McDermott International and Chicago Bridge & Iron Company (CB&I) have completed a $6bn merger, despite unwanted interest in McDermott from Norway’s Subsea 7, creating a fully integrated onshore-offshore company.
David Dickson, president and CEO of McDermott, commented: “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.”
The new combined company will retain the name McDermott, and sees McDermott shareholders take a 53% stake in the enlarged entity.
“We are confident that the execution of our ‘One McDermott Way’ strategy will allow us to drive value for our stockholders and meet the continuously evolving needs of our customers,” added Dickson.