McDermott Awarded PMC Contract From IOCL

Houston, TX /PRNewswire/ - McDermott has been awarded a project management consultancy (PMC) contract from India Oil Corporation Limited (IOCL) for the Maleic Anhydride (MAH) unit at the Panipat Refinery and Petrochemical Complex, located 62 miles (100 kilometers) from New Delhi, India.

McDermott's scope includes project management and consultancy services for the unit, including front-end engineering design (FEED), review of engineering activities, construction supervision services, assistance in start-up, pre-commissioning, commissioning, performance guarantee test run and project closure. 

"McDermott has a long-standing relationship with IOCL and is currently executing three large-scale projects at their Barauni and Haldia refineries," said Vaseem Khan, McDermott's Senior Vice President, Onshore. "Our unrivaled project management and execution capabilities, combined with our decades of experience in India, uniquely position us to successfully execute this project."

This is India's first mega-scale MAH plant to manufacture chemical products. MAH is used to make specialty products like polyester resins, surface coating plasticizers, agrochemicals and lubricant additives. Other chemicals that will be produced from the plant include Tetra Hydro Furan (THF), which is widely used in adhesives and vinyl film, and Butanediol (BDO), which is used in engineering-grade plastic and biodegradable fibers.

Work on the project will be executed from McDermott's Center of Excellence in Gurugram, India.

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.

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.