• 2019 October 22 16:02

    McDermott International enters into agreement for up to $1.7 bln of new financing

    McDermott International, Inc. has entered into an agreement with certain of its secured lenders under which the Company will have access to up to $1.7 billion of additional financing, including letter of credit capacity, the company said in its release. Under the terms of the Agreement, McDermott will have immediate access to $650 million of financing comprised of $550 million under a term loan facility and $100 million under a letter of credit facility, before reduction for related transaction fees and expenses.

    The Company expects to utilize the amounts available under the Agreement to finance working capital and support the issuance of required performance guarantees on new projects.

    McDermott continues to pursue the previously announced strategic alternatives process for Lummus Technology and the sale process for the remaining portion of the pipe fabrication business. McDermott has decided to terminate its previously announced sale process for its industrial storage tank business.

    The Company's ability to access the remaining amount of financing under the Agreement is subject to various conditions that are at the discretion of the Lenders. Those conditions are detailed in the Form 8-K that the Company filed with the U.S. Securities and Exchange Commission today (the "Form 8-K").

    McDermott also announced that it is withdrawing its previously stated guidance for full-year 2019. Separately, the presentation material used by the Company in discussions with the Lenders regarding the new financing is included as an exhibit to the Form 8-K.

    Kirkland & Ellis LLP is serving as legal counsel to McDermott in connection with the new financing and related matters, Evercore is serving as financial advisor and AP Services, LLC, an affiliate of AlixPartners, is serving as operational advisor. Barclays is acting as lead arranger on the financing.

     




2021 January 26

18:31 DFDS invests in 35,000 sqm warehouse
17:47 ABS, NTU, Singapore, and ASTI joint study to explore the potential for ammonia as a marine fuel in Singapore
17:38 Marine Recruiting Agency trained 10% more people in 2020
17:35 Kongsberg signs a Letter of Intent with Yantai CIMC Raffles Offshore to deliver a large technology package for the BT-220IU Wind Turbine Installation Unit
17:16 MAATS Tech wins contract for major new build CLV with VARD Group AS
16:45 The centrepiece of SMM DIGITAL is the multifaceted conference programme
16:26 Neptune Declaration signed by over 300 maritime industry and human rights leaders
15:40 The Grande Texas enters the Grimaldi fleet
15:13 Single report only needed to sail across Flanders and the Western Scheldt
14:31 Krasnoye Sormovo to invest over RUB 200 million in upgrading and equipment modernization this year
13:59 Port of Baku cargo throughput increased by 20 percent in 2020
13:36 Rosmorport signs trilateral agreement with IBC Güler and "Infoline" Marine Agency LLC on using port infrastructure of Kavkaz seaport
12:50 Ro-ro ferry Marshal Rokossovsky intended for Ust-Luga-Baltiysk line undergoes mooring trials
12:27 Wärtsilä participates in EU-funded project to decarbonise long-distance shipping
11:32 USCG rescued 3 people off sinking crab fishing boat in Humboldt Bay
11:05 Contecon Guayaquil handles first carbon-neutral container shipment in the world
10:55 MOL's newbuilt LNG carrier "LNG Rosenrot" goes into service for Uniper
10:21 World’s first 100,000-ton deepwater semi-submersible production and storage platform built to ABS Class
10:11 MABUX: Bunker market this morning, Jan 26, 2021
09:29 Crude oil prices continue decreasing
09:12 Baltic Dry Index as of January 25

2021 January 25

18:06 Valenciaport leads Spain in natural gas supply operations
17:56 Russian Fishery Company develops new markets
17:28 Vanino coast stations of sea areas A1 and A2 GMDSS successfully passed regular survey
17:05 DNV GL awards AIP to KSOE for wing sail propulsion system
16:05 Wärtsilä signs a five year extension to its Optimised Maintenance agreement with Golar
15:59 Port of Ventspils increased handling of wood products
15:04 ABS awards industry’s first AIP for deep-sea mining vessel to CMI
14:27 Average spot market price for Russian M100 product climbed to RUB 18,710 pmt
14:02 Konecranes and Calata Bettolo container terminal in Genoa join forces on complete container handling solution
13:55 90% of ships cleared by Baltic Customs in 2020 went through commission-free procedure
13:02 Port of Rotterdam Authority launches smart bollard trial at ECT
12:13 Chinese ports container throughput increases by 1.2% to 264.3 million TEU in 2020
11:38 Calls at ports of Sakhalin, Kurils and Kamchatka in 2020 grew by 4.4%
11:04 Panama Canal signs MoUs with Panama Ports Company and PSA Panama International Terminal to optimize supply routes for COVID-19 vaccine distribution
10:47 MABUX: Bunker market this morning, Jan 25, 2021
10:12 Throughput of Chinese sea and river ports in 2020 climbed by 4.3% YoY
10:10 The LNG-powered CMA CGM JACQUES SAADE makes her first call at Le Havre
09:51 Rosmorport appoints Aleksandr Smirnov as Acting General Director
09:30 Crude oil prices start this week with a decrease
09:16 Baltic Dry Index as of January 22

2021 January 24

16:37 Boluda Towage acquires Dutch Towage & Salvage Company Iskes
15:13 MARAD announces notice of funding opportunity for America's small shipyard grant program
14:39 Greensea receives US NAVY award to advance Standoff Command and Control
14:18 USCG assists 7 people after boat collision near Fort Pierce
13:42 Contract awards within Renewable Energy and Subsea
12:32 RightShip and INTERCARGO announce important new quality standard for dry bulk sector to be governed by new NGO
11:26 V.Group announces new appointment
10:56 Siem Car Carriers' fleet continues to grow with Super-Eco, LNG powered PCTC vessels

2021 January 23

16:31 DNV GL awards AIP to KSOE for wing sail propulsion system
15:23 Boomsma Shipping installs and sails off with two eConowind Flatrack VentiFoils
14:51 HHLA acquires majority share of automation specialist iSAM AG
13:18 MPA announces 30-day suspension for pleasure craft, ADVANT, for large social gathering on board
12:42 Puerto Aguadulce hits 1 million TEU milestone
11:36 Diana Shipping announces time charter contract for M/V Calipso with Viterra
10:53 Bahri Ship Management receives ISO 45001 certification for occupational health and safety

2021 January 22

18:00 Rosmorport's icebreaker Mudyug starts providing icebreaking assistance in the Baltic Sea
17:36 Andrey Lavrishchev appointed as head of Federal Marine and River Transport Agency
17:13 Aleksandr Poshivay appointed as Deputy Minister of Transport of the Russian Federation
16:34 Rosmorport starts providing geodesic and hydrographic services in the water area of Petropavlovsk-Kamchatsky seaport