McDermott International, Inc. announced a sizeable* contract award for front-end engineering design (FEED) services of the Davis Refinery Project in Billings County, North Dakota, a grassroots refinery that is being developed by Meridian Energy Group Inc.

The new Davis Refinery will leverage the prolific crude oil feedstocks generated from the recent Bakken shale revolution – specifically from the Williston Basin in North Dakota. Touted as one of the most environmentally-friendly refineries in the U.S., the new refinery will utilize modern technology and improve operational efficiency while maintaining strict environmental stewardship.

"This partnership with Meridian is a key and strategic opportunity to design one of the most advanced and environmentally-compliant refineries in the world," said Richard Heo, Senior Vice President for North, Central and South America. "Early engagement during the FEED phase is a strategy that is proving beneficial to McDermott customers. McDermott intends to develop the FEED within the context of an expected modular execution and construction approach for this project. We are excited to be part of this ground-floor opportunity on the Davis Refinery Project and look forward to the opportunity to partner with Meridian from FEED to EPC."

Capacity of the new refinery is expected to be 49,500 barrels per day and will include the production of ultra-low sulfur diesel and premium gasoline. After conclusion of the FEED study, both parties will endeavor to enter into an EPC agreement to build the refinery.

The contract award will be reflected in McDermott's fourth quarter 2018 backlog.

*McDermott defines a sizeable contract between USD $1 million and $50 million.

About McDermott

McDermott (NYSE: MDR) is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 40,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates.

About Meridian Energy Group, Inc.

The Mission of Meridian Energy Group, Inc. is to provide long-term shareholder value through the development and operation of the cleanest, most efficient and environmentally-compliant crude oil refineries in the world, benefiting the community and its investors. Established in 2013, Meridian is led by industry experts with a combined 500 years of world-class expertise in energy & hydrocarbon processing, project development, finance, and large capital project management. Meridian Energy Group, Inc. current headquarters is in Belfield, ND.