Clean Hydrogen Works Awards McDermott FEED Contract for Ascension Clean Energy (ACE) Project

Clean Hydrogen Works (CHW) and McDermott announce that CHW has awarded McDermott the front-end engineering and design (FEED) contract for the Ascension Clean Energy (ACE) Project. The project is jointly developed by CHW with strategic shareholders ExxonMobil, Mitsui O.S.K. Lines, and Hafnia.

Located in Ascension Parish, Louisiana, the ACE Project will initially produce 2.4 million metric tons per annum (MTPA) of clean ammonia, with expansion in subsequent phases to 7.2 MTPA. With carbon capture and sequestration (CCS) contracts with ExxonMobil, regulatory approvals expected by early 2025, off-take in advanced discussions and Goldman Sachs as Financial Advisor, the ACE Project is expected to reach Final Investment Decision (FID) by late 2025 and start production in 2029.

Johnny Cook, CHW Senior Vice President of Engineering, Procurement and Construction (EPC) commented, “We are thrilled to partner with McDermott, a company renowned for its extensive experience in mega module construction, demonstrated by a remarkable track record of on-time, on-budget execution of major energy and chemicals projects. This collaboration further strengthens key competitive advantages of our project, including being a mega module capable site with ready infrastructure access to gas, shipping and CCS, an unmatched shareholder base with expertise in CCS and maritime transport, and an experienced team with demonstrated success in executing mega module projects.”

Vee Godley, CHW Senior Vice President, Project Development added, “This transformational project is expected to bring 350 new jobs, 1,500 peak construction jobs and another 1,200 indirect jobs to the area. We look forward to working with McDermott toward our shared goal of constructing and operating a safe, environmentally responsible project. We value direct engagement with the community; this ongoing dialogue is critical in developing a project of which we can all be proud.”

“This FEED award is testament to McDermott’s industry-leading mega-module delivery and installation expertise, and the breadth of our capabilities across the energy transition,” said Rob Shaul, McDermott’s Senior Vice President, Low Carbon Solutions. “Our integrated delivery model, with self-perform construction capabilities and portfolio of McDermott-owned, globally diversified, module fabrication yards means we can offer CHW a repeatable modular implementation solution that is expected to maximize value, reduce risk and provide quality assurance.”

Under the contract scope, McDermott will provide FEED, plus engineering, procurement and construction (EPC) estimating and execution planning services under an engineering services agreement. The work will be led from McDermott’s Houston office with support from its Gurugram, India office.

About Clean Hydrogen Works

Clean Hydrogen Works (CHW) is a clean energy development company committed to delivering low-cost, low-carbon energy solutions globally. Led by experienced industry experts, CHW differentiates in creating integrated clean hydrogen and ammonia value chains to meet world’s growing demand for sustainable energy. Through strategic partnerships with industry leaders like ExxonMobil, Mitsui O.S.K. Lines, and Hafnia, CHW is at the forefront of the global energy transition. Learn more at www.cleanhydrogenworks.com.

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 engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. 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.

Forward-Looking Statements

McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope and execution of the project discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

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