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 strategic aims of both companies are not aligned, say McDermott. The relationship between them and Ocean Installer remains amicable.
“As part of its drive to grow its activities in the subsea market, McDermott continues to build its internal assets and capabilities to facilitate growth in order to meet the current and future challenges of the subsea industry. McDermott may undertake timely and appropriate strategic partnerships with leaders and niche players in the industry in support of reaching global tier-one status in subsea project execution”, commented Stephen M Johnson, Chairman, President and Chief Executive Officer of McDermott.