at least $2.725 billion. The company has been struggling with the debt taken on from its $3.5 billion takeover of Chicago Bridge & Iron Co. in 2018.
EPC giant, McDermott's share saw a downfall for a second day on Tuesday, stressed by reports of McDermott discussing bankruptcy with lenders. Sources revealed that the representatives of McDermott, BauPost Group LLC and HPS Investment Partners LLC are looking to negotiate for a $2 billion bankruptcy loan. The company had struggled to acquire over Chicago Bridge and Iron Company and cleared the remaining projects leading to less profit in September.
Posco International has awarded a FEED contract to EPC giant, McDermott International for the development of the Shwe Phase 3 gas field, offshore Myanmar. The contract requires McDermott to carry out FEED services for a new compression platform, a bridge link, and reformations in existing platforms. The work is slated for completion by the second quarter of next year.
McDermott International whose shares have jumped by more than 50% this week has informed about exploring the sale of its Lummus Technology business. Its business is being valued at more than $2.5 billion. Moreover, the sale of Lummus will give the company some relief while it works with debt restructuring specialist AlixPartners. Currently, the energy industry contractor has a debt burden of about $4.3 billion.
PetroLogistics ll has awarded Gulf coast PDH project FEED contract to Mcdermott International. McDermott will perform the front-end engineering design services for a propane dehydrogenation (PDH) facility at the US Gulf Coast. The design basis of the plant is 500 KTA. "We will pull from our vast expertise in engineering to complete the FEED", said McDermott's Senior VP.
Saudi Aramco has awarded an EPCI contract to McDermott International for a production deck module (PDM) in the Hasbah gas field with hook-up and modification works in Karan fields. The contract requires McDermott to carry out EPCI of Wellhead PDM for four wefalls, CRA cladded flowline, subsea umbilical cable, offshore tie-ins to existing facilities and electrical modifications to existing PDMs.
McDermott has received technology contract from oil guzzler, Indian Oil Corporation Limited (IOCL). The contract pertains to the development of a grass-root Fluid Catalytic Cracking (FCC) unit. It will include technology license, basic engineering, proprietary equipment, training and technical services. The FCC unit will use INDMAX Technology, licensed by McDermott's Lummus Technology and developed in partnership with IOCL.
Chevron-McDermott joint venture, Chevron Lummus Global (CLG) has landed the license and engineering contracts for a Lubricants Base Oil plant at Haldia Refinery in India. CLG will deploy its proprietary ISODEWAXING and ISOFINISHING technologies at the 270 TMTPA plant. The newly-designed unit will process unconverted oil from an upstream hydrocracking unit to yield premium API Group III base oils.
McDermott International has secured a FEED contract from Total Oman E&P Development in partnership with Oman Oil Company S.O.A.C. This contract is for the Sohar LNG bunkering project in Oman and the work will start immediately. Senior VP of McDermott said, "This award is a reflection of McDermott's 60-year history of delivering innovative LNG solutions worldwide, beginning with our tank storage solutions in the 1950s, to our liquefaction capabilities today".
McDermott International has secured an EPCI contract for the Gas-Oil Separation Plant (GOSP) for the Package 1 of Saudi Aramco's Marjan Increment Development Mega-Project. The approximately $3 billion contract will require McDermott to deploy an integrated execution model exploiting its extensive global assets and facilities. The Package 1 GOSP separation platform is situated offshore the Arabian Gulf.
McDermott and its JV member Chiyoda have reached an agreement with Cameron LNG. This is regarding the construction of McDermott's LNG liquefaction project in Louisiana. Senior Group VP said, "In the last few months, the joint venture project team has made tremendous progress, including first liquid and first cargo from Train 1". In the first and second quarter of 2020, initial production is expected from Trains 2 and 3.
McDermott has received a contract from energy supermajor Saudi Aramco. The contract is for engineering, procurement, construction and installation (EPCI) services in the Marjan and Zuluf fields in Saudi Arabia. The project will be carried out by McDermott's Al Khobar office and Dammam fabrication facility. The project will start immediately and will be reflected in the second-quarter 2019 backlog of McDermott.
EPC major, McDermott has bagged a FEED contract for MOL Petrochemicals’ Olefins Conversion Technology (OCT) unit in Tiszaújvaros, Hungary. McDermott will carry out the basic engineering, technology license, catalyst and FEED services for the 100,000 MTA-capacity unit. The OCT unit will utilize Lummus’ proprietary OCT, and CD Hydro® Deisobutenizer to produce polymer-grade propylene, refinery feedstocks, and isobutene-rich stream.
BP has awarded contracts for the Greater Tortue Ahmeyim natural gas project to McDermott International and BHGE. Both the companies have received contracts for subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment. BHGE's VP said, "Together with McDermott, we will deliver the best-in-class solution to BP with cost-efficiency and industry-leading safety". The preliminary subsea infrastructure will connect the first four of 12 wells.
Saudi Aramco has signed EPCI agreement with McDermott's subsidiary McDermott Arabia to establish a world class fabrication facility in Saudi Arabia. With the peak production capacity of 60,000 metric tons per year, this facility aims at localizing expertise and diversifying the economy. It perfectly aligns with Kingdom's Vision 2030.
Oil supermajor BP plc has awarded contracts to McDermott and BHGE for subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment. The contract pertains to the Greater Tortue Ahmeyim natural gas project, offshore Mauritania and Senegal. The latest awards to McDermott and BHGE comes after an initial FEED phase, awarded in March 2018, during which the firms operated together on a four-well development phase.
Qatar-based Nakilat has entered into an agreement with EPC giant, McDermott to form a joint venture, which will provide onshore and offshore fabrication services in Qatar. The formation of the joint venture is in line with Qatar’s recent localisation program, which aims at enhancing the resilience of the energy sector’s supply chain. The strategic partnership will boost productivity levels at Nakilat’s world-class Erhama Bin Jaber Al Jalahma Shipyard.
EPC giant, McDermott International has secured a contract for deepwater subsea pipeline tiebacks and structures from the Stonefly development to the Ram Powell platform. The contract awarded by LLOG Exploration includes project management, installation engineering, subsea structure and spoolbase stalk fabrication, and subsea installation of the subsea infrastructure. McDermott will additionally design, fabricate and install a steel catenary riser, a pipeline end manifold and two in-line sleds.