HOUSTON, Feb. 26, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today it was awarded a sizeable* contract by Precision Mechanical, Inc. for a double wall liquid hydrogen sphere at the John F. Kennedy Space Center in Cape Canaveral, Florida. The scope of the contract includes the engineering, procurement and construction of the sphere, which will be the largest ever built for NASA.
"McDermott's CB&I Storage Tank Solutions has more than a century of experience delivering innovative and complex storage solutions," said Richard Heo, McDermott's Senior Vice President for North, Central and South America. "This liquid hydrogen sphere will be utilized for NASA's new Space Launch System/Orion program – a space frontier program focused on missions to Mars."
Using its proprietary Hortonsphere® pressure sphere vessel design, McDermott will engineer, procure, fabricate and construct a 1,400,000-gallon cryogenic double wall sphere. The outer sphere has a diameter of 83 feet and an internal sphere of 71.6 feet – making the new sphere 50 percent larger than any sphere that has supported NASA's space shuttle program over the last 30 years. Additionally, the EPC project scope includes insulation (glass microspheres), internal heat exchanger, as well as painting, cleaning and testing.
Once completed, the sphere will arm NASA with the largest cryosphere constructed to date with the combined site capabilities to store and process over two million usable gallons of liquid hydrogen for launch support.
The contract has been reflected in McDermott's fourth quarter 2018 backlog.
* McDermott defines a sizeable contract between USD $1 million and USD $50 million.
McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit www.mcdermott.com.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about backlog, to the extent that backlog may be viewed as an indicator of future revenues or profitability, and 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 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 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. For a more complete discussion of these and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018. This press release reflects management's views 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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