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McDermott In Deal With Cameron LNG On Construction Of LNG Project In Louisiana

McDermott International Inc. (MDR) and its joint venture member Chiyoda reached an agreement with Cameron LNG, which is 50.2% indirectly owned by Sempra Energy (SRE), related to the construction of its LNG liquefaction project in Louisiana, McDermott said.

The project was about 90 percent complete as of the end of the first quarter of 2019. McDermott expects initial production from Trains 2 and 3 in the first quarter of 2020 and the second quarter of 2020, respectively.

Responding to the agreement, Sempra Energy said, "We believe it is reasonable to expect that the overall economics of Cameron LNG will not significantly change as a result of this agreement.

Sempra Energy's projected share of full-year run-rate earnings from the first three trains at Cameron LNG continues to range between $400 million and $450 million annually.

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