McDermott International and Chicago Bridge & Iron Company (CB&I) have selected the executive leadership team and integrated organizational structure of the combined company, which will be effective upon the close of the transaction.
As previously announced on December 18, 2017, McDermott and CB&I have agreed to combine in an all-stock transaction to create a vertically integrated onshore-offshore company with an enterprise value of approximately USD 6 billion.
McDermott president and chief executive officer David Dickson , who will lead the combined company said: “I’m looking forward to being joined by an experienced leadership team comprised of extraordinary talent from both organizations and the wider energy industry. Together we will be well positioned to maximize our proven ability to control risk in bidding and deliver excellence in project execution in a cost-efficient delivery structure. We will partner with our customers to provide integrated, end-to-end solutions – from the wellhead to the storage tank – that deliver the quality, efficiency and dependability needed to keep their businesses growing.”
Upon the close of the transaction, the combined company’s operations will be organized by four Areas – North, Central & South America (NCSA), Europe, Africa, Russia & Caspian (EARC), Middle East & North Africa (MENA) and Asia Pacific (APAC).
Under this new structure, the global executive leadership team will include:
The combination remains subject to satisfaction of the remaining closing conditions, including clearance under Russian competition laws, approval by McDermott’s stockholders and CB&I’s shareholders, completion of financing and other customary conditions.
The transaction is currently expected to close in second quarter of 2018.