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Moody's Investors Service ("Moody's") assigned an A3 rating on up to approximately $3.0 billion in new senior secured bonds due 2039 to be issued by Cameron LNG, LLC (Cameron or Project). The bond proceeds, depending on the size of the issuance, will be used to refinance all or a portion of the debt outstanding under the Project's $2.915 billion "uncovered" senior secured credit facility due 2030 (about $2.6 billion currently outstanding), to pay transaction and swap breakage costs. With respect to the undrawn portion of the bank facility that the bonds will replace, the proceeds will also be applied to fund a portion of the Project's remaining capital costs, which together with pre-completion cash flows and the undrawn portions of a $2.5 billion direct overseas investment loan provided by the Japan Bank for International Cooperation (JBIC) and a "covered" $2.0 billion loan provided by a syndicate of commercial banks insured by Nippon Export and Investment Insurance (NEXI), will be used to complete the Project.
Moody's Investors Service ("Moody's") affirmed the A3 rating on Cameron LNG, LLC's (Cameron or Project) $2.915 billion "uncovered" senior secured credit facility due 2030 (about $2.6 billion currently outstanding).
HOUSTON, Nov. 7, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced that it has been awarded a sizeable* technology contract by Formosa Chemicals Industries Ningbo Limited for the technology license and basic engineering services for a grassroots alpha-methylstyrene (AMS) recovery unit in Ningbo, China. This 10,000 MTA unit will utilize AMS technology jointly licensed by Versalis and McDermott's Lummus Technology to recover specialty chemicals for niche market sale.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Commercial Bank of Dubai PSC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
HOUSTON, July 19, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) announced it has been awarded a sizeable* contract by Argentina-based YPF, S.A. to provide pre-front-end engineering design (Pre-FEED) services for a five million tonnes per annum (MTPA) LNG Liquefaction Facility, with a potential expansion to 10 MTPA, at the Vaca Muerta Shale field in Argentina. The scope of work is a continuation of a previous conceptual study developed for the YPF LNG Export Facility in Argentina under a contract in 2018.
HOUSTON , July 15, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE:MDR) will report financial results for the second quarter of 2019 on Monday, July 29, 2019 after the close of the U.S. markets. ...
HOUSTON, July 10, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) announced it has been awarded a contract in excess of $1.5 billion for Package 4 of Saudi Aramco's Marjan Increment Development Project to provide engineering, procurement, construction and installation (EPCI) of offshore gas facilities and pipelines. Marjan Package 4 represents the second largest EPCI offshore contract awarded by Saudi Aramco in the Marjan Increment Development Project.
HOUSTON, June 13, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced that it has been awarded a sizeable* technology contract by Ningbo Union King Polyester Material Limited for the technology license, process design engineering, and operator training services for a large-scale, grassroots 1,600 KTA paraxylene (pX) plant at Ningbo Union King's petrochemicals facility in Ningbo, China. Lummus Technology is the exclusive licensor of BP's pX technology, which offers pX production at purities of 99.8 percent with lower energy consumption and lower capital costs compared to more traditional pX technologies.
HOUSTON, Jan. 24, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced that it has been awarded a sizeable* technology contract by PT Chandra Asri Perkasa for the detailed engineering of 8 proprietary SRT® (Short Residence Time) ethylene cracking heaters at the Chandra Asri Perkasa (CAP2) ethylene plant in Cilegon, Indonesia. The unit will utilize Lummus Technology's SRT® (Short Residence Time) pyrolysis heater technology to produce 1,100 KTA of ethylene and 600 KTA of propylene.
DUBAI, United Arab Emirates, Jan. 16, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced it has been awarded a sizeable* contract from Daelim Saudi Arabia Company Ltd. for engineering, procurement and construction (EPC) of CB&I Storage Tanks for the Ma'aden Ammonia Plant at Ras Al-Khair, Kingdom of Saudi Arabia. The fixed lump sum contract encompasses the engineering, procurement and fabrication of four Ammonia Tanks and nine CB&I storage tanks.