McDermott International, Inc. announced today that one of its subsidiaries has sold the site of the former Harbor Island fabrication yard near Corpus Christi, Texas, which closed in 2003, for proceeds of $31.7 million. A gain of $25 million from the sale is expected to be recognized in the second quarter of 2014.
“The sale represents progress made towards our goal of divesting underutilized non-core assets,” said David Dickson, President and Chief Executive Officer at McDermott. “The concentration of capital on assets that provide McDermott with a competitive advantage is an important part of our plan to deliver sustainable long-term returns.”
McDermott is a provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide.