McDermott International

McDermott International, Inc.
Public
Traded as
Industry Oil and gas
Founded 1923 (1923)
Founder Ralph Thomas McDermott
Headquarters Houston, Texas, U.S.
Key people
 Gary P. Luquette
(Chairman of the Board)
David Dickson
(President & CEO)
Stuart Spence
(Executive VP & CFO)
Revenue Increase US$ 2.98 billion (2017)
Increase US$ 324.20 million (2017)
Increase US$ 177.22 million (2017)
Total assets Increase US$ 3.22 billion (2017)
Total equity Increase US$ 1.79 billion (2017)
Number of employees
 ~40,000 (2018)
Website McDermott.com
Footnotes / references
[1]

McDermott International, Inc. (formerly J. Ray McDermott) is an American multinational engineering, procurement, construction and installation company with operations in the Americas, Middle East, the Caspian Sea and the Pacific Rim.[2][3] Incorporated in Panama,[4] it is headquartered in the Energy Corridor area of Houston, Texas.[5][6]

History

1923-2000

In 1923, Ralph Thomas McDermott established J. Ray McDermott & Company Incorporated at the age of 24 upon receipt of a contract to build 50 wooden drilling rigs for a wildcatter in Luling, Texas. Knowing he could benefit from his father's long-time experience in the lumber and oilfield construction businesses, Ralph made John Raymond McDermott a partner and the company’s namesake.

In 1930, it expanded the business from its original headquarters in Eastland, Texas, to Luling after a boom in oil exploration in the area. In 1932, the company moved to Houston, Texas with the continuing oil boom. It provided different services to the oil industry through three McDermott family-owned businesses: J. Ray McDermott & Co., Elmax Construction, and Stall & McDermott.

1937 saw the hiring of the company’s first construction crew, a team of six. The company opened a New Orleans, Louisiana office. In 1938, the company introduced the first use of floating drilling equipment in low-lying marshlands of Texas and Louisiana. The following year, it purchased J.G. McMullen Dredging Company and established it as the Olsen Dredging Company.

In 1946, the company reorganized the multiple McDermott family business operations into one: J. Ray McDermott & Co., Inc. of Delaware. The following year, the company designed and installed the first fixed platform made of steel out-of-sight-of-land, in 20 feet of water in the Gulf of Mexico for Superior Oil. It also established a contracting division, which was the major operating segment during the early years.

In 1948, it acquired assets of Harry F. Allsman Company, McDermott’s joint venture partner for several contracting jobs in the Gulf of Mexico, which provided equipment to meet the new demand for offshore construction. In 1949, the company was commissioned construction of the first vessel designed specifically for offshore work (Derrick Barge 4). The company’s Oil Division was also organized.

Restructuring

In 2010, McDermott International share-holders agreed to spin-off the U.S.-based government contracting services company Babcock & Wilcox and its related other domestic companies. The oil & gas services company, J. Ray McDermott, discontinued use of the J. Ray McDermott brand; and continued its oil & gas services contracting under the name McDermott International. The company is led by Chairman, President and CEO David Dickson.[7]

2017-18

On December 18, 2017, CB&I and McDermott agreed to combine and form a fully vertically integrated onshore-offshore company.[8] The merger was approved in May 2018.[9] In March 2018, the company announced that it had new business with Baker Hughes and BP, with David Dickson still CEO.[10] CB&I's stock ceased being listed on the NYSE on May 11, 2018. Gary P. Luquette was the chairman of the combined company.[11] In May 2018 the company became a member of the S&P MidCap 400, replacing Diebold Nixdorf.[12]

In August 2018, McDermott signed a contract with Shell to work on the Perdido development in the Gulf of Mexico.[13] Also that month, the company was sued by TechnipFMC over allegedly stolen trade secrets.[14]

Marine Fleet

As of 2018, the company had a number of Marin vessels.[15]

  • Amazon
  • Derrick Barge 27
  • Derrick Barge 30
  • Derrick Barge 32
  • Derrick Barge 50
  • Derrick Lay Vessel 2000
  • Emerald Sea
  • Intermac 650
  • Lay Vessel 108
  • Lay Vessel North Ocean 105
  • North Ocean 102
  • Thebaud Sea

References

  1. ↑ "US SEC: Form 10-K McDermott International, Inc". U.S. Securities and Exchange Commission. Retrieved March 7, 2018.
  2. ↑ "Offshore Oil & Gas Construction". McDermott International, Inc. Archived from the original on September 3, 2009. Retrieved 2009-09-05.
  3. ↑ "COMPANY PROFILE". J. Ray McDermott. 30 Jun 2008. Archived from the original on 2001-08-06. Retrieved 2009-09-05.
  4. ↑ "J. Ray. McDermott, Inc". BusinessWeek. September 4, 2009. Retrieved 2009-09-05.
  5. ↑ "Corporate Offices". McDermott International. Retrieved 2018-05-18. 757 N. Eldridge Pkwy. Houston, TX 77079 USA
  6. ↑ "2017 Base Map". Energy Corridor. Retrieved 2018-05-15.
  7. ↑ "McDermott to Spin-off B&W". World Nuclear News. Retrieved 2010-07-10.
  8. ↑ "McDermott Inks $6B Merger Deal With Chicago Bridge & Iron". December 19, 2017.
  9. ↑ "McDermott and CB&I Stockholders Approve Proposed Combination". McDermott International. 2018-05-02. Retrieved 2018-05-15.
  10. ↑ https://www.forbes.com/sites/clairepoole/2018/03/16/mcdermotts-prospects-improve-with-ma-new-business/#6a77ec1863f8
  11. ↑ http://www.mcdermott-investors.com/news/press-release-details/2018/McDermott-Completes-Combination-with-CBI/default.aspx
  12. ↑ https://www.prnewswire.com/news-releases/mcdermott-international-set-to-join-sp-midcap-400-diebold-nixdorf-to-join-sp-smallcap-600-300642597.html
  13. ↑ https://www.prnewswire.com/news-releases/mcdermott-awarded-subsea-umbilical-and-flowline-installation-contract-by-shell-for-the-silvertip-field-300689218.html
  14. ↑ https://www.bizjournals.com/houston/news/2018/08/16/technipfmc-sues-mcdermott-over-allegedly-stolen.html
  15. ↑ "Marine Construction Vessels". Mcdermott.com. Retrieved 2018-08-03.
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