McDermott Secures $560 Million in New Capital to Fund Future Growth
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McDermott International has secured approximately $560 million in new capital through a series of transactions expected to close by the end of the year. McDermott has secured commitments from certain existing lenders and shareholders for these transactions, as well as approval from a steering committee.The transactions are designed to further strengthen the company’s balance sheet, increase liquidity, and fund future growth opportunities.
“The support of the investors and the steering committee reflects their confidence in our long-term business strategy and competitive position,” said David Dickson, president and chief executive officer of McDermott.
“Following on the heels of a successful restructuring earlier this year, this additional capital will further solidify our liquidity position, enabling us to continue to deliver superior project execution for our customers and consistently pursue new growth opportunities as demand for our expertise and capabilities increases,” added Dickson.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Its customers trust their technology-driven approach to design and build infrastructure solutions to responsibly transport and transform oil and gas into the products the world needs today. From concept to commissioning, their expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. It is called the “One McDermott Way.” Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world.
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