McDermott International, Inc. (NYSE: MDR) Monday (Oct 29) announced that it plans to partner with the Italian oil and gas industry contractor Saipem S.p.A. to bid for NextDecade's planned Rio Grande LNG project in Brownsville, Texas.

McDermott, Saipem To Partner In Bid For NextDecade
Caption: Rio Grande LNG export facility - Image courtesy of NextDecade

"Our joint bid with Saipem will feature optimized execution strategies that result in increased certainty on schedule and cost as compared to other LNG projects on the U.S. Gulf Coast," said David Dickson, President and Chief Executive Officer of McDermott. "Pursuant to NextDecade's competitive process, we plan to submit our joint EPC proposal in the second quarter of 2019."

NextDecade has previously disclosed it expects to achieve a final investment decision on the project in the third quarter of 2019.

Source: McDermott International