Chevron Lummus Global Lands 'Sizeable' Deal with Asian Refiner
Oilfield services firm McDermott International has informed that its Chevron Lummus Global (CLG), McDermott's joint venture with Chevron, has been awarded a sizeable contract by a Southeast Asian refiner.The contract is for for the license, engineering, and supply of proprietary catalyst and equipment for its Lubricant Base Oil Group II Project to be built in Southeast Asia. McDermott defines a sizeable contract as between USD $1 million and USD $50 million.The new 5…
McDermott Bankruptcy Filing Imminent -Bloomberg
Oilfield services provider McDermott International Inc is preparing to file for bankruptcy as soon as next week, Bloomberg reported on Friday, citing people with knowledge of the matter.The company did not immediately respond to a request for comment by Reuters.McDermott is discussing a restructuring plan in which its debt could be converted into equity, with its group of lenders getting the majority of the shares, the report said.Unsecured creditors would receive less than 10% of the equity along with warrants…
Freeport LNG Kicks Off Train 2
US-based Freeport LNG has started commercial operations at its second of three planned liquefaction trains.Freeport LNG Train 3 remains on track to meet its previously announced schedule, with initial production of LNG scheduled for Q1 of 2020, said McDermott International, Inc. with its partners, Chiyoda International Corporation and Zachry Group."We continue to advance the Freeport LNG Project with another significant accomplishment…
Offshore Energy Outlook for 2020
The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past. As of this writing, Brent oil was hovering around $62 per barrel, and analysts expect prices will remain in this range for some time into the future.On top of this…
Louisiana LNG Unit Starts Production
Train 2 of the Cameron LNG project in Hackberry, Louisiana, has begun producing liquefied natural gas (LNG), announced McDermott International and its joint venture partner, Chiyoda International Corporation, a U.S.-based wholly-owned subsidiary of Chiyoda Corporation, Japan.While production is in the initial phases, this significant project accomplishment is a precursor to substantial completion of Train 2."This accomplishment is…
McDermott Appoints Krummel as CFO
McDermott International announced the appointment of Chris Krummel as Executive Vice President, Chief Financial Officer, effective immediately. Krummel joined McDermott in 2016 and previously served as the company's Global Vice President, Finance and Chief Accounting Officer. He replaces Stuart Spence, who has resigned from McDermott to pursue other opportunities."Chris has worked closely and collaboratively with our leadership team…
McDermott in Financing Deal of Up to $1.7 Bln
U.S. oilfield services company McDermott International Inc on Monday agreed with some of its lenders for additional funding of up to $1.7 billion, sending its shares up 25% in trading before the bell.Under the terms, the company said it would have immediate access to $650 million in financing, comprising $550 million under a term loan facility and $100 million under a letter of credit facility."The agreement provides near-term liquidity…
McDermott GetsTakeover interest for its Lummus unit
McDermott International Inc said on Friday it received takeover interests for the acquisition of all or part of its technology business Lummus, that could value the unit at over $2.5 billion.McDermott's shares up about 70% in premarket trading.The oilfield services company said it is now exploring strategic options for the unit, which provides technology to petrochemicals, refining, and gas processing markets among others.Oilfield services companies have faced significant pressure and margin compression as North American oilfield acti
McDermott JV Bags Arctic LNG-2 Deal
Engineering services firm McDermott International announced that its joint venture Qingdao McDermott Wuchuan Offshore Engineering Co. Ltd (QMW) in Qingdao, China, has been awarded a contract to provide three complex modules for the Arctic LNG 2 Project in the Yamal-Nenets Autonomous Region in Russia.McDermott defines a large contract as between $50 million and $250 million. The designation refers to McDermott’s share of the award…
First Production for Freeport LNG
Freeport LNG has reached a new milestone - it has become the sixth major US liquefaction facility to start up, with the operator confirming that production had begun at the Texas facility."McDermott International along with its partners, Chiyoda International Corporation and Zachry Group, announced that Train 1 of the Freeport LNG project on Quintana Island in Freeport, Texas, has begun producing liquefied natural gas (LNG)," said a press release.The American multinational engineering…
PetroLogistics Contract Goes to McDermott
