McDermott completes spin-off

McDermott International is now a stand-alone engineering, procurement, construction, and installation company focused on the offshore upstream oil and gas market worldwide.

Offshore staff

HOUSTON -- McDermott International is now a stand-alone engineering, procurement, construction, and installation company focused on the offshore upstream oil and gas market worldwide.

McDermott completed the spin-off of its power generation systems and government operations segments through the distribution of the shares of The Babcock & Wilcox Co. to McDermott common stock holders.

According to the company, under the terms of the spin-off McDermott stockholders received one share of B&W common stock for every two shares of McDermott common stock held at the close of business on July 9, 2010, and will receive a cash payment in lieu of fractional shares of B&W. B&W is now a separate, publicly traded company and McDermott does not retain any ownership interest in B&W.

08/02/2010

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