McDermott reports no change in Cameron LNG cost position

McDermott reports no change in Cameron LNG cost positionCameron LNG Train 1 (Image courtesy of McDermott)

LNG contractor McDermott International said that its Cameron LNG project did not experience any material change in its cost position during the first quarter of the year. 

The company’s statement comes in response to the statement made by Chiyoda Corporation, McDermott’s joint venture partner in executing the contract, that it 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, McDermott said in its statement.

The company further noted that over the past year, through the company’s active management of the project, it 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 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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