Mcdermott Announces Agreement With Cameron Lng
McDermott and joint venture partner Chiyoda provided engineering, procurement and construction, but suffered huge losses in previous phases. The favourable financial effects of the agreement are included in McDermott`s 2019 guidelines, previously published. In response to the agreement, operator Sempra said: “We believe it is reasonable to expect that Cameron LNG`s entire economy will not change significantly as a result of this agreement. Sempra Energy`s projected share of the total annual earnings of Cameron LNG`s first three trains is still between $400 million and $450 million per year. HOUSTON, July 5, 2019 /PRNewswire/ — McDermott International, Inc. (NYSE: MDR) today announced that it and its member of the Chiyoda joint venture have reached an agreement with Cameron LNG to build their LNG liquefaction project in Louisiana. McDermott International of the United States and its Japanese joint venture partner chiyoda have reached an agreement with California-based operator Sempra Energy to cover the remaining work on Cameron-LNG`s delayed export project in Louisiana, USA. These risks and uncertainties are further examined in Sempra Energy`s reports to the U.S. Securities and Exchange Commission (SEC). These reports are available free of charge via the EDGAR system on the SEC`s website, www.sec.gov and on the company`s website at www.sempra.com. Investors should not place undue reliance on forward-looking statements. These forward-looking statements relate only to the date of this notice and the Company undertakes no commitment to update or revise any forward-looking statements or forward-looking statements, whether as a result of new information, future events or otherwise. The agreement announced Friday should “optimize the timing and cost-effectiveness of the remaining work” at Cameron LNG in Louisiana, McDermott said in a statement. “As previously announced, the commissioning of Train 1 at Cameron LNG continues to progress and the first commissioning load was shipped by the plant earlier this year.
In line with the previously announced date, Train 2 and Train 3 are expected to begin production of liquefied natural gas (LNG) in the first quarter of 2020 and the second quarter of 2020, respectively. Since the first prize in 2014, McDermott and Chiyoda have provided the design, procurement and construction of the Cameron LNG project. The project consists of three liquefaction trains with an estimated export capacity of more than 12 million tonnes of LNG per year, or about 1.7 billion cubic feet per day. SAN DIEGO, July 5, 2019 /PRNewswire/ — McDermott International (McDermott) and Chiyoda International (Chiyoda) announced today that they have reached an agreement with Cameron LNG on performance-based business considerations as part of the construction and commissioning plan, which continues to serve the interests of all parties for the timely completion of Cameron LNG`s Phase 1, a three-train liquefaction export project under construction in Hackberry, La. This press release contains statements that are not historical and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as “believes,” “expects,” “anticipates,” “anticipates,” “plans,” “estimates,” “projects,” “projects,” “forecasts,” “contemplates,” “assumes,” “assumes,” “should,” “could,” “could,” “would,” “confident,” “can,” “potential,” “potential,” “possible,” “proposed,” “target,” “pursue,” “pursue” strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not performance guarantees.