• 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.

     




2020 October 31

15:32 Beach cleanup operation extends from upper Delaware Bay to Ocean City
14:46 Next phase of berth reconstruction at JAXPORT’s Blount Island terminal set to be complete in December 2020
13:21 Dunkerque-Port steps up its short sea shipping network with the launch of a Dunkerque - Republic of Ireland link
12:37 AIDA Cruises pauses operation in November
11:09 24 roles available in the largest biomass terminal in the world

2020 October 30

18:02 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
17:38 Expert considers methanol to be more environmentally friendly marine fuel than LNG
17:06 Port of Melbourne releases its 2020 Sustainability Report
16:56 BC Ferries' third battery electric hybrid vessel launches at Damen Shipyard
16:45 Rosmorport took part in the 4th “LNG Fleet, LNG Bunkering and Alternatives” conference
15:21 General Prosecutor's Office confirmed Vostochny Port’s compliance with Presidential instructions on transition to closed coal handling
14:19 Fuelling the industry: Low-emission development strategies at the 7th International LNG Congress
14:03 VARD to build a second advanced stern trawler for Luntos
13:36 Amursky Shipyard launches Ro-Ro ferry and ice-class rescue ship
13:13 Shuttle service to COSCO’s European hub from Vado Gateway commences
13:10 BlueWater Reporting issues intra-Asia container shipping report
12:37 DNV GL hits remote survey hat trick with 20K surveys, 2-year anniversary and new Operational Centre
11:49 Ivan Radchenko appointed as General Manager at Moby Dik Terminal
11:14 Tuapse Sea Commercial Port increased its throughput by 10% in 9M’2020
10:38 IAA PortNews thanks partners and sponsors of 4th LNG Fleet, LNG Bunkering and Alternatives conference
10:17 The CMA CGM Champs Elysees joins the fleet
10:05 Arctic LNG 2 ice-class tanker fleet formation completed
09:43 Bunker Market this morning, Oct 30
09:40 Bunker prices go down in the Port of Saint-Petersburg, Russia (graph)
09:23 Oil prices are recovering
09:12 Baltic Dry Index as of October 29

2020 October 29

18:31 Wan Hai Lines to launch Straits – Bangladesh Express Service
18:09 Lloyd’s Register launches dedicated Maritime Decarbonisation Hub
17:56 Bill on corporatization of FSUE Rosmorport submitted to RF Government
17:56 Hapag-Lloyd announces winter surcharge to and from St. Petersburg and Ust-Luga
17:30 Rosmorport’s Azov-Black Sea Basin Branch purchased 5 tugboats
17:05 Wärtsilä to collaborate with Anemoi Marine Technologies in future sales of Rotor Sail solutions
16:59 Romania’s border authorities using EMSA RPAS for coast guard surveillance
16:35 Jon Fredrik Baksaas appointed DNV GL’s Chair of the Board
16:17 Nordion Energi moves closer to the aim of 100% green energy by joining the European Clean Hydrogen Alliance
16:01 Port of Los Angeles streamlines online permit process
15:28 MABUX released Bunker Weekly Outlook
15:22 Bunker prices are slightly down in the Far East ports of Russia (graph)
15:20 CMA CGM announces Peak Season Surcharge from China to Russia
15:01 Partnership agreement between leading Hamburg Port Authority and Tanger Med Port Authority
14:36 Port Kolomna takes delivery of multibucket dredger of Project 3409
14:11 MAN compressor technology for largest FPSO vessel offshore Brazil
13:53 Novatek to launch LNG terminal in Rostock (Germany) in 2023
13:30 Rosatom looks into using barges for LNG delivery to Arctic regions
13:11 IMEC and ITF opens big quarantine and testing facility in Manila
12:52 RS grants GASA to GTT’s Mark III Technology
12:29 Rosatom expects reactor plants RITM-200 to be efficient for container carriers and oil tankers
12:10 GTT entrusted by Zvezda with the tank design of ten ARC7 ice-breaking LNG сarriers
11:48 USC forecasts complete transition of shipping industry to electric propulsion in 20-25 years
11:30 Rijkswaterstaat has awarded the enlargement of the Twente canals to a consortium of Van Oord - Hakkers - Beens
11:09 DSV Panalpina acquires Prime Cargo
10:50 Novatek to put into operation 30,000-cbm gas carrier under Cryogas-Vysotsk project in 2022
10:37 Volvo Penta IMO III marine generator sets help power five electric ferries in Norway
10:09 International Association of Dredging Companies signs major strategic collaboration agreement with FIDIC
09:51 MABUX: Bunker Market this morning, Oct 29
09:46 Three LNG-powered product tankers for shipment of stable gas condensate from Ust-Luga to be delivered in 2022-23
09:24 Oil prices show slight increase
09:20 Vestdavit wins contract to supply six French Navy vessels
09:12 Baltic Dry Index as of October 28

2020 October 28

18:15 Sri Lanka's East Container Terminal inaugurates for operations