McDermott International Inc (NYSE:MDR) Updates Shareholders Pertaining Proposed Combination


McDermott International Inc (NYSE:MDR) issued an updated investor presentation pertaining its intended combination with CB&I which was reported in December 2017. This presentation can be accessed by visiting the investor relations part of McDermott’s website.

The buzz

Earlier in unrelated news, McDermott International reported Ian Prescott as VP, Asia, from January 8, 2018 succeeding Hugh Cuthbertson who posted plans to retire from the firm. Prescott will even be a member of company’s Executive Committee.

David Dickson, the Chief Executive Officer and President of McDermott, expressed that Prescott has extensive knowledge and experience in the upstream segment that will help them to grow their operations in Asia. He is a high performing pioneer that understands the opportunities and challenges and is dedicated to seeking the best solutions for their customers. He thanks Cuthbertson for his almost four decades of unmatched service to McDermott in the gas and oil industry and they are grateful for his direction over the years.

Prescott has over 28 years of extensive marketing, business unit and operational responsibilities for processing and production solutions in the upstream gas and oil sector, including fabrication and engineering. Prior to recent appointment, he was Director of Asia Pacific and SVP for SNC-Lavalin, an international, fully-integrated project management and professional services firm. He also was the General Manager and MD and later as the Chief Executive Officer of Global Process Systems. He has served on major leadership roles with PAE PLC and Aker Kvaerner.

McDermott is a major provider of integrated “EPCI”, module fabrication services and “FEED” for upstream field developments globally. The company delivers floating and fixed production facilities, installations, subsea systems and pipelines from commissioning to concept for complex Offshore and Subsea gas and oil projects to help oil firms safely transport and produce hydrocarbons.

In the last trading session, the stock price of McDermott gained 0.26% to close the day at $7.83.

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