McDermott selling storage tank, U.S. pipe fabrication businesses

After a strategic review of its portfolio following its purchase of Chicago Bridge & Iron earlier this year, McDermott has decided to sell its storage tank business and its U.S. pipe fabrication business. The company has determined that these businesses are not core to its long-term strategic objectives.

The company will retain its fabrication yards in Altamira, Mexico; Batam Island, Indonesia; Jebel Ali, Dubai; Dammam, Saudi Arabia; and Qingdao, China.