As announced on 18 December 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a premier vertically integrated onshore-offshore company with an enterprise value of approximately US$6 billion. Under the terms of the proposed combination, upon completion, it is estimated that McDermott stockholders will own approximately 53% of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47%.
The combination is expected to be completed in 2Q18. It remains subject to approval by McDermott’s and CB&I’s shareholders, completion of financing and other closing conditions.
