US contractor McDermott International has been granted breathing space from recent financial woes after securing a credit line for up to $1.7 billion, writes Steve Marshall.
The Houston-based player will get immediate access to $650 million in the form of a term loan and credit under the new financing facility agreed this week with a group of secured lenders.
McDermott expects to use the credit line to fund working capital and give required performance guarantees on new contract awards.
