McDermott to Explore Strategic Alternatives for Lummus Technology – Yahoo Finance

McDermott to Explore Strategic Alternatives for Lummus Technology – Yahoo Finance
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$2.5 billion” data-reactid=”11″ type=”text”>Company recently received unsolicited approaches for Lummus Technology with valuation exceeding$2.5 billion


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HOUSTON,Sept. 20, 2019/PRNewswire/ — McDermott International, Inc. (MDR) today announced it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott’s industry-leading technology business, with valuation exceeding$2.5 billion. Based on the receipt of these approaches, McDermott is exploring strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC) pull-through.” data-reactid=”12″ type=”text”>HOUSTON,Sept. 20, 2019/PRNewswire/ — McDermott International, Inc. (MDR) today announced it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott’s industry-leading technology business, with valuation exceeding$2.5 billion. Based on the receipt of these approaches, McDermott is exploring strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC) pull-through.

McDermott’s Lummus Technology is a leading licensor of proprietary petrochemicals, refining, gasification and gas processing technologies, and a supplier of proprietary catalysts and related engineering. With a heritage spanning more than 100 years, encompassing approximately 3,100 patents and patent applications, Lummus Technology provides one of the industry’s most diversified technology portfolios to the hydrocarbon processing sector.

David Dickson, President and Chief Executive Officer of McDermott. “The process of exploring strategic alternatives is part of our ongoing efforts intended to improve McDermott’s capital structure, and we plan to use the proceeds from any transaction involving Lummus Technology to strengthen our balance sheet. While Lummus is an important business within McDermott, we have decided to undertake a process to fully realize its strategic and financial value.”” data-reactid=”14″ type=”text”>”Lummus is an excellent business, with incredibly impressive employees, that has earned a reputation for expertise, innovation and reliability in the refining and petrochemical industries,” saidDavid Dickson, President and Chief Executive Officer of McDermott. “The process of exploring strategic alternatives is part of our ongoing efforts intended to improve McDermott’s capital structure, and we plan to use the proceeds from any transaction involving Lummus Technology to strengthen our balance sheet. While Lummus is an important business within McDermott, we have decided to undertake a process to fully realize its strategic and financial value.”

Separately, McDermott’s previously announced processes to sell the remaining portion of its pipe fabrication business and its industrial storage tank business are ongoing.


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McDermott has retained Evercore as the lead advisor on the strategic alternatives process for Lummus Technology.

About McDermott

www.mcdermott.com.” data-reactid=”18″ type=”text”>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, visitwww.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. These forward-looking statements include, among other things, statements about improving McDermott’s capital structure, intended use of proceeds from a transaction involving a sale of all or part of the Lummus Technology business and strengthening of McDermott’s balance sheet.  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: negotiations with third parties; regulatory and other approvals; adverse changes in the markets in which McDermott operates or credit or capital markets; and actions by lenders, other creditors, customers and other business counterparties of McDermott. 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.

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