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McDermott JV Awarded Module Fabrication Contract for Arctic LNG Project

Source: www.gulfoilandgas.com 9/17/2019, Location: Asia

McDermott International has announced that its joint venture Qingdao McDermott Wuchuan Offshore Engineering (QMW) in Qingdao, China, has been awarded a large contract to provide three complex modules for the Arctic LNG 2 Project in the Yamal-Nenets Autonomous Region in Russia.

'This award recognizes QMW's experience and excellent performance in the Arctic on an earlier Yamal LNG project. It is further evidence that QMW is a tier one module fabricator in the LNG market. Fabrication will be completed in QMW's mega module workshop which provides increased certainty for safety, schedule and successful project delivery,' said McDermott's Senior Vice President Asia Pacific, Ian Prescott.

The scope includes the fabrication of three Pre-Assembled Unit Complex Process Modules. QMW will undertake fabrication engineering, partial procurement, construction and pre-commissioning scope. Fabrication for the modules is scheduled to commence at the end of 2019 and be completed in mid-2022.

McDermott defines a large contract as between USD $50 million and USD $250 million. The designation refers to McDermott's share of the award via its joint venture. Because QMW is accounted for as an equity method joint venture, its associated backlog is not included in McDermott's publicly reported RPO backlog (Remaining Performance Obligation backlog).

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