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McDermott completes new capital raise for US$560 million

Published by , Senior Editor
World Pipelines,

McDermott International, Ltd has announced that on 31 December 2020, it secured US$560 million in new capital.

As announced on 18 November 2020, the new capital was provided through a series of transactions which was secured through commitments from certain existing lenders and shareholders. McDermott met all conditions necessary to close these transactions and has strengthened its balance sheet and increased its liquidity to provide financial flexibility for continued strong project execution and pursuit of new opportunities.

"With the completion of the capital raise, McDermott has recapitalised its business with the support of its investors," said David Dickson, President and Chief Executive Officer of McDermott. "This additional capital solidifies our liquidity position and allows us to continue delivering superior project execution for our customers and pursue new growth opportunities. We want to thank our investors for the confidence they have in McDermott and its business model and our customers for their continued support."

McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry.

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