McDermott International Ltd. CEO David Dickson decided to resign, the Houston-based oilfield service company said in a release on June 7.
Over the past year, Dickson led McDermott through a billion-dollar bankruptcy, which included a comprehensive balance sheet restructuring completed in June 2020. He has served as president and CEO of McDermott in 2013 after joining the company from Technip USA Inc.
Lee McIntire, an independent director on the McDermott board of directors, will assume the responsibilities of interim CEO effective immediately, according to the company release.
“Lee is a strategic and pragmatic leader,” Nils Larsen, lead director of the McDermott board, commented in a statement on June 7. “He brings extensive experience leading successful engineering and construction firms and will work closely with McDermott’s executive leaders.”
Operating in over 54 countries, McDermott has more than 30,000 employees plus a diversified fleet of specialty marine construction vessels and fabrication facilities around the world.
McIntire brings more than 35 years in customer-focused construction engineering and executive leadership, most recently serving as CEO of a nuclear reactor design company Terrapower. He was recruited to join McDermott’s board of directors in July 2020.
Commenting on his appointment, McIntire said: “I have admired McDermott’s project execution and customer focus for years and was pleased to join the board last year. I have confidence in the organization and am committed to staying focused on safety, efficiency, the environment and our customers.”
U.S. crude oil stockpiles last week fell by nearly 10 million barrels, the most since July, boosted by strong export and refining demand, the EIA said.
Stranded gas in the Permian Basin crushes Waha spot prices to around 12 cents/MMBtu.
Exports are insufficient so far to keep propane inventories manageable, but as the price continues to drop, that could change.