New CFO elected at McDermott

U.S. offshore engineering and construction company McDermott has appointed Chris Krummel as Executive Vice President, Chief Financial Officer, effective immediately.

McDermott’s DLV 2000 vessel; Source: McDermott

Krummel joined McDermott in 2016 and previously served as the company’s Global Vice President, Finance and Chief Accounting Officer. He replaces Stuart Spence, who has resigned from McDermott to pursue other opportunities.

“Chris has worked closely and collaboratively with our leadership team for the past three years and has clearly demonstrated the business and financial acumen that McDermott needs,” said David Dickson, McDermott’s President and Chief Executive Officer.

“I’m confident in his ability to lead our Finance organization as we work to rebuild our capital structure to match and support the strength of our operating business. We wish Stuart success in his future endeavors and appreciate his significant contributions to McDermott over the past five years.”

Krummel has 25 years of finance leadership experience. Prior to joining McDermott, he served as: a consultant of American Industrial Partners, a firm engaging in private equity investments in industrial businesses in the United States and Canada; Chief Financial Officer and Vice President of EnTrans International, LLC, a global manufacturer of aluminum tank trailers, heavy lift trailers and oilfield pressure pumping equipment used in hydraulic fracturing and other well services; and Chief Accounting Officer, Vice President and Corporate Controller/Vice President of Finance of Cameron International, a worldwide provider of flow equipment products, systems and services to oil, gas and process industries.

In related news, McDermott on Monday reported a loss for the third quarter of 2019 compared to a profit in the same period last year mostly due to charges of $1.5 billion related to impairment.

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