This article appears to contain a large number of buzzwords .(December 2021) |
Company type | Private |
---|---|
Industry | Energy Engineering and Construction |
Founded | 1923 |
Founder | Ralph Thomas McDermott |
Headquarters | Houston, Texas, U.S. |
Key people | Michael McKelvy, President and CEO |
Number of employees | ~40,000 (2021) |
Footnotes /references [1] |
McDermott International, Ltd is a global provider of engineering and construction solutions to the energy industry. Operating in over 54 countries, McDermott has more than 30,000 employees, as well as a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. Incorporated in Bermuda, [2] It is headquartered in the Energy Corridor area of Houston, Texas. [3] [4]
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 the construction of the first vessel designed specifically for offshore work (Derrick Barge 4). The company's Oil Division was also organized.
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. [5]
On December 18, 2017, CB&I and McDermott agreed to combine and form a fully vertically integrated onshore-offshore company. [6] The merger was approved in May 2018. [7] In March 2018, the company announced that it had new business with Baker Hughes and BP, with David Dickson still CEO. [8] CB&I's stock ceased being listed on the NYSE on May 11, 2018. Gary P. Luquette was the chairman of the combined company. [9] In May 2018 the company became a member of the S&P MidCap 400, replacing Diebold Nixdorf. [10]
In August 2018, McDermott signed a contract with Shell to work on the Perdido development in the Gulf of Mexico. [11] Also, that month, the company was sued by TechnipFMC over allegedly stolen trade secrets. [12]
After the combination, LNG projects in Hackberry, LA & Freeport, TX and Power projects experienced challenges and the company sold a portion of its pipe fabrication operations.
McDermott secured a $1.7B credit deal. This deal carries super senior credit terms that are structured with the "kind of terms they would receive if they were to convert their debt to a debtor-in-possession loan in bankruptcy." [13]
The company purchased Siluria Technologies, which developed oxidative coupling of methane processes, in 2019. [14]
McDermott released their 2019-Q3 earnings with no earnings call. They posted a $1.9B loss. [15]
On January 21, 2020, McDermott announced that it had filed for Chapter 11 bankruptcy, cancelling all shares of common stock. [16]
The bankruptcy case was filed as prepackaged restructuring in the United States District Court for the Southern District of Texas and includes the parent company, McDermott International, Inc. and 247 affiliated companies. The primary case is identified as case number 20-30336. [17]
In June 2020, McDermott was released from Chapter 11 bankruptcy. [18]
As of 2018, the company had a number of marine vessels. [19]
Diebold Nixdorf is an American multinational financial and retail technology company that specializes in the sale, manufacture, installation and service of self-service transaction systems, point-of-sale terminals, physical security products, and software and related services for global financial, retail, and commercial markets. Currently Diebold Nixdorf is headquartered in the Akron-Canton area with a presence in around 130 countries, and the company employs approximately 23,000 people. Founded in 1859 in Cincinnati, Ohio as the Diebold Bahmann Safe Company, the company eventually changed its name to Diebold Safe & Lock Company. In 1921, Diebold Safe & Lock Company sold the world's largest commercial bank vault to Detroit National Bank. Diebold has since branched into diverse markets, and is currently the largest provider of ATMs in the United States. Diebold Nixdorf was founded when Diebold Inc. acquired Germany's Wincor Nixdorf in 2016. It is estimated that Wincor Nixdorf controls about 35 percent of the global ATM market.
The Shaw Group is a pipe and module fabrication firm specializing in induction bending.
A drillship is a merchant vessel designed for use in exploratory offshore drilling of new oil and gas wells or for scientific drilling purposes. In recent years the vessels have been used in deepwater and ultra-deepwater applications, equipped with the latest and most advanced dynamic positioning systems.
NOV Inc., formerly National Oilwell Varco, is an American multinational corporation based in Houston, Texas. It is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 500 locations across six continents, operating through three reporting segments: Rig Technologies, Wellbore Technologies, and Completion & Production Solutions.
Valaris Limited is an offshore drilling contractor headquartered in Houston, Texas, and incorporated in Bermuda. It is the largest offshore drilling and well drilling company in the world, and owns 52 rigs, including 36 offshore jackup rigs, 11 drillships, and 5 semi-submersible platform drilling rigs.
Hornbeck Offshore Services, sometimes shortened to Hornbeck Offshore, through its subsidiaries, operates offshore supply vessels (OSVs), multi-purpose support vessels (MPSVs), and a shore-base facility to provide logistics support and specialty services to the offshore oil and gas exploration and production industry, primarily in the United States, Gulf of Mexico, and select international markets. The company is a provider of marine services to exploration and production, oilfield service, offshore construction and military customers. Its upstream segment owns and operates fleets of United States flagged, new generation OSVs and United States-owned fleets of DP-2 and DP-3 MPSVs.
