McDermott of the US and Singapore-based Keppel Fels have decided to wind down their Houston-based FloaTec joint venture in a sign of the tough times facing upstream engineering and construction contractors.
Multiple sources have confirmed that FloaTec will, at the very least, undergo a significant organisational change, if not cease to exist completely.
The venture will shut its doors in Houston by 30 April, according to one well-placed source.
The
