McDermott provides update on sale of its US pipe fabrication business

McDermott International provided an update on its asset sale process.
The company has completed the sale of Alloy Piping Products (APP), the distribution and manufacturing arm of its U.S. pipe fabrication business. APP maintains, distributes and manufactures an extensive inventory of commodity fittings and specialty piping components.
McDermott continues to pursue a sale of the remaining portion of the U.S. pipe fabrication business, with an objective of concluding a transaction by the end of the third quarter of 2019.
The company aims to complete the sale of the storage tank business by the end of the third quarter of 2019.