McDermott, CB&I Agree Combined Company’s Name
- Business & Finance
McDermott International and CB&I have informed that, following the closing of the combination of the two companies, the combined company intends to retain the name McDermott.
“The name McDermott provides a strong foundation for the combined company and a platform on which we can build our future together,” said David Dickson, McDermott president and CEO, who will continue to lead the combined company. “We are known today as a company that delivers excellence in project execution in a cost-efficient delivery structure for the global energy industry. Together, McDermott and CB&I will have the integrated technology, engineering expertise, unmatched experience and global reach to design and build the energy infrastructure of the future.”
As previously announced on December 18, 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a premier vertically integrated onshore-offshore company with an enterprise value of approximately $6 billion.
CB&I’s business that provides proprietary process technology licenses, associated engineering services, catalysts and engineered products will use the Lummus brand name.
The Lummus business, together with McDermott’s ‘Digital Twin’ software platform Gemini XDTM, will be housed under the umbrella of McDermott Technology.
In addition, CB&I’s tank business will also keep its current branding.
The combination is expected to close in May 2018. It remains subject to customary conditions, including approval by McDermott’s and CB&I’s stockholders and other closing conditions.