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McDermott Comments on Cost Position of Cameron Project

Source: www.gulfoilandgas.com 5/7/2019, Location: North America

McDermott International, Inc. had announced on April 29, 2019, that its Cameron LNG project did not experience any material change in its cost position in the first quarter of 2019.

The company's statement comes in response to an announcement yesterday by Chiyoda Corporation, McDermott's joint venture partner in executing the contract, that Chiyoda had recorded an unquantified change in estimate on the Cameron project in the first quarter of 2019, along with charges on other projects, pending arbitration cases and other matters.

McDermott is not involved in Chiyoda's new Strategy & Risk Integration Division, which was mentioned in its news release.

Over the past year, through the company's active management of the project, McDermott has strengthened leadership, oversight, execution, forecasting and reporting. And more recently, McDermott has taken an expanded role in the commissioning activities. This expanded oversight has given the company additional leverage to drive the project forward through the commissioning process.

McDermott and Chiyoda are executing the project under a 50-50 joint venture arrangement. 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. In April 2019, Train 1 of the Cameron LNG project reached the final commissioning stage. This included the introduction of pipeline feed gas into Train 1 of the liquefaction export facility, the precursor for the production of liquefied natural gas (LNG), which is expected by mid May. As of the end of the first quarter of 2019, the Cameron project was approximately 90 percent complete.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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