McDermott (NYSE:MDR)
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From Oct 2019 to Oct 2024
McDermott International, Inc. (NYSE:MDR) announced today that its
subsidiary, Babcock & Wilcox Power Generation Group, Inc. (“B&W”),
has been awarded a contract valued at more than $150 million to design
and supply four wet flue gas desulfurization (“WFGD”)
units for three Maryland coal-fired power plants owned and operated by
Mirant Mid Atlantic LLC. The value of this award is included in McDermott’s
backlog at December 31, 2007.
The contract was awarded by The Shaw Group Inc. (NYSE:SGR), which Mirant
contracted with to retrofit emissions control equipment at the three
Mirant plants.
B&W will provide the WFGD absorbers – more
commonly called scrubbers – as well as
absorber auxiliaries including agitators, absorber recirculation pumps
and valves, oxidation air blowers and limestone preparation systems for
the two units at Mirant’s 1,400-megawatt (“MW”)
Morgantown Generating Station, a 683 MW unit at its Chalk Point
Generating Station and a 546 MW unit at the Dickerson Generating
Station. These Mirant stations supply power to the greater metropolitan
Washington, D.C. area. Material shipment is scheduled to begin in the
spring 2008, with commissioning planned to start toward the end of 2009.
“This award demonstrates B&W’s
continued leadership role in the environmental systems market,”
said Brandon Bethards, President and Chief Operating Officer of B&W
Power Generation Group. “We appreciate our
customer’s confidence in our project
management and engineering capabilities and in our ability to meet tight
deadlines while providing an outstanding product.”
“We are pleased to have an industry leader
like B&W working beside us on this important air-quality project,”
said Monty Glover, president of the Fossil division in Shaw’s
Power Group. “Coal-fired generation
represents a significant part of our nation’s
energy portfolio, and clean-air projects like this will enable coal to
continue to meet the growing need for electricity.”
The Shaw Group, headquartered in Baton Rouge, La., is a global provider
of technology, engineering, procurement, construction, maintenance,
fabrication, manufacturing, consulting, remediation, and facilities
management services for government and private sector clients in the
energy, chemical, environmental, infrastructure and emergency response
markets.
Mirant is a competitive energy company that produces and sells
electricity in the United States. The company owns or leases
approximately 10,300 MW of electric generating capacity and operates an
asset management and energy marketing organization from its headquarters
in Atlanta.
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 and
timing associated with the Mirant contract. 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 currency exchange rates, potential 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.