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McDermott's 2024 Sustainability Report: A Deep Dive

Introduction
On May 28, 2025, McDermott International, Ltd. released its much-anticipated 2024 Sustainability Report, highlighting the company’s commitment to a sustainable, lower-carbon future. This document marks the fifth annual report of its kind and outlines how sustainability measures are being integrated into McDermott's business operations. The report emphasizes the company's progress in various areas, including decarbonization, renewable energy implementation, and social investments, while maintaining its commitment to ethical business practices.

Key Achievements
1. Safety Excellence
McDermott has achieved an impressive Total Recordable Incident Rate (TRIR) of 0.07 alongside a Lost Time Incident Rate (LTIR) of 0.01, positioning the organization among the safest in the industry. This underscores the importance that McDermott places on safety, demonstrating its core value across project execution and risk management.

2. Renewable Energy Sourcing
In a landmark move, McDermott has increased its renewable energy sourcing to cover 80% of its grid electricity demand. This initiative reflects a robust commitment to supporting clean energy and underscores the company’s drive to transition towards more sustainable practices while meeting operational needs.

3. Carbon Reduction Strategies
The report highlights a transformative 35% reduction in carbon intensity within the organization. Achieving ISO 50001 energy management certification at four major fabrication yards showcases long-term improvements and dedication to energy efficiency. These efforts signify McDermott's commitment to reducing its environmental impact significantly.

4. Leading the Energy Transition
McDermott is paving the way in the energy sector, notably making strides in delivering the world’s first large-scale green steel project. Additionally, the company has begun fabrication of a second high-voltage direct current (HVDC) offshore converter station. These projects are vital in aiding Europe's energy transition objectives, showcasing McDermott's leadership in promoting innovative energy solutions.

5. Investing in People
The report also emphasizes McDermott's focus on workforce development, with a notable doubling in participation for internal training and talent development programs. Recognition from the Ugandan government for leading in-country workforce and capacity development programs reflects the company's commitment to fostering a strong, capable workforce.

Perspectives from Leadership
Michael McKelvy, McDermott's President and CEO, expressed the company's pride in the measurable progress highlighted in the report. He stated,
>"Our 2024 report presents our measurable progress in areas of importance to our strategy and our stakeholders."
This sentiment is shared by Rachel Clingman, Executive Vice President of Sustainability and Governance, who noted the integration of safety and sustainability as core values driving the company's operations and exceeding customer expectations.

Adherence to International Standards
In preparing the report, McDermott adhered to various international frameworks and best practices, including the Global Reporting Initiative Standards, United Nations Sustainable Development Goals, and others. Such comprehensive alignment ensures that the company's sustainability practices meet global standards, further enhancing transparency and accountability.

Availability and Further Learning
The complete 2024 Sustainability Report is publicly available to read and download from McDermott’s official website at www.mcdermott.com/sustainability. This initiative not only reflects the company’s continuous commitment to environmental accountability but also invites stakeholders to engage with its sustainability journey.

Conclusion
As McDermott continues to navigate the complexities of energy transformation, the insights provided in the 2024 Sustainability Report serve as a testament to its enduring commitment to sustainability, safety, and a significant lower-carbon future. With ongoing projects and initiatives, McDermott is well-positioned to lead the charge towards a more sustainable energy landscape, proving that it's not just about energy solutions—it's about responsible and ethical stewardship of our planet's resources.