McDermott International Inc. received unsolicited offers for all or part of its technology business Lummus Technology LLC, which could value the subsidiary at more than $2.5 billion.
As a result of the offers, McDermott is now exploring strategic alternatives for the business, which provides technology to petrochemicals, refining, gasification and gas processing markets, among other things, according to a Sept. 20 news release.
"The process of exploring strategic alternatives is part of our ongoing efforts intended to improve McDermott's capital structure, and we plan to use the proceeds from any transaction involving Lummus Technology to strengthen our balance sheet," McDermott President and CEO David Dickson said in the release.
McDermott retained Evercore as the lead adviser on the strategic alternatives process for Lummus Technology.
Separately, McDermott said the sale of the remaining portion of its pipe fabrication business, as well as its industrial storage tank business, are ongoing.
