McDermott completes minority investment in Lummus Technology

Source: press release, 8 March 2021

Lummus Technology’s petrochemical technology portfolio – one of the industry’s most diversified – includes building block processes for a wide range of products derived from olefins and aromatics
Lummus Technology’s petrochemical technology portfolio – one of the industry’s most diversified – includes building block processes for a wide range of products derived from olefins and aromatics (photo: McDermott)

McDermott International, Ltd has announced that it has invested in Lummus Technology Holdings I LLC, a holding company of Lummus Technology. Under the terms of the share and asset purchase agreement for the sale of Lummus Technology – entered into a joint partnership between Haldia Petrochemicals Ltd., a flagship company of The Chatterjee Group, and Rhône Capital on 21 January 2020 – McDermott was provided the option to purchase a minority common equity ownership interest in the entity purchasing Lummus. McDermott recently exercised its option.

“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,” says David Dickson, President and CEO of McDermott. “Together, we will continue to combine McDermott’s innovative EPC delivery with Lummus’ innovative technology solutions to our customers across the globe.”

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.