McDermott International Ltd has exercised an option to buy a minority investment in Lummus Technology Holdings LLC, which is a holding company of Lummus Technology.
Under the terms of the share and asset purchase agreement for the sale of Lummus Technology —entered into with a joint partnership between Haldia Petrochemicals Ltd, a flagship company of The Chatterjee Group, and Rhône Capital on January 21, 2020 — McDermott was provided the option to purchase a minority common equity ownership interest in the entity purchasing Lummus.
McDermott recently exercised its option to buy the minority investment in its former subsidiary, the company confirmed in a statement.
The sale of Lummus was part of McDermott’s comprehensive restructuring process, which McDermott successfully completed on June 30, 2020.
Since the sale, McDermott and Lummus have continued to work together through their strategic agreement to bring customers technology solutions through the entire plant life cycle.
Commenting on the latest investment, the president and chief executive officer of McDermott, David Dickson, said: “This agreement not only reinforces our already-robust and active relationship, but also reflects our support of— and belief in — Lummus’ long-term strategic plan.”
“Together, we will continue to combine McDermott’s innovative EPC delivery with Lummus’ innovative technology solutions to our customers across the globe,” Dickson added.
