US contractor McDermott has agreed a $6 billion all-stock merger deal with fellow engineer CB&I that its chief executive describes as a crucial adjustment in a rapidly changing global energy business that is shifting to a greater emphasis on areas such as liquefied natural gas, petrochemicals and refining.
The deal, announced on 18 December, is expected to close in the second quarter of 2018 pending regulatory approvals, and aims to shore up McDermott's primarily offshore international exposure with CB&I's focus on US and onshore projects.
