Samik Mukherjee, the chief operating officer of US-based engineering and construction giant McDermott, is set to exit the company next month, according to multiple sources.
Mukherjee was named as the company’s executive vice president and chief operating officer in June last year and has been spearheading the company’s operations following its emergence from Chapter 11 proceedings in 2020.
One person familiar with the development told Upstream that Mukherjee has recently resigned from McDermott and is set to leave the company next month.
Another source also confirmed that Mukherjee will soon be stepping down from the coveted post in a surprise move.
McDermott confirmed to Upstream that Mukherjee is set to depart from the company following a recently executed reorganisation process.
The company said that "as part of its corporate strategy, McDermott International has announced the implementation of a market-centric business line structure across its global operations."
"Prior to the new structure, operations were structured regionally and reported to Samik Mukherjee," the company noted.
"Mukherjee has accepted a new career opportunity outside of McDermott and outside of the engineering and construction sector," it added.
Before joining McDermott, Mukherjee was executive vice president of corporate development, strategy, mergers and acquisitionswith arch-rival TechnipFMC.
In 2018, TechnipFMC alleged in a Houston court that Mukherjee had sought to “misappropriate confidential information and trade secrets” before leaving for his new job at Houston-based oil and gas contracting rival McDermott.
Mukherjee and McDermott denied at the time that they had made use of any ill-obtained information.
The parties later settled the case.
In its second quarter 2019 earnings results, TechnipFMC referred to “net litigation credits, including the favorable settlement in the matter entitled TechnipFMC plc v. Samik Mukherjee and McDermott International, Inc.”
McDermott said its new organisational set-up will include four primary business lines, each led by a senior vice president who reports to McDermott president and chief executive Michael McKelvy.
McKelvy was named as the company’s new president and chief executive in February.
Mukherjee has been crucial to the company’s turnaround plan for several months, with the Houston-headquartered company clinching several big-ticket offshore engineering, procurement and construction projects this year worth billions of dollars.
The company’s position had earlier taken a hit in the Middle East as key state-owned companies such as Saudi Aramco and Qatar Petroleum took a cautious approach to awarding sizeable EPC projects during the amply publicised financial restructuring, which was completed in 2020.
However, The US contractor's fortunes have improved in recent months under Mukherjee’s leadership, especially in the Middle East, with key EPC awards in Saudi Arabia and Qatar.
In January, QatarEnergy awarded a huge EPC contract to McDermott for the offshore facilities destined for its North Field East Expansion project in the Persian Gulf, with the package said to be worth more than $3.5 billion.
The US-based contractor also landed a key contract from Aramco for its Zuluf incremental project.