McDermott International and CB&I will join forces to create an onshore-offshore company with a broad engineering, procurement, construction and installation service.
Upon completion of the transaction, McDermott shareholders will own 53 per cent of the combined company and CB&I shareholders will own 47 per cent.
The estimated value of the transaction is US$6 billion, based on the closing share price of McDermott on December 15.
"Customers worldwide increasingly seek a single company that can offer end-to-end solutions, and the combination of McDermott and CB&I responds to these evolving customer needs by creating a leading vertically integrated company," said McDermott President David Dickson.
