McDermott Signs Letter Of Intent To Acquire Avondale Offshore Division Assets

Avondale Industries, Inc. and McDermott Incorporated recently announced that they have entered into a Letter of Intent for the sale of certain of the assets of Avondale's Offshore Division, located in Terrebonne Parish, La., that are used by Avondale in its offshore fabrication business. Consummation of the sale is subject to Avondale and McDermott entering into a satisfactory definitive agreement. The sale is expected to be completed within 60 days.

Avondale Industries, Inc., headquartered in New Orleans, La., is one of the nation's leading marine fabricators.

McDermott Incorporated is a subsidiary of McDermott International, Inc., a leading worldwide energy services company. The company and its subsidiaries manufacture steam-generating equipment, defense products, tubular products, and process control systems. They also provide engineering and construction services for industrial and utility facilities onshore, and to the oil and gas industry offshore.

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Maritime Reporter Magazine, page 25, Feb 1989

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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.