McDermott International, Inc. has completed its merger with CB&I, that creates a vertically integrated provider of technology, engineering and construction solutions for the energy industry.
More than 50% of McDermott shareholders supported the merger and approved a 3-to-1 reverse stock split, according to a spokesman.
“This is an exciting day for McDermott,” said David Dickson, President and Chief Executive Officer of McDermott. “The combination of McDermott and CB&I brings together a global upstream and subsea engineering, procurement and construction company with an established downstream provider of industry-leading petrochemical, refining, power, gasification and gas processing technologies and solutions—creating a company that spans the entire value chain from concept to commissioning. Together, we have the integrated technology, engineering expertise, construction experience and global reach to design and build the energy infrastructure of the future.”
McDermott has a broad offshore upstream and downstream service offering and market leading technology portfolio. With more than 200 years of combined experience, McDermott has the depth of expertise and full range of innovative capabilities to help companies solve today’s problems while planning for the complex challenges of tomorrow from the wellhead to the storage tank.
Gary Luquette will continue as Non-Executive Chairman of the Board of Directors.
McDermott will be organized by geographic areas—North, Central & South America; Europe, Africa, Russia & Caspian; Middle East & North Africa; and Asia Pacific—with an executive presence in each area, supported by Global Project Execution and Delivery functions, to drive operational excellence and deepen relationships with local customers. CB&I’s former technology business, now called Lummus Technology, will continue to operate as a distinct licensing, catalyst, engineering and after-market services business.
Operating in more than 54 countries, McDermott’s locally focused and globally integrated resources include approximately 40,000 employees, including more than 5,000 engineers, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world.
For more information, visit: www.mcdermott.com and www.cbi.com
11th May 2018
