The Export-Import Bank of the United States has approved a $37.6 million direct loan to support exports by McDermott International Inc. and five American suppliers of natural gas compression equipment and technology for a project off the coast of Trinidad and Tobago.
The Bank’s financing will support approximately 350 jobs in Texas, California, and Louisiana, according to bank estimates derived from the U.S. Departments of Commerce and Labor data and methodology.
“I’m pleased that McDermott International Inc. and its suppliers won this project and will support so many American jobs,” Ex-Im Bank Chairman and President Fred P. Hochberg said in a news release. “In a complex gas production project like this, U.S. engineers and high-tech manufacturers have a lot to offer. The Bank’s financing helped pull these jobs to U.S. companies, instead of seeing them go to foreign competitors.”
Ex-Im Bank is supporting exports of U.S.-only goods and services for a $150 million project to construct and install a gas compression system on the existing Hibiscus Platform off the northern coast of Trinidad. The borrower is BG Energy Holding Limited, and the buyer is BG Trinidad and Tobago, which is responsible for 46 percent of the larger project.
Houston-based McDermott International Inc. was hired to provide the detail engineering, equipment procurement, unit fabrication, transportation, heavy lift and installation.