Subsea 7 withdraws its proposal to acquire McDermott

Subsea 7 S.A. 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Subsea 7 confirms that the proposal made to McDermott’s Board of Directors on April 17 and published on April 23 is no longer valid.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," the Company said in its media release.