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.
Recommended Reading
Trans Mountain Appoints New CEO, President
2024-08-23 - Trans Mountain appointed Mark Maki to CEO, succeeding Dawn Farrell who will now be chairman of the board.
Dividends Declared in the Week of Aug. 19
2024-08-23 - As second-quarter earnings wrap up, here is a selection of dividends declared in the energy industry.
California Resources Surpasses Tender Amount on Senior Notes Due 2026
2024-08-22 - As of Aug. 21, the early tender time, California Resources Corp.’s principal amount tendered reached $488,467,000, exceeding the maximum tender amount.
Halliburton Working to Assess Cause, Impacts of Cyberattack
2024-08-22 - A Halliburton spokesperson said the company had activated a response plan and was working internally and with external experts to remediate the “issue.”
TIPRO Appoints T. Grant Johnson to Chairman
2024-08-21 - Johnson, who currently serves as the president of Lone Star Production Co., has sat on TIPRO’s board as a regional representative for the past four years.