The comprehensive refinancing package, finalized September 21, 2026, marks a pivotal shift in the company’s capital structure. Beyond the primary equity and bond offerings, the deal includes a new long-term letter of credit and guarantee facility alongside a revolving credit arrangement. These components are specifically designed to extend debt maturity profiles and reduce leverage across the organization.
In section Releases
McDermott Secures Financial Runway With $1 Billion Refinancing Package
A $500 million equity rights offering and a $550 million Nordic bond issuance headline a major capital restructuring for McDermott International. By locking in new long-term credit facilities, the Houston-based engineering firm aims to stabilize its balance sheet and support a robust global project backlog through 2031.
Michael McKelvy, CEO and Chair of the Board, framed the transaction as a validation of the company's recent operational performance and project execution. The equity portion saw significant participation, with 97% of the rights offering subscribed by existing Class A ordinary shareholders, while the remaining balance was covered by backstop commitments. With over 30,000 employees operating in 30 countries, McDermott intends to use this strengthened financial foundation to pursue disciplined growth and maintain its focus on energy infrastructure delivery.
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