Chiyoda Meets Milestones in Work with McDermott

Japanese engineering firm Chiyoda reported a forecast-beating profit for Q1-3 (April-December 2019) of yen 16.9bn ($154mn) on an operating income of yen 24.5bn, it said February 14. This was up from a loss of yen 128.1 bn in the same period of the year before. Profits were boosted when Cameron LNG reaching its January 2020 target in December, triggering an early payment in Q3. 

Of its gross yen 14.5bn profit for the quarter, yen 10.7bn came from energy projects but the company said it would further develop its business towards sustainable projects. It said so far there had been no consequences from the Chinese coronavirus although it had estimated some risks for this present quarter.

It is working on Cameron, Golden Pass and Freeport LNG projects in the US and on Total's Mozambique LNG project with McDermott, which filed for Chapter 11 bankruptcy protection January 21 but this co-operation will continue, it said. 

"McDermott clearly stated it will continue to fulfil all projects including joint execution work with Chiyoda. We will continue to work closely with McDermott, our customers and our other joint venture partners to complete our projects as scheduled," it said.

Chiyoda is also pursuing a new LNG order in Qatar, it said, working on a proposal for 4our 8.8mn metric tons/yr trains. The Gulf state is planning a major expansion of its LNG facilities, adding to those that Chiyoda helped to build in the past.