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
