CB&I and Hanwha Ocean Receive Approval for Cargo Containment System and Ship Design for Liquid Hydrogen Carriers from DNV

HOUSTON, Sept. 18, 2024 /PRNewswire/ -- CB&I, a wholly owned unrestricted subsidiary of McDermott, and Korean world-class shipbuilder Hanwha Ocean have received Approval in Principle (AiP) for the design of a cargo containment system and an 80,000 m³ liquid hydrogen (LH2) carrier from DNV, a leading classification society for shipping. DNV formalized the AiP with executives from each company at the Gastech Exhibition & Conference held in Houston on September 17.

The AiP confirms CB&I's cargo containment systems meets applicable safety standards including class rules, the International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC Code), as well as the Interim Recommendations for Carriage of Liquefied Hydrogen in Bulk, Resolution MSC.420(97), issued by the International Maritime Organization (IMO).

"Hanwha Ocean's expertise in gas carriers perfectly complements CB&I's expertise in large-scale storage and handling systems for liquid hydrogen," said Mark Butts, Senior Vice President for CB&I. "Together we have created a safe, efficient liquid hydrogen carrier design with low boil-off of 0.05% per day. This carrier makes plans for international liquid hydrogen supply chains possible today."

CB&I is supporting Hanwha Ocean's carrier design with its cargo containment system consisting of vacuum-insulated double-wall spheres for LH2 transport, which has also been approved by DNV. CB&I has more than 60 years of experience in onshore LH2 storage tank design and construction worldwide.

"Since last year, we have been working in a tripartite agreement with CB&I and DNV to develop an 80,000 m³ medium-sized liquid hydrogen carrier," elaborated Youngchang Shon, CTO, Head of Product & Technology Strategy at Hanwha Ocean. "Our comprehensive research has included verifying the basic performance and structural safety, cargo handling system (CHS), and the conceptual design of an eco-friendly electric propulsion system incorporating hydrogen fuel cells."

"Collaboration has always been a key to overcoming new challenges. We are now witnessing an exemplary scene of cooperation where two global leaders in hydrogen and shipbuilding sectors work together closely to realize the shipping of liquid hydrogen, the future medium of renewable energy," expressed Vidar Dolonen, Regional Manager of DNV Korea and Japan. "At DNV, we are pleased to join CB&I and Hanwha Ocean in their efforts to improve the level of technical maturity and also present the way for the future of liquid hydrogen transportation by showing various propulsion options for LH2 carriers."

About CB&I
CB&I is the world's leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

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 DNV
DNV is the world's leading classification society and a recognized advisor for the maritime industry. We enhance safety, quality, energy efficiency and environmental performance of the global shipping industry – across all vessel types and offshore structures. We invest heavily in research and development to find solutions, together with the industry, that address strategic, operational or regulatory challenges. For more information visit: www.dnv.com/maritime

About Hanwha Ocean
Hanwha Ocean is the world's premier shipbuilding and offshore company. Started in 1973 at Okpo Bay, Geoje Island, located on the southeastern tip of the Korean Peninsula, the shipyard of Hanwha Ocean was completed in 1981. Hanwha Ocean has grown into the world's premier shipbuilding and offshore contractor who is specialized in building various vessels, offshore platforms, drilling rigs, FPSOs/FPUs, submarines and destroyers. The shipyard, which spans an area of 4.9 million meters squared, encompasses the world's largest dock with a million-ton capacity and is optimized for building high-tech motor vessels using cutting edge equipment.

Hanwha Ocean manufactures high-quality products based on its vast IT expertise, well-managed shipbuilding technologies, superb fixed-platform construction capabilities, large-scale project management know-how, submarine/destroyer construction technologies. To learn more, visit www.hanwhaocean.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, 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.

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SOURCE McDermott International, Ltd