McDermott Secures Funding for New Projects
Engineering, procurement and construction firm McDermott secured $560mn in new capital December 31. As announced on November 18, the new capital was provided through a series of transactions which was secured through commitments from certain existing lenders and shareholders. McDermott met all conditions necessary to close these transactions and has strengthened its balance sheet and increased its liquidity to provide financial flexibility for continued strong project execution and pursuit of new opportunities, it said late January 5.
"With the completion of the capital raise, McDermott has recapitalised its business with the support of its investors," said CEO David Dickson. "This additional capital solidifies our liquidity position and allows us to continue delivering superior project execution for our customers and pursue new growth opportunities. We want to thank our investors for the confidence they have in McDermott and its business model and our customers for their continued support."
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McDermott filed for US bankruptcy protection and its reorganisation plan was legally approved early last year. Among its high-profile clients are Qatar Petroleum and Mozambique LNG.