J. Ray McDermott, S.A. announced a proposal was made by the Board of Directors of McDermott International, Inc., to the Independent Committee of J. Ray McDermott's Board of Directors. Under the proposal, McDermott International would acquire all the publicly held shares of JRM. The proposal calls for a merger in which each publicly held share of J. Ray McDermott would be converted into 1.15 shares of McDermott International, Inc. common stock. McDermott International currently owns 63 percent of the common stock of JRM. The Independent Committee of J. Ray McDermott's Board will take the proposal of a merger with McDermott International, Inc. under consideration.
The Finance Committee of the Board of Directors of McDermott International, Inc. has terminated discussions with the Independent Committee of the Board of Directors of its majority-owned subsidiary, J. Ray McDermott S.A., concerning the possible acquisition by McDermott International of the publicly held shares of J. Ray McDermott. The committee said the discussions were terminated because the parties were unable to reach an acceptable financial agreement
J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott International Inc. ("McDermott"), announced that its Morgan City, Louisiana fabrication facility has been awarded a contract for the construction of flues, ducts and reactor panels by The Babcock & Wilcox Company ("B&W"), also a McDermott subsidiary. The contract is in support of B&W's Kansas City Power & Light LaCygne #1 SCR project and is valued at approximately $4 million
According to reports, J. Ray McDermott Eastern Hemisphere Ltd. (J. Ray), a subsidiary of J. Ray McDermott, S.A., was awarded a contract by ExxonMobil Middle East Gas Marketing Ltd. to provide engineering, procurement, construction and installation (EPCI) services for two wellhead platforms and pipelines, as part of the Al Khaleej Gas (AKG) Development Phase 2 Offshore Expansion Project.
McDermott International Inc said that a subsidiary of group company J Ray McDermott has set up a joint venture with a unit of state-owned China Shipbuilding Industry Corp. The joint venture - Qingdao McDermott Wuchuan Offshore Engineering Co Ltd - plans to establish a facility in Qingdao, in eastern China's Shandong province. The new company plans to focus on the construction of floating production, storage and off-loading (FPSO) vessels, US-listed McDermott said in a statement
J. Ray McDermott, S.A. announced that its Malaysian affiliate Barmada McDermott Sdn. Bhd. (BMD) has won a fast track transportation and installation contract from ExxonMobil Exploration and Production Malaysia Inc. for the 2.4km, 12 inch full well stream (FWS) replacement pipeline between Guntong-C and Guntong-A, off the east coast of Peninsular Malaysia. The existing Guntong-C riser and a section of the existing pipeline will be replaced with a 2
The Houston Business Journal has reported that J. Ray McDermott Inc has begun construction on two specialty barges for Harrah's Entertainment Inc. The two casino barges currently under construction will become part of Harrah's Horseshoe Casino expansion project in Hammond, Ind. Each measures 276 feet long by 102 feet wide and 22 feet deep, with a weight of about 1,700 tons. They will be combined with four other barges being built elsewhere to create a 564-foot long
McDermott International, Inc. (NYSE:MDR) reported net income of $140.4m, or $0.61 per diluted share, for the 2007 third quarter, compared to net income of $102.7m, or $0.45 per diluted share, for the corresponding period in 2006. Weighted average common shares outstanding on a fully diluted basis were approximately 228.9 million and 228.3 million in the quarters ended September 30, 2007 and September 30, 2006, respectively
In a ruling issued January 4, 2002, Judge Sarah S. Vance of the U.S. District Court for the Eastern District of Louisiana granted Babcock & Wilcox's and McDermott International, Inc.'s (NYSE: MDR) motions for summary judgement against a group of London underwriters and dismissed the declaratory judgment action filed by the insurers. The underwriters had sought to annul an agreement which acknowledges coverage for B&W's asbestos exposure and sets forth the agreements of the insurers to pay
Aker Solutions contracted by a subsidiary of McDermott for the delivery of subsea tie-in connectors to the Australian Ichthys LNG Project. The scope of work in the contract, valued at NOK 500-million, includes the delivery of 6"-18" horizontal and vertical diverless tie-in connectors to be included in the McDermott umbilicals, risers and flowline scope for the Ichthys LNG Project. Engineering, procurement, construction and installation specialist, McDermott
All Coast, LLC, a newly formed company for the marine services industry founded by John Powers and John Nesser III, has completed the acquisition of Hercules Offshore’s domestic liftboat assets. This $57.5 million acquisition includes 29 actively marketed liftboats ranging from class 105
McDermott and Ocean Installer have reached a mutual agreement to dissolve the interim North Sea project-specific alliance the two companies entered into in December 2012. Opportunities under the alliance have not materialized and in recent months it has become apparent that the long term
Licensed Professional Engineer and Naval Architect Andrew Mund has been named AdvanTec Marine's Technical Director.In this role Mr. Mund will extend his commitment to the industry by expanding his offerings to a wider client base, leading marine engineering and design initiatives for all five of
McDermott International, Inc. (NYSE:MDR) announced that one of its subsidiaries has entered into an agreement with Petrobras for a short term charter to supply its subsea construction vessel North Ocean 102 (“NO102”). The NO102 will carry out deepwater umbilical and flexible pipe
McDermott International inks contract with Keppel Offshore & Marine for construction of a dynamically-positioned combination S-Lay vessel with a 2,000-ton crane. The vessel, tentatively named Derrick Lay Vessel 2000 (“DLV2000”)
Ocean Installer & leading offshore engineering & construction company McDermott establish alliance to meet rigid pipelay needs in the North Sea subsea market. The alliance marks McDermott’s re-entry into the North Sea and establishes Ocean Installer as a tier one North Sea
McDermott International, Inc. has announced that one of its subsidiaries has received a letter of award for a turnkey contract for the PB-Litoral-A production platform for PEMEX Exploracion y Produccion in the Litoral Tabasco Tsimin-Xux fields
McDermott International announce that Tony Duncan is to join the company as Vice President & General Manager, Subsea. Tony has a broad offshore oil and gas industry background, including holding senior and executive management roles for the last 15 years, after progressing through engineering
McDermott International wins contract to develop offshore surface facilities & an infield flowline for the Kepodang Field. The contract was awarded to McDermott's Indonesian subsidiary by PC Muriah Ltd., an affiliate of PETRONAS Carigali Sdn. Bhd.
McDermott International, Inc. announced that certain of its subsidiaries have entered into an agreement in which McDermott has acquired all of the outstanding shares of the DeepSea operating companies. Terms of the purchase are not being disclosed.
A McDermott International subsidiary has been awarded two projects valued at approximately US$ 900-million. The first project includes engineering, procurement, construction and installation of a new tie-in platform, with a 3,200-tonne topside and six-pile jacket, two auxiliary platforms
After 6 months of charter Marigny Tug LLC of St. Augustine, Florida has closed on the purchase of the U.S. flag tugboat “Leslie Foss”. Prior to the sale, the twin-screw, sheer bow, ocean tug “Leslie Foss” (ex-Caribe Pioneer) had been on charter from Foss Maritime of Seattle
Delaware's Vessel Management Services, Inc. has sold their twin-screw tug “Sinuk” to King River LLC of Palmer, Alaska. The 85.8’ x 28.5’ x 10.0’ depth, model bow tug was built in 1995 by J. Ray McDermott Shipyard in Morgan City, Louisiana
ABB, a power and automation technology group, recently won a $12 million order to supply electrical power and propulsion systems for a deepwater pipe laying vessel. The vessel, tentatively named Derrick Lay Vessel 2000 (“DLV2000”)
All Coast, LLC, a newly formed company for the marine services industry founded by John Powers and John Nesser III, has completed the acquisition of Hercules Offshore’s domestic liftboat assets. This $57.5 million acquisition includes 29 actively marketed liftboats ranging from class 105 to