McDermott International is to combine with Chicago Bridge & Iron Company (CB&I) in a transaction whose enterprise value is estimated at USD 6 billion, the engineering major announced late on Monday.

McDermott, CB&I to merge

HOUSTON, December 19, 2017 – McDermott International is to combine with Chicago Bridge & Iron Company (CB&I) in a transaction whose enterprise value is estimated at USD 6 billion, the engineering major announced late on Monday.

“Customers worldwide increasingly seek a single company that can offer end-to-end solutions, and the combination of McDermott and CB&I responds to these evolving customer needs by creating a leading vertically integrated company,” David Dickson, McDermott’s president and CEO, said in a statement. “This transaction combines two highly complementary businesses to create a leading onshore-offshore EPCI company driven by technology and innovation, with the scale and diversification to better capitalize on global growth opportunities.”

McDermott’s top executives will lead the new company and McDermott’s shareholders will own about 53% of it, while CB&I shareholders will own the remaining 47%, the release added.

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