HOUSTON, July 1, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today provided an update on its
asset sale process.
The company has completed the sale of Alloy Piping Products
(APP), the distribution and manufacturing arm of its U.S. pipe
fabrication business. APP maintains, distributes and manufactures
an extensive inventory of commodity fittings and specialty piping
components.
McDermott continues to pursue a sale of the remaining portion of
the U.S. pipe fabrication business, with an objective of concluding
a transaction by the end of the third quarter of 2019.
The company aims to complete the sale of the storage tank
business by the end of the third quarter of 2019.
About McDermott
McDermott is a premier, fully
integrated provider of technology, engineering and construction
solutions to the energy industry. For more than a century,
customers have trusted McDermott to design and build end-to-end
infrastructure and technology solutions to transport and transform
oil and gas into the products the world needs today. Our
proprietary technologies, integrated expertise and comprehensive
solutions deliver certainty, innovation and added value to energy
projects around the world. Customers rely on McDermott to deliver
certainty to the most complex projects, from concept to
commissioning. It is called the "One McDermott Way." Operating in
over 54 countries, McDermott's locally focused and
globally-integrated resources include approximately 32,000
employees, a diversified fleet of specialty marine construction
vessels and fabrication facilities around the world. To learn more,
visit www.mcdermott.com.
Forward-Looking Statements
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott cautions that
statements in this communication which are forward-looking, and
provide other than historical information, involve risks,
contingencies and uncertainties that may impact actual results of
operations of McDermott. These forward-looking statements include,
among other things, statements about the expected timing of the
sale of the remaining portion of the pipe fabrication business and
of the Storage Tank business. Although we believe that the
expectations reflected in those forward-looking statements are
reasonable, we can give no assurance that those expectations will
prove to have been correct. Those statements are made by using
various underlying assumptions and are subject to numerous risks,
contingencies and uncertainties, including, among others: adverse
changes in the markets in which McDermott operates or credit
markets; the inability of McDermott to execute on contracts in
backlog successfully; changes in project design or schedules; the
availability of qualified personnel; changes in the terms, scope or
timing of contracts; contract cancellations; change orders and
other modifications and actions by customers and other business
counterparties of McDermott; changes in industry norms; and adverse
outcomes in legal or other dispute resolution proceedings. If one
or more of these risks materialize, or if underlying assumptions
prove incorrect, actual results may vary materially from those
expected. You should not place undue reliance on forward-looking
statements. For a more complete discussion of these and other risk
factors, please see each of McDermott's annual and quarterly
filings with the U.S. Securities and Exchange Commission, including
McDermott's annual report on Form 10-K for the year ended
December 31, 2018 and subsequent
quarterly reports on Form 10-Q. This communication reflects the
views of McDermott's management as of the date hereof. Except to
the extent required by applicable law, McDermott undertakes no
obligation to update or revise any forward-looking statement.
Contacts:
Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832-513-1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Senior Vice President, Communications, Marketing and
Administration
+1 281-870-5269
Gentry.Brann@McDermott.com
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SOURCE McDermott International, Inc.