McDermott International Inc., a Houston-based provider of engineering services to the energy industry, is selling its New Jersey-based Lummus Technology unit as part of a restructuring through Chapter 11 bankruptcy protection.
McDermott said in a news release on the restructuring that it will sell Bloomfield-based Lummus, a refining technology business, to a joint partnership of the Chatterjee Group and Rhone Group for $2.725 billion — with the partnership serving as the “stalking horse” bidder during an auction process.
McDermott will have an option to retain a 10% common equity ownership interest in Lummus’ new parent company.
All McDermott businesses are expected to operate as normal during the restructuring, the company noted.
