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
McDermott International, Inc. (NYSE: MDR) said that one of its subsidiaries has signed a lease agreement with the Mississippi Development Authority and the Mississippi State Port Authority for the exclusive right to operate a spoolbase and marine operations base in the Port of Gulfport
WorleyParsons announced the appointment of Neil Mackintosh as INTECSEA president, following the retirement of Uri Nooteboom. Mackintosh will join INTECSEA on July 8, 2014 and be based in Houston, Texas. Departing president Uri Nooteboom will assist Mackintosh with his transition until
A joint venture of five industrial auction companies will sell the physical assets of the 300-acre McDermott fabrication facility in Amelia, La. McDermott continues to operate its other fabrication facilities at multiple locations worldwide.
McDermott International, Inc. announced today that one of its subsidiaries was awarded a contract to provide transportation and installation services to Walter Oil & Gas Corporation for the Megalodon platform destined for South Timbalier Block 311 in the Gulf of Mexico
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
The King County Ferry District, whose ferries link the communities that ring Lake Washington and Puget Sound, has contracted with Bellingham-based All American Marine to design and build two new 'water taxis' to replace its pair of 25 year-old leased vessels.
Congressman Jim McDermott (D-Wash.) introduced The Maritime Goods Movement Act for the 21st Century (H.R. 4105) legislation that would replace the Harbor Maintenance Tax (HMT), designed to fund the operation and maintenance of American ports.
McDermott International, Inc. informs that one of its subsidiaries has been awarded a large engineering, procurement, construction and installation (“EPCI”) project by an operator in the Arabian Gulf. The award is included in McDermott’s fourth quarter 2013 backlog
Horizon Marine, Inc. announced the opening of its Brazilian office and the hiring of André Gellers as Country Manager. Andre has worked for more than 10 years supporting the Brazilian oil and gas industry, managing projects related to environmental licensing, emergency response
McDermott International, Inc. announced that one of its subsidiaries has signed an option agreement with PD Ports which gives it the exclusive right to operate a spoolbase to serve projects in the North Sea. McDermott expects to have the facility available for projects in early 2015.
Provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide, McDermott International, say that Gary P. Luquette has been elected as non-executive Chairman of McDermott’s Board of Directors, effective May 6, 2014.
McDermott International, Inc. reports that its subsidiary has become the first to install rigid reel-lay pipe-in-pipe in Asia-Pacific for the Siakap North-Petai (SNP) development project offshore Malaysia. At more than 3,900 feet (1,190 meters)
McDermott International, Inc. apprise that the Derrick Barge 101 was recently mobilized to Indonesia to perform fast-track heavy-lift work for a client offshore Indonesia. Response time to fast-track work is just one of the key elements to a successful project outcome, said Hugh Cuthbertson
Helix Energy says that its Robotics subsidiary, Canyon Offshore, Inc., has reached an agreement with a subsidiary of McDermott International, Inc. to provide remotely operated vehicle (ROV) services and equipment for McDermott’s fleet of subsea construction and pipelay support vessels.