McDermott International, Inc. (NYSE: MDR) today announced that it has been awarded a large* technology contract for the basic engineering and licensing of Irkutsk Oil Company's (IOC) 650 KTA ethylene plant in Russia, plus the detailed engineering and material supply of six SRT (Short Residence Time) pyrolysis heaters for the plant.
The plant will be designed to produce 650 KTA of polymer grade ethylene from ethane and propane, and will also produce high-purity hydrogen and C5 by-products.
“This contract is a significant award for us in Russia,” said Daniel M. McCarthy, Executive Vice President of McDermott’s Lummus Technology business. “The remote location and harsh winter conditions presented constraints on the target project completion date that are being minimized through careful planning of the equipment design and specification schedule.”
McDermott’s Lummus Technology is a leading licensor of proprietary petrochemicals, refining, gasification and gas processing technologies, and a supplier of proprietary catalysts and related engineering. With a heritage spanning more than 100 years, encompassing approximately 3,100 patents and patent applications, Lummus Technology provides one of the industry’s most diversified technology portfolios to the hydrocarbon processing sector.
This award was reflected in McDermott’s fourth quarter 2018 backlog.
*McDermott defines a large contract as between USD $50 million and USD $250 million.
Source: Company Press Release