McDermott Offers Comment on Cameron LNG Project

Source: www.gulfoilandgas.com 2/13/2019, Location: Africa

McDermott International, Inc. (MDR) commented on its assessment of the financial position of the Cameron LNG project as of the end of the fourth quarter of 2018. McDermott's comment follows the release on February 13, 2019, of quarterly financial results by Chiyoda Corporation, a member of the joint venture, along with McDermott, working on the project. For the fourth quarter of 2018, McDermott expects to report an adverse change in estimate of approximately $168 million, due to unfavorable labor productivity, and increases in subcontract, commissioning and construction management costs.

The change in estimate is expected to impact McDermott's statements of operations for the three months and year ended December 31, 2018. McDermott and Chiyoda are executing the project under a 50-50 joint venture arrangement and are fully aligned at the joint-venture level regarding the change in estimate.

The Cameron LNG project, currently under construction in Hackberry, Louisiana, is a world-scale facility incorporating proven technology designed to produce nearly 14 million tons per year of liquefied natural gas. Operationally, the project is on track to reach a major milestone with feed gas into the facility later this quarter. Construction continues to progress well. The gas turbine solo run was completed ahead of schedule, cold circulation of hot oil in Train 1 was completed during the quarter and flare ignition testing was successfully completed on all flares. All of these are crucial steps in the commissioning of Train 1.

McDermott expects to report its results for the fourth quarter of 2018 on February 25, 2019.


Canada >>  7/29/2022 - Pacific Energy Corporation Limited (Pacific Energy) and Enbridge Inc. (Enbridge or the Company) announced an agreement to jointly invest in the constr...
Italy >>  7/25/2022 - - The aim is to leverage on infrastructure and know-how of both companies, thereby contributing to decarbonisation of transport and off-grid users

United States >>  7/23/2022 - ION Commodities, the global leader in Energy and Commodity management solutions, is delighted that Golden Pass LNG, owned by affiliates of QatarEnergy...
Japan >>  7/15/2022 - INPEX CORPORATION (INPEX) and Sakata Natural Gas Co., Ltd. (Sakata Natural Gas) jointly announced they entered into an agreement on the carbon neutral...

United States >>  7/14/2022 - ConocoPhillips announced a potentially significant expansion of its global liquefied natural gas (LNG) business through investment in a new large-scal...
United States >>  7/11/2022 - Marathon Petroleum Corpís Trans-Foreland Pipeline Co unit wants more time to convert the Kenai liquefied natural gas (LNG) export plant in Alaska into...

Related Categories: Deodorization system  Gas dehydration  Gas sweetening  Gas Treating  General  GTL Processing  LNG Processing  LPG Domestic use  LPG Odorless  Packing  Phase Separation  Scrubbers 

Related Articles: Gas dehydration  Gas sweetening  Gas Treating  General  GTL Processing  LNG Processing  LPG Domestic use  LPG Odorless  Packing  Phase Separation  Scrubbers 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.