(Reuters) - U.S. oilfield services provider McDermott International Inc said on Tuesday it would file for prepackaged bankruptcy protection under Chapter 11, as it looks to cut debt that ballooned following a major acquisition in 2018. The restructuring will be financed by a debtor-in-possession (DIP) financing of $2.81 billion, the company said. As part of the deal, … [Read more...]
McDermott Shareholders Approve CB&I Merger, Killing Hostile Takeover Bid By Subsea 7
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...]