With 40 years of senior executive experience, Neil Bruce has now been appointed by Mc Dermott International to join its Board of Directors. His diverse experience will enable the company to undertake better business decisions.
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On August 27, 2020, Andrew F. Gould, the Former Chairman & Chief Executive Officer of Schlumberger joined the Board of Directors at Mc Dermott International. Previously, Gould has held several high designations with numerous leading firms.
Tareq Kawash has been appointed as Senior Vice President for Mc Dermott International’s Europe, Middle East and Africa region. He has 30 years of experience in the engineering and construction industry with domestic and international assignments for oil and gas projects.
The comprehensive restructuring process has led to the formation of Mc Dermott’s new Board of Directors. Under this process, David Dickson, President and Chief Executive Officer will continue in his role while Nils Larsen has been appointed as Lead Director of the firm.
Mc Dermott’s CB&I Storage Solutions has been awarded with multiple engineering, procurement, fabrication and construction contracts for setting up 38 tanks and 13 spheres across several locations in Saudi Arabia.
Mc Dermott will sell its Lummus Technology business to the joint partnership between The Chatterjee Group and Rhône Capital as per the share and asset purchase agreement signed earlier this year. The decision was undertaken as the firm failed to receive any higher bid for the technology.
Mc Dermott’s new 1.2 million square meter fabrication facility will be built within the King Salman International Complex in Ras Al-Khair, Saudi Arabia which is expected to be the largest maritime industries complex in the Middle East.
Amidst reports of Mc Dermott going bankrupt, the company has plans to sell its Lummus Technology. One of the bidders for the technology is the joint partnership between The Chatterjee Group and Rhône Group which is willing to purchase the technology for 2.725 billion dollars.