McDermott, CB&I Agree Combined Company’s Name

McDermott International and CB&I have informed that, following the closing of the combination of the two companies, the combined company intends to retain the name McDermott. 

“The name McDermott provides a strong foundation for the combined company and a platform on which we can build our future together,” said David Dickson, McDermott president and CEO, who will continue to lead the combined company. “We are known today as a company that delivers excellence in project execution in a cost-efficient delivery structure for the global energy industry. Together, McDermott and CB&I will have the integrated technology, engineering expertise, unmatched experience and global reach to design and build the energy infrastructure of the future.”

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

CB&I’s business that provides proprietary process technology licenses, associated engineering services, catalysts and engineered products will use the Lummus brand name.

The Lummus business, together with McDermott’s ‘Digital Twin’ software platform Gemini XDTM, will be housed under the umbrella of McDermott Technology.

In addition, CB&I’s tank business will also keep its current branding.

The combination is expected to close in May 2018. It remains subject to customary conditions, including approval by McDermott’s and CB&I’s stockholders and other closing conditions.

Share this article

Follow Subsea World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 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 2 3 4 5 6

Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

read more >

2019 SPE Annual Technical Conference and Exhibition (ATCE)

As one of the largest gatherings of E&P professionals, ATCE includes an extensive technical program covering…

read more >

Offshore Energy Exhibition & Conference 2019

Offshore Energy thematic sessions addressed the full life-cycle in the oil and gas and energy industry, starting with Exploration…

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >