Houston-based offshore engineering firm McDermott International has secured $560m in new capital.
The funds were provided via a series of transactions secured through commitments from certain existing lenders and shareholders. McDermott says the funds will strengthen its balance sheet and increase liquidity to provide financial flexibility for continued strong project execution and pursuit of new opportunities.
Last year, McDermott went through a financial restructuring while under chapter 11 to eliminate over $4.6bn of debt.
David Dickson, president and CEO of McDermott, said: “This additional capital solidifies our liquidity position and allows us to continue delivering superior project execution for our customers and pursue new growth opportunities. We want to thank our investors for the confidence they have in McDermott and its business model and our customers for their continued support.”