Houston-headquartered McDermott International has received unsolicited approaches to acquire all or part of its technology business Lummus Technology.
Due to the approaches, McDermott says it will explore strategic alternatives for the $2.5bn business, and has appointed Evercore as lead advisor.
Lummus Technology is a licensor of proprietary petrochemicals, refining, gasification and gas processing technologies, and a supplier of proprietary catalysts and related engineering.
David Dickson, president and CEO of McDermott, commented: “Lummus is an excellent business, with incredibly impressive employees, that has earned a reputation for expertise, innovation and reliability in the refining and petrochemical industries.
”The process of exploring strategic alternatives is part of our ongoing efforts intended to improve McDermott’s capital structure, and we plan to use the proceeds from any transaction involving Lummus Technology to strengthen our balance sheet. While Lummus is an important business within McDermott, we have decided to undertake a process to fully realize its strategic and financial value.”