Western Gas Selects McDermott and BHGE as Development Partner for Equus Gas Project in Australia
MCDERMOTT INTL (MDR)
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mcdermott-investors.com/phoenix.zhtml?c=96360&p=irol-calendar_pf
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Source: PR Newswire
HOUSTON, Dec. 12, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today announced they, with Baker Hughes, a GE company, have signed a memorandum of understanding (MOU) with Western Gas Corporation Pty Ltd to be the exclusive development partners for the Equus Gas Project in Western Australia. The companies were also awarded a contract to support the planning phases of the project.As part of this initial contract, McDermott and BHGE will work with Western Gas to advance the pre-front end engineering design (pre-FEED) and front-end engineering design (FEED) to final investment decision (FID). McDermott and BHGE's joint venture, io Oil & Gas Consulting, will provide the pre-FEED support to deliver a technically robust and cost-efficient development plan. McDermott's portion of the contract is classified as sizable*.Pre-FEED work will commence immediately and is estimated to be complete by Q2 2019. McDermott and BHGE will continue with FEED work thereafter.Upon FID,
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