McDermott International Ltd. has invested in Lummus Technology Holdings I LLC, a holding company of Lummus Technology, on March 8.
Under the terms of the share and asset purchase agreement for the sale of Lummus Technology—entered into with a joint partnership between Haldia Petrochemicals Ltd., a flagship company of The Chatterjee Group, and Rhône Capital on January 21, 2020—McDermott was provided the option to purchase a minority common equity ownership interest in the entity purchasing Lummus. McDermott recently exercised its option.
“This agreement not only reinforces our already-robust and active relationship, but also reflects our support of—and belief in—Lummus’ long-term strategic plan,” David Dickson, president and CEO of McDermott, said. “Together, we will continue to combine McDermott’s innovative EPC delivery with Lummus’ innovative technology solutions to our customers across the globe.”
The sale of Lummus was part of McDermott’s comprehensive restructuring process, which McDermott successfully completed on June 30, 2020. Since the sale, McDermott and Lummus have continued to work together through their strategic agreement to bring customers technology solutions through the entire plant life cycle.
The appointment of Daniel E. “Danny” Brown as CEO fills a role left vacant since last December when Oasis Petroleum Co-founder Thomas Nusz retired.
Mark McFarland was appointed interim CEO in December, following the departure of Todd Stevens.
Gilmore, a Proserv company, was able to weather 2020 without laying off employees. Hear CEO David Nemetz discuss the company’s success and plans for the future.