ATHENS, Greece and HOUSTON, Jan. 31, 2023 /PRNewswire/ -- McDermott and Eunice Energy Group announce the signing of a memorandum of understanding (MoU) for cooperation on the two-gigawatt (2 GW) electrical interconnection between Greece and Egypt, known as the Greece-Africa Power (GAP) Interconnector project.
Eunice Energy Group is leading the transnational consortium between Greece and Egypt for the GAP project, which aims to contribute to regional energy security and stability by facilitating intercontinental clean energy transfer. As part of the consortium, McDermott, a leader in engineering, procurement, construction and installation (EPCI) for subsea and deepwater, will be providing engineering and construction guidance for the project.
American foreign policy is aligned with the strategic energy objectives of Greece, and GAP represents a project within the national interests of both countries.
"This is an MOU of strategic importance at a time when Europe is working to ensure energy security," said Michael McKelvy, McDermott President and CEO. "I am proud to join forces with Eunice Energy Group on the GAP project and help build the future of energy in the region."
George Kalavrouziotis, Eunice Energy Group CEO added: "Eunice is thrilled to partner with an American industry leader like McDermott. The GAP Project is the leading electrical interconnection project in the East Mediterranean region, being at the top of the list in terms of technical feasibility and regulatory approval. The 2 GW interconnector will help Egypt export its surplus power to Europe, and enable Greece to export its domestically produced green energy into the Balkans and Italy, thus contributing to Europe's energy independence from Russia's energy resources."
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
About Eunice
Eunice is one of the leading companies in the field of Renewable Sources in Greece and holds an important position in the international energy map with many years of experience in the development of innovative and integrated solutions and services for the production and use of RES. Eunice supports a wide range of green energy activities, including large-scale wind and photovoltaic projects, large storage projects, and geostrategic electrical interconnection projects. Eunice is also active in energy autonomy systems including the first Smart Green Island project at the island of Tilos. It owns and operates the first and only wind turbine manufacturing facility as well as the first EV Charger manufacturing facility. The pioneering role puts innovation at the heart of Eunice and the company is playing a leading role in the emerging areas of energy and infrastructure in the region.
Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope and execution of the project discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
Contacts:
Eunice Energy, GAP Contact
Media Relations
Maria G. Michalakis
Head, Communications and Media Relations
5, Chimarras str. 15125, Marousi, Attica, Greece
+30 2103242020
[email protected]
Project Leadership
Dr. George Pechlivanoglou
General Director
5, Chimarras str. 15125, Marousi, Attica, Greece
+30 2103242020
[email protected]
McDermott International
Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
[email protected]
Local Media Relations
Barbara Knight
Senior Director, Business Line Communications and Marketing
+971 56 403 2903
[email protected]
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SOURCE McDermott International, Ltd