2025 McDermott Sustainability Report - Report - Page 2
OUR PATH
OUR APPROACH
ENVIRONMENT
SOCIAL
GOVERNANCE
FRAMEWORK ALIGNMENT
PERFORMANCE DATA
APPENDIX
2025 SUSTAINABILITY REPORT
ABOUT THIS REPORT
In our sixth annual Sustainability Report,
we describe our approach to managing
sustainability-related risks and opportunities
and report on progress against our goals and
targets. These targets are informed by the
United Nations Guiding Principles, material
topics, recognized industry best practices, and
our broader business strategy
Reporting methodologies and frameworks
Questions or feedback
McDermott referenced the following international and industry best
practices and ESG frameworks, as applicable, to develop this report:
We welcome your feedback and questions about our sustainability strategy
and performance. Please direct them to: sustainability@mcdermott.com
Task Force on Climate-Related Financial Disclosures (TCFD) framework
International Petroleum Industry Environmental Conservation
Association (IPIECA)
International Association of Oil & Gas Producers (IOGP)
American Petroleum Institute (API) sustainability reporting guidance
European Sustainability Reporting Standards (ESRS)
We continue to evolve our approach in response to changing
regulations and stakeholder expectations as we deliver innovative
energy solutions that supports the transition to lower carbon energy
systems. In parallel, we are preparing to report under the European
Sustainability Reporting Standards (ESRS) in line with the Corporate
Sustainability Reporting Directive (CSRD), reinforcing our commitment
to transparent and decision-useful disclosure.
Reporting period
January 1, 2025 – December 31, 2025 (unless otherwise noted).
Reporting boundaries
This report covers activities under direct operational control of McDermott
International, Ltd., including our headquarters in Houston, Texas, USA.
International Financial Reporting Standards (IFRS)
Assurance and review
The preparation of this Sustainability Report is supported by internal
review processes tailored to the nature of the information presented.
Data and disclosures that fall within the remit of our Internal Audit
and Financial Reporting teams undergo their standard internal
review procedures, while all other sustainability-related information
is validated through subject-matter experts and our established
governance processes.
This year, we have also undertaken voluntary limited assurance of our
Scope 1 and Scope 2 greenhouse gas emissions, and the independent
assurance statement is included within this report.
Imagery
Some of the images used in this report are artistic impressions.
Additional information
McDermott cautions that statements in this communication which are
forward-looking, and provide other than historical information, involve
risks, contingencies, and uncertainties that may impact McDermott’s
actual results of operations. These forward-looking statements include,
among other things, statements about McDermott’s sustainability plans
and targets and the associated timing to achieve those targets.
Although we believe that the expectations re昀氀ected in those forwardlooking 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
quali昀椀ed personnel; changes in the terms, scope or timing of contracts,
contract cancellations, change orders, and other modi昀椀cations and
actions by our customers and other business counterparties; changes
in industry norms; actions by lenders and other creditors 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. This communication re昀氀ects management’s views as of
the date hereof. Except to the extent required by applicable law,
McDermott undertakes no obligation to update or revise any forwardlooking statement.
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