McDermott Awarded PFEED Contract from Tata Steel for Project EVEREST

- Applies McDermott's unparalleled carbon capture and storage experience

HOUSTON, Nov. 19, 2020 /PRNewswire/ -- McDermott International, Ltd today announced it has been awarded a Pre Front-End Engineering Design (FEED) contract from Tata Steel B.V. for the Enhancing Value by Emissions Reuse and Emission Storage (EVEREST) Project. Tata Steel has launched the preparatory plans for a project to capture CO2 from its blast furnaces in IJmuiden, the Netherlands, and transport it for storage in empty gas fields under the North Sea. The project is planned for implementation at the Tata Steel facilities in IJmuiden, which is located 19 miles (30 kilometers) West of Amsterdam.

"The combination of our innovative carbon capture and storage solutions with our unparalleled engineering capabilities demonstrate McDermott's strategic role in reducing emissions and advancing the energy transition," said Tareq Kawash, Senior Vice President, Europe, Middle East, Africa. "Together, we will progress Tata Steel's strategic roadmap toward carbon-neutral steel production by 2050."

"This intended construction is a very important step for our future," said Annemarie Manger, Tata Steel Europe Director of Sustainability, Health, Safety, Environment and Quality. "We feel a strong responsibility to build a sustainable and connected society for the generations of tomorrow. If we realize this, we will be one of the first steel companies to capture CO2 with its storage. We see this as the essential transition solution with which we contribute significantly to the required emission reduction by 2030. The potential of this is enormous. This technology is already being used in other countries and industries, but not yet in this form and size."

The engineering and design will be executed from McDermott's office in The Hague, the Netherlands.

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 to design and build infrastructure solutions to responsibly transport and transform oil and gas into the products the world needs today. From concept to commissioning, our expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. It is called the "One McDermott Way." 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.

Contacts:
Investor Relations
Kevin Hargrove
Vice President and Treasurer
+1 281 870 5569
KHargrove@McDermott.com

Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
RReid@McDermott.com

Local Media Relations
Zoe Keenan
Communications Manager (Europe, Middle East, Africa)
+447917581727
Zakeenan@McDermott.com

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