CB&I, McDermott
McDermott International, Inc. and CB&I announced that, following the closing of the combination, 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 McDermott President and Chief Executive Officer David Dickson, 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.”
CB&I’s industry-leading business that provides proprietary process technology licenses, associated engineering services, catalysts and engineered products will use the Lummus brand name. Lummus also offers process planning, project development services and a comprehensive program of aftermarket support primarily for the petrochemical and refining industries. The Lummus business will be housed with the combined company’s leading edge initiatives, including McDermott’s “Digital Twin” software platform Gemini XDTM, under the umbrella of McDermott Technology.
CB&I’s world-renowned tank business will also keep its current branding. CB&I has the most extensive global experience of any storage tank construction company in the industry, having built in excess of 46,000 storage structures in more than 100 countries on all seven continents.
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.
