McDermott Awarded Pre-FEED Contract from Tata Steel for Project EVEREST

HOUSTON, Nov. 19, 2020 /PRNewswire/ -- McDermott International, Ltd today announced it has been awarded a Pre Front-End Engineering Design (FEED) contract from Tata Steel B.V. for the Enhancing Value by Emissions Reuse and Emission Storage (EVEREST) Project. Tata Steel has launched the preparatory plans for a project to capture CO₂ from its blast furnaces in IJmuiden, the Netherlands, and transport it for storage in empty gas fields under the North Sea. The project is planned for implementation at the Tata Steel facilities in IJmuiden, which is located 19 miles (30 kilometers) West of Amsterdam.

"The combination of our innovative carbon capture and storage solutions with our unparalleled engineering capabilities demonstrate McDermott's strategic role in reducing emissions and advancing the energy transition," said Tareq Kawash, Senior Vice President, Europe, Middle East, Africa. "Together, we will progress Tata Steel's strategic roadmap toward carbon-neutral steel production by 2050."

"This intended construction is a very important step for our future," said Annemarie Manger, Tata Steel Europe Director of Sustainability, Health, Safety, Environment and Quality. "We feel a strong responsibility to build a sustainable and connected society for the generations of tomorrow. If we realize this, we will be one of the first steel companies to capture CO₂ with its storage. We see this as the essential transition solution with which we contribute significantly to the required emission reduction by 2030. The potential of this is enormous. This technology is already being used in other countries and industries, but not yet in this form and size."

The engineering and design will be executed from McDermott's office in The Hague, the Netherlands.

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 to design and build infrastructure solutions to responsibly transport and transform oil and gas into the products the world needs today. From concept to commissioning, our expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. It is called the "One McDermott Way." 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 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, customer 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.

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SOURCE McDermott International, Ltd

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