McDermott CEO Bets on Next Turnaround at Ailing Chicago Bridge



The troubles at Chicago Bridge, a company founded in 1889, are rooted in the purchase about five years ago of the Shaw Group, which had won a large contract to build nuclear plants in the U.S. The work ran into delays and cost overruns, draining cash. Then the energy market crashed. The builder’s market value sank to about $1.8 billion from as much as $9 billion in 2014.

“We’re going to apply the McDermott playbook and hopefully through that get the company back to where it should be,” said Dickson, who worked in the onshore business at his previous job at what is now TechnipFMC Plc. “There’s a huge amount of capex ongoing across the oil and gas spectrum, whether it’s in refining, petrochemicals or upstream.”

To contact the reporter on this story: Thomas Black in Dallas at tblack@bloomberg.net. To contact the editors responsible for this story: Brendan Case at bcase4@bloomberg.net Susan Warren.


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