McDermott Completes Sale of Harbor Island Property
April 03 2014 - 6:33PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that one of its subsidiaries has sold the site of
the former Harbor Island fabrication yard near Corpus Christi,
Texas, which closed in 2003, for proceeds of $31.7 million. A gain
of $25 million from the sale is expected to be recognized in the
second quarter of 2014.
“The sale represents progress made towards our goal of divesting
underutilized non-core assets,” said David Dickson, President and
Chief Executive Officer at McDermott. “The concentration of capital
on assets that provide McDermott with a competitive advantage is an
important part of our plan to deliver sustainable long-term
returns.”
ABOUT McDERMOTT
McDermott is a leading provider of integrated engineering,
procurement, construction and installation (EPCI) services for
upstream field developments worldwide. McDermott delivers fixed and
floating production facilities, pipelines and subsea systems from
concept to commissioning for complex Offshore and Subsea oil and
gas projects to help oil companies safely produce and transport
hydrocarbons. Operating in more than 20 countries across the world,
McDermott’s locally focused and globally integrated resources
include approximately 14,000 employees, a diversified fleet of
specialty marine construction vessels, fabrication facilities and
engineering offices.
To learn more, please visit our website at www.mcdermott.com
FORWARD LOOKING
STATEMENTS
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott International,
Inc. cautions that statements in this press release which are
forward-looking and provide other than historical information
involve risks and uncertainties that may impact McDermott's actual
results of operations. The forward-looking statements in this press
release include the expected timing for the gain resulting from the
sale to be recognized. Although McDermott's management believes
that the expectations reflected in those forward-looking statements
are reasonable, McDermott can give no assurance that those
expectations will prove to have been correct. Those statements are
made based on various underlying assumptions and are subject to
numerous risks, contingencies and uncertainties, including without
limitation, adverse changes in the markets in which we operate or
credit markets. If one or more of these risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. For a more complete discussion of
this and other risk factors, please see McDermott's annual report
on Form 10-K for the year ended December 31, 2013. Except to the
extent required by applicable law, McDermott undertakes no
obligation to update or revise any forward-looking statement.
McDermott International, Inc.Investors & Financial
MediaSteve Oldham, (1)
281.870.5147soldham@mcdermott.comorTrade, General & Local
MediaLouise Denly, 1.281.870.5025ldenly@mcdermott.com
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