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MCDERMOTT

Independent Committee to Consider Merger Proposal

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.


McDermott International Terminates Proposal

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 Awarded Contract

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.


J. Ray Morgan City Facility Awarded Contract

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


McDermott in JV with China Shipbuilding

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 Awarded Malaysia Pipeline Contract

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


J.Ray McDermott Begins Construction on Casino Barges

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


Judge Rules for B&W and McDermott Regarding Insurance for Asbestos Claims

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


Subsea Tie-in Connectors: Aker to Deliver for Ichtys LNG Project

Subsea Tie-in Connector: Photo credit Aker Solutions

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 Announces 3Q Results

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


McDermott Elect G.P. Luquette Board Chairman

Gary P. Luquette: Photo courtesy of Houston Strategy Forum

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 Signs Agreement for North Sea Spoolbase

© McDermott International

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.


Horizon Marine Opens Brazilian Office

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 Get Big Middle East Offshore Contract

Offshore rig in storm: File Image CCL

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


New Legislation Aims to Help American Ports

Jim McDermott

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.


All American Marine to Build Two Seattle Catamaran Ferries

Water Taxi rendering courtesy of King County Ferry District

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.


McDermott Wins Subsea Contract for Petrobras

(Copyright McDermott International, Inc. 2013. All rights reserved.)

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


Andrew Mund Named AdvanTec Marine Technical Director

Andrew Mund

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 & Ocean Installer Split Amicably

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


All Coast Acquires Hercules Liftboats

Photo: All Coast

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


New Firm Acquires Hercules Offshore Domestic Liftboats

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


ABB Wins $12 Million Diesel Electric System Order

Photo: ABB

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”)


Alaskan Tugboat Sale Brokered by Marcon

Tugboat Sinuk: Photo credit Marcon

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


Marcon International Brokers 3,000-hp Tugboat Sale

Tugboat Leslie Foss: Photo credit Marcon International

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


Two Arabian Gulf Contracts for McDermott

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


 
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