McDermott International

McDermott International is a fully integrated provider of engineering, procurement, construction, and installation (EPCI) and technology solutions to the energy industry. Incorporated in the Republic of Panama in 1959, the company designs and builds end-to-end infrastructure and technology solutions for transporting and transforming oil and gas into various products. McDermott's proprietary technologies, integrated expertise, and comprehensive solutions are applied to offshore, subsea, power, liquefied natural gas (LNG), and downstream energy projects globally. Its customer base includes national, major integrated, and other oil and gas companies, as well as producers of petrochemicals and electric power. McDermott operates in most major energy-producing regions worldwide. On May 10, 2018, McDermott completed its combination with Chicago Bridge & Iron Company N.V. (CB&I). Following this combination, the company incurred losses on several projects, referred to as "Focus Projects," which were originally undertaken by CB&I and its subsidiaries. Two of these projects, the Cameron LNG export facility project in Hackberry, Louisiana, and the Freeport LNG export facility project in Freeport, Texas, are still ongoing. These projects have consumed significant amounts of cash in the periods after the Combination. This cash usage, combined with substantial letters of credit and procurement funding required for new contracts, has strained McDermott's liquidity and capital resources. The company's backlog was $18.6 billion as of December 31, 2019.