Posted on May 28, 2025
HOUSTON, May 28, 2025 /PRNewswire/ — McDermott announces the publication of its 2024 Sustainability Report, presenting the company’s progress supporting a lower-carbon energy future as an integral part of McDermott’s safe, ethical and efficient business operations.
This fifth annual report demonstrates McDermott’s sustainability strategy and how sustainability priorities – from decarbonization to circularity, and human rights to social investment through capacity building – are embedded across our operations and project delivery. From early front-end engineering design to fabrication, construction, installation and commissioning (EPCIC), McDermott’s integrated delivery model, assets and high-performing workforce deliver sustainability successes in our operations and for customers, advancing goals across traditional and emerging energy sectors.
“Our 2024 report presents our measurable progress in areas of importance to our strategy and our stakeholders,” said Michael McKelvy, McDermott’s President and CEO. “We strengthened energy efficiency at our facilities, partnered to deliver groundbreaking lower-carbon projects and advanced leading workforce and community initiatives – while maintaining an industry-leading safety record. This report reflects our partnership with customers and the scale of what we can achieve together.”
2024 performance highlights include:
- Industry-Leading Safety: Achieved a Total Recordable Incident Rate (TRIR) of 0.07 and a Lost Time Incident Rate (LTIR) of 0.01, among the best in the industry.
- Renewable Energy: Increased renewable energy sourcing to 80% of grid electricity demand across operations.
- Carbon Reduction and Energy Efficiency: Achieved a 35% reduction in carbon intensity and ISO 50001 energy management certification at four major fabrication yards, reflecting long-term improvements in energy efficiency.
- Energy Transition: Progressed delivery of the world’s first large-scale green steel project and began fabrication of a second high-voltage direct current (HVDC) offshore converter station to support Europe’s energy transition objectives.
- People-First Progress: Doubled participation in internal training and talent development programs; recognized by the Ugandan government for leading in-country workforce and capacity development programs for the second year.
“Safety and sustainability are core values embedded in our project execution, risk management, business strategy and customer priorities,” said Rachel Clingman, McDermott’s Executive Vice President, Sustainability and Governance and Chief Legal Officer. “Our internal team carefully monitors internal opportunities and performance, customer priorities and goals, as well as emerging regulation and opportunities to ensure excellence in EPCIC project delivery.”
The report was prepared in accordance with international frameworks and best practices, including the Global Reporting Initiative Standards, Sustainability Accounting Standards Board, United Nations Sustainable Development Goals, International Petroleum Industry Environmental Conservation Association, International Association of Oil and Gas Producers, Taskforce for Climate-Related Financial Disclosures, American Petroleum Institute, European Sustainability Reporting Standards, and International Financing Reporting Standards. It is available to read and download on the company’s website: https://www.mcdermott.com/sustainability.
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.
