2008-05-16 13:07:54 -
www.mcdermott.com - McDermott International, Inc. (NYSE:MDR) ("McDermott") announced today that a subsidiary of The Babcock & Wilcox Company ("B&W") has been awarded a contract valued at more than $70 million to engineer and supply a circulating fluidized bed ("CFB") boiler and related emissions control equipment for Great River Energy's Spiritwood Station - a combined heat and power
plant near Spiritwood, North Dakota.
In addition to the CFB boiler, B&W will design and supply Spiritwood's advanced air quality control system, including a pulse jet fabric filter baghouse for particulate control, a spray dry absorber flue gas desulfurization system and a selective non-catalytic reduction system for nitrogen oxides control. The CFB boiler will be designed to burn lignite coal.
"This is the first project B&W has done for Great River Energy and it presents an outstanding opportunity to showcase our well-established CFB and environmental systems technology and meet the needs of our customer," said Brandon Bethards, President of B&W's Power Generation Group.
Engineering is underway at B&W's Barberton, Ohio facility and at Babcock & Wilcox Beijing Company ("BWBC") Ltd., B&W's joint venture in Beijing, China. B&W also will procure certain pressure parts for the boiler from BWBC. Commercial operation of Spiritwood is scheduled to begin in March 2010.
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 Spiritwood Station 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 potential change orders to, other potential modifications to, and difficulty in executing the 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, 2007 filed with the Securities and Exchange Commission.
McDermott International, Inc.
Jay Roueche, 281-870-5011
jroueche@mcdermott.com
or
Robby Bellamy, 281-870-5011
