McDermott provides EPCI services related to offshore fixed and floating production facilities, pipelines and subsea systems primarily for national and major oil and gas companies.
“Focused on full-service EPCI delivery, our experienced management team is committed to delivering shareholder value through project execution excellence in our three interrelated areas of activity: conventional offshore structures, pipelines and related facilities; floating production systems; and subsea infrastructure, umbilicals, risers and flowlines,” said Stephen M. Johnson, who became McDermott President and Chief Executive Officer, as well as a member of the company’s Board of Directors, on 30 July 2010.
To support development in these areas, McDermott is focused on expanding into new geographic areas, growing its engineering and technology capabilities, enhancing fabrication capacity through new facilities, renewing its existing fleet through organic growth and acquisitions, and leveraging EPCI projects.
Under the terms of the spin-off, McDermott stockholders received one share of B&W common stock for every two shares of McDermott common stock held at the close of business on 9 July 2010 and will receive a cash payment in lieu of fractional shares of B&W. B&W is now a separate, publicly traded company and McDermott does not retain any ownership interest in B&W.