McDermott International — Company directory

Houston-based engineering, procurement, construction and installation contractor for offshore platforms, subsea systems, pipelines and LNG facilities worldwide.

McDermott International, Ltd is a privately held engineering and construction contractor for the energy industry, headquartered in the Energy Corridor district of Houston, Texas, and incorporated in Bermuda. It was founded in 1923 by Ralph Thomas McDermott as J. Ray McDermott & Company and today reports more than 30,000 employees and operations in over 30 countries. Michael McKelvy has been president and chief executive since February 2022 and also chairs the board.

History and ownership

The company began with a contract to build 50 wooden drilling rigs at Luling, Texas, moved its base to Houston in 1932 during the east Texas oil boom and installed its first fixed steel platform out of sight of land in 1947, in 20 feet of water in the Gulf of Mexico for Superior Oil. In 1950 it took delivery of Derrick Barge 4, described as the first vessel designed specifically for offshore work. It spun off the government services business Babcock & Wilcox in 2010, then combined with CB&I in May 2018 to create a group spanning onshore and offshore construction.

Challenges on inherited LNG and power projects led to a prepackaged Chapter 11 filing on 21 January 2020 in the Southern District of Texas, covering the parent and 247 affiliated companies and cancelling the common stock. McDermott emerged from bankruptcy in June 2020 as a private company with a new structure. In October 2023 it announced a transaction support agreement that amended and extended its term loans and letter of credit facilities to mid-2027, implemented through Dutch and English restructuring processes rather than a further insolvency filing.

Solutions and delivery model

Engineering, fabrication and marine installation sit inside one company, which the group presents as its main competitive claim. Its published solution lines are subsea and floating facilities, offshore, high-voltage direct current transmission, liquefied natural gas and low-carbon pathways covering sustainable aviation fuel, carbon capture and hydrogen. A consulting arm carries front-end studies and project management work. Offshore engineering and project management are centralised while yards, marine assets and project execution are regional.

The subsea fleet includes the Amazon, a vessel upgraded and christened in 2022 with an onboard multi-joint facility and a pipe hold capacity of 10,000 tonnes, which was used on the Whale development in the Alaminos Canyon area of the Gulf of Mexico. Other work has moved beyond oil and gas: McDermott was awarded the BorWin6 grid connection for the Dutch-German transmission operator TenneT, a 980 megawatt high-voltage direct current project it has described as its largest renewable energy award, and it has carried out front-end engineering for a waste tyre recycling project for Michelin, for an ultra-low sulphur gasoline unit for Viva Energy in Australia and for a hydrogen and carbon capture hub at Bacton in the United Kingdom.

Fabrication yards and marine fleet

Altamira, Mexico: 178 acres with 1,640 feet of quayside, serving the Gulf of Mexico and the Americas with throughput of 55,000 short tons a year.
Batam, Indonesia: 297 acres, 2,680 feet of quayside and up to 66,139 short tons a year, handling floating offshore construction, LNG modules and subsea structures.
Jebel Ali, United Arab Emirates: 131 acres and up to 55,000 short tons a year, serving Middle East and Indian customers.
Qatar Fabrication Company (QFAB), a joint venture with Nakilat inside the Erhama Bin Jaber Al Jalahma shipyard at Ras Laffan: 41 acres and about 4 million work hours a year.
Qingdao McDermott Wuchuan in China, a joint venture with Wuhan Wuchuan Investment Holding: 148 acres, a 300 metre skidway with 50,000 tonne loadout capacity and throughput of up to 99,000 short tons a year.

As of 2025 the company listed eight marine vessels: the Amazon, Derrick Barges 30, 32 and 50, Derrick Lay Vessel 2000, Intermac 650, Lay Vessel 108 and North Ocean 102.

Financial position and the 2026 refinancing

For the three months to 30 June 2026 McDermott reported revenue of US$2.3 billion, adjusted EBITDA of US$143 million, net income of US$41 million and cash used in operating activities of US$76 million, with backlog of US$15.8 billion at quarter end and trailing twelve month adjusted EBITDA of US$519 million. The company published first quarter 2026 results on 18 May 2026 and priced a Nordic bond offering on 1 July 2026 as part of a wider refinancing. A rights offering announced on 30 June 2026 closed its subscription period on 17 August 2026 with about 97 per cent of Class A rights exercised, and the refinancing was completed on 21 September 2026.

Contract awards during 2026

3 June 2026: Saudi Aramco selected McDermott for a project management consultancy long-term agreement.
29 July 2026: cooperation agreement with ULC-Energy to advance Rolls-Royce small modular reactor projects.
4 August 2026: memorandum of understanding with Doosan Enerbility on power generation opportunities.
6 August 2026: ExxonMobil in Mozambique issued a letter of intent for the Rovuma LNG project.
24 August 2026: ADNOC awarded a large offshore engineering, procurement, construction and installation contract for the Umm Shaif field development, which the company described as a mega award.
8 September 2026: subsea contract for the Cronos development offshore Cyprus.

McDermott publishes quarterly results and keeps an investor section with bondholder information and a governance library, including a code of business conduct revised in September 2026 and a human rights and social responsibility policy. General contact runs through a web enquiry form that routes topics such as subcontractors, suppliers, careers, employment verification, offshore operations, investor questions and media requests; press enquiries have a dedicated published address.