AI assistant
Subsea 7 — M&A Activity 2018
May 2, 2018
6244_iss_2018-05-02_6973ae63-32ba-4e6d-9869-79f53c69785c.html
M&A Activity
Open in viewerOpens in your device viewer
Subsea 7 withdraws its proposal to acquire McDermott
Subsea 7 withdraws its proposal to acquire McDermott
Luxembourg -May 2, 2018 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that it had taken note of McDermott International, Inc. ("McDermott," NYSE: MDR) shareholders' vote in favour of a combination with CB&I (NYSE: CBI). In light of this vote, Subsea 7 confirms that the proposal made to McDermott's Board of Directors on April 17 and published on April 23 is no longer valid.
Subsea 7 will continue to invest in alternative routes to grow and strengthen its business worldwide, with a focus on differentiation through its market leading capabilities and enabling technology.
*******************************************************************************
Subsea 7 S.A. is a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry. We provide technical solutions to enable the delivery of complex projects in all water depths and challenging environments.
Subsea 7 is listed on the Oslo Bors (SUBC), ISIN LU0075646355.
*******************************************************************************
Contact for investment community enquiries:
Isabel Green
Investor Relations Director
Tel +44 (0)20 8210 5568
www.subsea7.com