Technip S.A. was a company that carried out project management, engineering and construction for the energy industry; in 2017 it completed a merger with FMC Technologies to form TechnipFMC. Its headquarters were in the 16th arrondissement of Paris. It has about 38,000 employees and operates in 48 countries.
Stone & Webster was an American engineering services company based in Stoughton, Massachusetts. It was founded as an electrical testing lab and consulting firm by electrical engineers Charles A. Stone and Edwin S. Webster in 1889. In the early 20th century, Stone & Webster was known for operating streetcar systems in many cities across the United States including Dallas, Houston and Seattle. The company grew to provide engineering, construction, environmental, and plant operation and maintenance services, and it has long been involved in power generation projects, starting with hydroelectric plants of the late 19th-century; and with most American nuclear power plants.
CB&I, previously Chicago Bridge & Iron Co, was a large engineering, procurement and construction (EPC) company with its administrative headquarters in The Woodlands, Texas. CB&I specialized in projects for oil and gas companies, and once employed over 32,000 people worldwide. In May 2018 the company merged into McDermott International. McDermott struggled to integrate its acquisition of CB&I. On January 21, 2020, McDermott announced that it had filed for Chapter 11 bankruptcy due to asbestos litigation. A $22.5 million trust fund was made to handle asbestos claims.
A crane vessel, crane ship, crane barge, or floating crane is a ship with a crane specialized in lifting heavy loads, typically exceeding 1,500 t for modern ships. The largest crane vessels are used for offshore construction.
FMC Technologies, Inc. was a North American company that produced equipment for the exploration and production of hydrocarbons. FMC Technologies was incorporated in 2000 when FMC Corporation divested its machinery businesses. It exists today as a part of TechnipFMC, after a merge with Technip in 2017.
Weatherford International plc, an American–Irish public limited company, together with its subsidiaries, is a multinational oilfield service company and one of the largest companies in the world in oil services. Weatherford is a company providing equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. Many of the company's businesses, including those of predecessor companies, have been operating for more than 50 years.
The Energy Corridor is a business district in Houston, Texas, located on the west side of the metropolitan area between Beltway 8 and the Grand Parkway. The district straddles a 7-mile (11 km) stretch of Interstate 10 from Kirkwood Road westward to Barker Cypress Road and extends south along Eldridge Parkway to Briar Forest Drive. Parts of the district overlap with the Memorial area of Houston. The district is located north of Westchase, another major business district of Houston, and east of Greater Katy.
A jackup rig or a self-elevating unit is a type of mobile platform that consists of a buoyant hull fitted with a number of movable legs, capable of raising its hull over the surface of the sea. The buoyant hull enables transportation of the unit and all attached machinery to a desired location. Once on location the hull is raised to the required elevation above the sea surface supported by the sea bed. The legs of such units may be designed to penetrate the sea bed, may be fitted with enlarged sections or footings, or may be attached to a bottom mat. Generally jackup rigs are not self-propelled and rely on tugs or heavy lift ships for transportation.
Motor Oil (Hellas) Corinth Refineries S.A. is a petroleum industry based in Greece focusing on oil refining and trading. It is a leading force in its sector in Southern Europe and the Mediterranean.
International Marine Contractors Association (IMCA) is a leading international trade association for the marine contracting industry. It is a not for profit organisation with members representing the majority of worldwide marine contractors in the oil and gas and renewable energy industries.
Weeks 533 is a 500-short-ton (454 t) capacity Clyde Iron Works model 52 barge-mounted crane which is the largest revolving floating crane on the East Coast of the United States. It was originally ordered for bridge construction and has since been used in several notable heavy lifts.
TechnipFMC plc is a French-American, UK-domiciled global oil and gas company that provides services for the energy industry. The company was formed by the merger of FMC Technologies of the United States and Technip of France that was announced in 2016 and completed in 2017.
FMC Dockyard Limited is a shipbuilding & ship-repairing company based in Chittagong, Bangladesh owned by the FMC Group. The shipyard constructs various types of vessels, including ocean going multi purpose cargo vessels, passenger vessels & boats, oil tankers, pontoons, barges, fishing trawlers, dredgers, tug boats, container vessels, etc. FMC Dockyard is Situated in the Eastern Bank of the Karnaphuli river in Chittagong, it is an employment source for around 1500+ people; including skilled and semi skilled labors. FMC Dockyard is standing with over 45 acres of land, modernized into a shipyard consisting of all sorts of tech & heavy machinery. More than five hundred marine professionals are also working in the shipyard. Including marine experts, mechanical engineers, electrical engineers, naval architects & experts in other fields. Business strategy of FMC Dockyard is "Diversity for growth and innovation".
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