Texas-based PetroLogistics II, a portfolio company of Quantum Energy Partners, has awarded McDermott International, Inc. a contract to provide front-end engineering design (FEED) services for a new U.S. Gulf Coast propane dehydrogenation (PDH) plant.Under the scope of the contract, McDermott will assist in the development of a PDH plant to be constructed on the U.S. Gulf Coast. The plant has a design basis of 500 KTA."McDermott is…
Freeport LNG Reaches Milestone
Freeport LNG has reached final commissioning on Train 1 of its liquefaction project on Quintana Island in Freeport, Texas, following months of construction delays.American multinational engineering firm McDermott International along with its partners, Chiyoda International Corporation and Zachry Group, announced that crews have introduced feed gas into Train 1 of the liquefied natural gas export terminal.When fully operational, Train 1 will produce more than 5M metric tons/year of LNG…
McDermott Wins Pre-FEED Gig by YPF
American multinational engineering company McDermott International announced it has been awarded a contract by Argentina-based YPF to provide pre-front-end engineering design (Pre-FEED) services for a five million tons per annum (MTPA) LNG Liquefaction Facility, with a potential expansion to 10 MTPA, at the Vaca Muerta Shale field in Argentina.The scope of work is a continuation of a previous conceptual study developed for the YPF…
McDermott-Chiyoda Sign Cameron LNG Deal
American multinational company McDermott International and its joint venture member Chiyoda have reached an agreement with Cameron LNG related to the construction of its LNG liquefaction project in Louisiana.McDermott and Chiyoda are providing the engineering, procurement and construction for the first three liquefaction trains at the Cameron LNG export project.Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co.…
EPC Contract Awarded for Mozambique LNG
A joint venture between McDermott, Saipem and Chiyoda, has reached full agreement for a contract with Anadarko Petroleum Corporation for the Mozambique Area 1 Liquefied Natural Gas (LNG) Development, McDermott International announced on Wednesday.CCS JV’s project scope includes the onshore engineering, procurement and construction (EPC) for all components of the onshore LNG development, which includes two LNG trains with a total nameplate capacity of 12.88 million tonnes per annum (MTPA)…
Qatar Awards FEED Contract to McDermott
Qatar Petroleum said it has awarded the front end engineering and design (FEED) contract for the North Field Expansion Project’s offshore pipelines and topsides facilities to McDermott Middle East Inc.The scope of work awarded includes engineering design for eight unmanned wellhead platform topsides, four 38” trunk lines and four 28” intrafield lines, and is expected to take 12 months to complete.Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs…
Oil&Gas Industry Records 1242 Contracts in Q1
The Oil and Gas industry reported 1242 contracts, of which 1178 were awarded contracts, said Quarterly Oil & Gas Industry Contracts Review.Europe, the Middle East and Africa (EMEA) region recorded the most contracts with 569 contracts, representing around 48% of the total awarded contracts in Q1 2019, followed by Americas region with 366 contracts, accounting for 31% of the total awarded contracts.Upstream sector reported 73% of the total awarded contracts, with 862 contracts.
CSV Southern Ocean Wins Fugro Offshore Gig
Construction support vessel (CSV) Southern Ocean, which is jointly owned by Bourbon and Oceanteam, has been hired to support Fugro off the coast of Australia."Bourbon - Oceanteam’s CSV Southern Ocean has entered into a contract with Fugro and will undertake a program of IRM work offshore in Australia," said a statement.The Southern Ocean is currently conducting subsea work in India for J. Ray McDermott. Directly after completion of the current job in May, the vessel will mobilise for her next assignment.
NextDecade Receives EPC Bid Packages
NextDecade Corporation, a liquefied natural gas (LNG) development company focused onLNG export projects and associated pipelines in the State of Texas, announced that it has received bid packages from each of Bechtel Oil, Gas, and Chemicals, Inc. and Fluor Corporation.Both the companies are two of the global LNG market’s leading engineering, procurement, and construction (EPC) contractors.The technical and commercial bid packages…
Feed Gas Introduced at Cameron LNG
Cameron LNG has begun pipeline feed gas flow to the first liquefaction train of the liquefaction-export project as it prepares to begin production of liquefied natural gas (LNG) at the facility in Hackberry, La., according to partners involved in the project. This is the final commissioning step for Train 1 of Cameron LNG Phase 1."We expect to start producing LNG this quarter," said Lisa Glatch, chief operating officer of Sempra LNG and board chair for Cameron LNG.Cameron LNG is jointly owned by affiliates of Sempra LNG LLC…
