| B&W to Supply Waste-to-Energy Boiler for Plant in Sweden |
HOUSTON, May 06, 2010 (BUSINESS WIRE) --McDermott International, Inc. (NYSE: MDR) ("McDermott"), announced today that one of its subsidiaries, Babcock & Wilcox Vølund A/S ("B&W"), was recently awarded a contract worth approximately $70 million to design and supply a waste-to-energy boiler for a new power plant in Sweden. The value of this project will be included in McDermott's Power Generation Systems segment backlog for the first quarter of 2010. The plant, located in Helsingborg, Sweden, will be a greenfield 67 megawatt combined heat and power unit capable of burning approximately 220,000 tons of waste per year. The customer, Öresundskraft AB, is wholly owned by the Helsingborg municipality. Project scope includes a combustion system, steam boiler, electrical, control and monitoring systems. "European Union regulations limiting the disposal of burnable waste in landfills, combined with a growing need for power generation capacity, have created demand for B&W's waste-to-energy solutions," said Richard L. Killion, President and Chief Operating Officer of Babcock & Wilcox Power Generation Group, Inc. "We can meet that demand with an advanced waste-to-energy boiler, which not only meets our customers' needs but also provides residents with an environmentally friendly solution to their heating and power needs." Engineering is currently underway at B&W's offices in Denmark. The project is scheduled for completion in early 2013. 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 25,000 employees. 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 expected value, scope, execution, and timing associated with this project. 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, changes in project design or schedules, contract cancellations, change orders and other modifications, and difficulties executing on the project. 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 and other risk factors, please see McDermott's annual report on Form 10-K for the year ended December 31, 2009. SOURCE: McDermott International, Inc. McDermott Investor Relations & Corporate Communications |