McDermott Releases 2022 Sustainability Report

HOUSTON, June 27, 2023 /PRNewswire/ -- McDermott announces the release of its 2022 Sustainability Report. Alongside its customers and employees, McDermott incorporates sustainability and safety into its daily operations. This report demonstrates the company's commitment to sustainable practices and progress in strategy, governance, climate risk management, strategic partnerships, and reporting. The data and information in the report also represent the company's progress in developing sustainable, low-carbon solutions by combining innovative strategies with environmentally and socially responsible practices.

"As our customers set ESG targets and work to meet and exceed their stakeholder expectations, they increasingly rely on McDermott for innovative methods and low-carbon solutions leveraging our more than 100 years of complex project experience," said Michael McKelvy, McDermott's President and CEO. "With our customers, we are advancing global decarbonization through low-emissions options across our engineering, procurement and construction operations."

Key highlights in the report include McDermott's proactive approach to managing climate risk. The company recognizes the significance of climate change and ESG matters and is taking action to minimize its carbon footprint and the environmental impact of projects it designs and builds for customers. McDermott also expanded its partnerships and collaborations to draw on cross-functional expertise to support customers navigating the energy transition. In 2022, the company achieved industry-leading safety performance, met local content targets ahead of schedule, enhanced human rights due diligence across operations, and improved local communities through social investment programs.

"McDermott is committed to sustainable, positive improvement in the communities where we operate, for our customers, and for our employees and the world," said Rachel Clingman, McDermott's Executive Vice President, Sustainability, and Governance. "We matured our strategy and focus in 2022. We are aligned and working hand-in-hand with customers and stakeholders on specific plans and goals."

The report was prepared in accordance with international frameworks and best practices, including the Global Reporting Initiative Standards, Sustainability Accounting Standards Board, United Nations Sustainable Development Goals, International Petroleum Industry Environmental Conservation Association, International Association of Oil and Gas Producers, the Taskforce for Climate Related Financial Disclosures and American Petroleum Institute. It is available to read and download on the company's website.

About McDermott

McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure?empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

Forward-Looking Statements

McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope and execution of the project discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
[email protected]

SOURCE McDermott International, Ltd