McDermott's CB&I Storage Solutions Awarded LNG Storage Contract for Philippines' First LNG Import Terminal

HOUSTON, April 14, 2021 /PRNewswire/ -- McDermott International, Ltd today announced that its CB&I Storage Solutions business has been awarded a contract by Atlantic Gulf and Pacific Company of Manila Inc. (AG&P) for the engineering, procurement and construction of a liquefied natural gas (LNG) storage tank for AG&P's Philippines LNG import and regasification terminal, currently under construction in Batangas, Philippines.

"We are confident we made the right choice to work in close cooperation with CB&I Storage Solutions on this technically advanced and challenging project," said Roeland Uytdewilligen, Project Director of AG&P.

CB&I Storage Solutions will provide the first of two 60,000 cubic meter full containment steel LNG tanks along with geotechnical investigation, soil improvement, foundation and topside platform structure, pre-commissioning, purging and commissioning activities.

"We are proud to support AG&P in the delivery of the Philippines' first LNG import terminal. The design of this first-of-a-kind full containment steel LNG tank highlights our innovation and technology leadership in the LNG storage industry and positions CB&I Storage Solutions to serve the growing small-scale LNG market in Asia and other regions with similar demands," said Cesar Canals, Senior Vice President of CB&I Storage Solutions. "We have an extensive history of executing world-class projects in the Philippines and are confident in our ability to deliver this tank safely, on time and within budget." 

Mechanical completion is slated for the third quarter of 2023 with purging and commissioning activities to follow. 

About CB&I Storage Solutions
CB&I Storage Solutions is the world's leading designer and builder of storage facilities, tanks and terminals. With more than 59,000 structures completed throughout its 130-year history, CB&I Storage Solutions has the global expertise and strategically-located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects.

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. These forward-looking statements include, among other things, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues or profitability, and 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 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, execution 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, other creditors, customers and other business counterparties 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. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management 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
Kevin Hargrove
Vice President and Treasurer
+1 281 870 5569
[email protected]

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

Local Area Media Relations
Kallise Clayton
Communications and Marketing, CB&I Storage Solutions
+1 281 870 5274
[email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/mcdermotts-cbi-storage-solutions-awarded-lng-storage-contract-for-philippines-first-lng-import-terminal-301268336.html

SOURCE McDermott International, Ltd