Meridian Energy Group, Inc., the leading developer of innovative, advanced technology and environmentally-compliant oil refining facilities, announced that the company has signed an agreement with McDermott out of Houston, Texas under which McDermott will finalize the Front-End Engineering Design “(FEED)” for the Meridian Davis Refinery in Billings County, North Dakota. Following the completion of the FEED effort, the Parties will be prepared to enter into a comprehensive turnkey Engineering, Procurement and Construction “(EPC)” Agreement to build the Davis Refinery. McDermott is a premier, fully – integrated provider of technology, engineering and construction solutions to the energy industry. Meridian has initiated site preparation and grading at the Davis site, and is proceeding with final design and equipment fabrication and procurement with full construction activities and foundation work resuming in Spring 2019.

William Prentice, CEO of Meridian, said of this agreement, “Meridian’s mission is to drive the reinvention of the refining industry, and the Davis Refinery is intended to be the prototype for a new type of refinery. To fulfill this mission, Meridian requires an EPC Partner that shares this vision, and that has the expertise and professionalism to complete Davis and follow-on projects in a reliable and cost-effective manner – Meridian believes that McDermott is that firm and is very happy to be entering into this agreement and finalizing another major milestone on the Davis project.”

Lance Medlin, Meridian EVP of Projects on EPC with McDermott, “The Davis Refinery is being designed as a cutting-edge facility, setting a new standard in how emerging energy needs are addressed at regional levels. Meridian’s partnership with McDermott for the engineering and development of the Davis Refinery is another step in what has proven to be the consistently right direction in refining, and we’re proud to announce this next phase in the Davis Project.

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.

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.