McDermott – CB&I Deal Obtains US Regulatory Clearance

McDermott and CB&I said that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to their proposed combination.

As previously announced on December 18, 2017, McDermott and CB&I have agreed to combine in an all-stock transaction to create a vertically integrated onshore-offshore company with an enterprise value of approximately $6 billion.

Under the terms of the proposed combination, upon completion, McDermott stockholders will own approximately 53 percent of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47 percent.

Following completion of the transaction, the combined company will be headquartered in the Houston area. David Dickson, current president and chief executive officer of McDermott, will be president and chief executive officer of the combined company.

The combination remains subject to regulatory clearance in Russia, approval by McDermott’s and CB&I’s shareholders, completion of financing and other closing conditions.

Share this article

Follow Subsea World News

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >