McDermott International Inc. (NYSE: MDR) announced April 3 that one of its subsidiaries sold the site of the former Harbor Island fabrication yard near Corpus Christi, Texas, for $31.7 million.
The fabricaiton yard closed in 2003. A gain of $25 million from the sale is expected to be recognized in the second quarter of 2014.
“The sale represents progress made towards our goal of divesting underutilized non-core assets,” David Dickson, McDermott president and CEO, said in the release. “The concentration of capital on assets that provide McDermott with a competitive advantage is an important part of our plan to deliver sustainable long-term returns.”
Based in Houston, McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide.
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