On July 31, 2023, Qingdao McDermott Wuchuan Offshore Engineering Co., Ltd ("QMW") announced the official commencement of the Woodfibre LNG project undertaken by the Company.

The Woodfibre LNG project is a Canadian investment by Pacific Energy, a clean energy development company, part of the Royal Golden Eagle Group. The project has a planned annual capacity of 2.1 million tons of LNG and will be the world's first net-zero emission LNG project during both the construction and operation phases.

QMW undertakes the construction of 18 modules totaling 34,359 MT. The scope of work includes module fabrication design, bulk material procurement, modules construction, mechanical completion and pre-commissioning, weighing, loading-out and sea-fastening. The project is scheduled for delivery in the third quarter of 2025.