McDermott sells storage business for $475 million

HOUSTON, October 7, 2024 – McDermott will sell its CB&I storage business to a consortium of financial investors led by Mason Capital Management for USD 475 million, the US company announced on Monday.

Active for 130 years, CB&I designs and builds storage facilities, tanks and terminals and has a global presence. It became part of McDermott in 2018 when the two companies combined.

The deal, for which McDermott said it received multiple bids, is expected to be completed in the fourth quarter.

“We believe [CB&I] has significant potential as a standalone enterprise, and we look forward to leveraging our experience successfully investing in industrial and engineering-focused businesses to improve the company’s operations and support profitable, long-term growth,” said Mike Martino, managing member and principal of Mason.

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