McDermott (NYSE:MDR)
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From Jul 2019 to Jul 2024
McDermott International, Inc. (NYSE:MDR) announced today that its
subsidiary, The Babcock & Wilcox Company (“B&W”),
has signed a 20-year contract extension to provide operations and
management services to the Solid Waste Authority for Palm Beach County’s
waste-to-energy facility in West Palm Beach, Florida. The contract value
for the first phase of the extension is in excess of $300 million and
will be included in B&W’s second quarter
bookings.
Under the terms of the contract extension, which will take effect when
the existing term ends in September 2009, B&W will operate and manage
the North County Resource Recovery Facility for an additional 20-year
term. This facility was designed to reduce the volume of the county's
wastes, generate electricity, and maximize the recovery of aluminum and
ferrous metals.
“This contract extension is confirmation of
the strong relationship that B&W has with the Solid Waste Authority of
Palm Beach County,” said Brandon Bethards,
President of B&W’s Fossil Power Group. “We
appreciate the trust they continue to place in our employees who operate
the facility, and we are pleased to have an opportunity to extend our
work at the plant.”
The 40-acre facility processes more than 2,000 tons of household and
municipal solid waste per day and is comprised of three operating
plants: a refuse derived fuel (“RDF”)
plant, a combustion plant and a turbine generator plant. Waste processed
at the facility is collected, sorted, separated from hazardous and
oversize materials and shredded to produce combustible RDF and
non-combustible residue. The RDF is then burned in a furnace to create
steam, which is used to generate electricity for sale. Aluminum, ferrous
and non-ferrous metals also are recovered from waste processed at the
facility. B&W employs more than 150 workers at the facility, which
features two B&W boilers as well as B&W electrostatic precipitators and
dry scrubbers.
The Solid Waste Authority of Palm Beach County is a governmental agency
responsible for providing an integrated solid waste management system
for Palm Beach County, Florida. With approximately 400 employees, the
Solid Waste Authority provides solid waste disposal and recycling
services and programs to the county's 1.4 million residents and
businesses.
McDermott is an engineering and construction company, with specialty
manufacturing and service capabilities, focused on energy
infrastructure. McDermott’s customers are
predominantly utilities and other power generators, major and national
oil companies, and the United States Government. With its global
operations, McDermott operates in over 20 countries with more than
20,000 employees, and can be found on the internet at www.mcdermott.com.
In accordance with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, McDermott International, Inc. cautions
that statements in this press release which are forward-looking and
provide other than historical information involve risks and
uncertainties that may impact McDermott’s
actual results of operations. The forward-looking statements in this
press release include, among other things, the value, work scope,
length, and timing associated with the North County Resource Recovery
Facility. Although McDermott’s management
believes that the expectations reflected in those forward-looking
statements are reasonable, McDermott can give no assurance that those
expectations will prove to have been correct. Those statements are made
based on various underlying assumptions and are subject to numerous
uncertainties and risks, including without limitation change orders and
other modifications to contracts. 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 risk factors, please see McDermott’s
annual report on Form 10-K for the year ended December 31, 2006 filed
with the Securities and Exchange Commission.