You are currently viewing: News



20-09-2019

McDermott to explore strategic alternatives for Lummus Technology

McDermott International Inc, 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.

"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," said 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."

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

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

Other News Items

Baltic Chemical Company selects Ethylene technology from McDermott

McDermott International Inc, announced today it has been awarded a sizeable technology contract from Baltic Chemical Company (BCC) and a sizeable Extended Basic Engineering ...

18-11-2019

Amiral complex mixed feed cracker contract awarded to McDermott

McDermott International Inc announced it has been awarded a large contract by Saudi Aramco and Total Raffinage Chimie (Total) to provide licenses, basic engineering package, ...

22-10-2019

McDermott to explore strategic alternatives for Lummus Technology

McDermott International Inc, today announced it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott's industry-leading technology ...

20-09-2019

Bharat Petroleum awards multi-technology contract to Chevron Lummus Global

Chevron Lummus Global (CLG), is pleased to announce that it has been awarded a contract by Bharat Petroleum Corporation Limited (BPCL) in Mumbai, India for the license ...

19-09-2019

Qingdao McDermott Wuchuan awarded module fabrication contract for arctic LNG project

McDermott International Inc, today announced that its joint venture Qingdao McDermott Wuchuan Offshore Engineering Co. Ltd (QMW) in Qingdao, China, has been awarded a ...

17-09-2019

Chevron Lummus Global announces hydroprocessing award in China

Chevron Lummus Global LLC, is pleased to announce that it has been awarded a contract by Weifang Hongrun Petrochemical Technology Co., Ltd. for the license and design ...

20-08-2019

CEPSA select LC-FINING from Chevron Lummus Global

Chevron Lummus Global LLC is pleased to announce its selection by Compañía Española de Petróleos (CEPSA) to provide licensed technology for ...

19-08-2019

PetroLogistics awards McDermott with FEED contract for 500 KTA Gulf Coast PDH project

McDermott International, Inc announced it has been awarded a sizeable contract by PetroLogistics ll LLC to perform the front-end engineering design (FEED) services for ...

12-08-2019

Chevron Lummus Global announces clean fuels award in South Korea

Chevron Lummus Global, is pleased to announce that it has been awarded a contract by SK Energy Co., Ltd. for the licensing of its Vacuum Residue Desulfurization (VRDS) ...

08-08-2019

Indian Oil selects FCC technology from McDermott

McDermott International Inc, today announced that it has been awarded a sizeable technology contract by Indian Oil Corporation Limited (IOCL) for the technology license, ...

25-07-2019