Shareholders in offshore oil services firm McDermott have approved a proposed merger with engineering firm Chicago Bridge and Iron (CB&I), effectively killing a hostile takeover by Norwegian rival Subsea 7 made last week. Houston-based McDermott International and CB&I announced Wednesday that both companies have received the necessary stockholder approval to complete … [Read more...]
Subsea 7 Makes $2 Billion Hostile Bid to Break Up McDermott’s U.S. Deal
By Nerijus Adomaitis OSLO, April 23 (Reuters) - Offshore oil services firm Subsea 7 has made an unsolicited offer worth about $2 billion for U.S. rival McDermott, potentially breaking up the U.S. company's agreed deal with onshore engineering firm Chicago Bridge & Iron (CB&I). The deal could make Oslo-listed Subsea 7 the market leader in supplying and installing … [Read more...]
McDermott to Open Manufacturing Facility at New Saudi Shipbuilding Complex
By Reem Shamseddine MANAMA, March 8 (Reuters) - U.S. oilfield services and equipment provider McDermott International said on Wednesday it would build a fabrication yard at a shipbuilding complex planned by national oil giant Saudi Aramco on the kingdom's east coast. The two companies signed a memorandum of understanding for the first major manufacturing investment in the … [Read more...]
McDermott Wins “Large” Contract at Hout
McDermott International announced today that it has received a "large" contract amendment from Al-Khafji Joint Operations (KJO) to lead the engineering, procurement, construction and installation (EPCI) of a new platform in the Hout field, located 26 miles east of Al-Khafji. The scope of work also includes the EPCI for two bridges with a total weight of approximately 3,300 tons … [Read more...]
McDermott to Install Ayatsil-A Platform for PEMEX
Utilizing the Intermac 600 launch barge and Derrick Barge 50, offshore construction firm McDermott will install the Ayatsil-A drilling platform for PEMEX Exploracion y Produccion (PEMEX) in the Bay of Campeche. McDermott notes they won the contract today to install the offshore jacket, deck and piles for the Ayatsil field. In a water depth of around 400 feet, the … [Read more...]