Engineering Co. McDermott To Split Off 2 Units

Law360, New York (December 7, 2009, 1:52 PM EST) -- Engineering company McDermott International Inc. on Monday announced plans to split its power generation and oil and gas construction units into two separate publicly traded companies, a move designed to keep the company from missing out on U.S. government contracts under new federal regulations.

In a filing with the U.S. Securities and Exchange Commission, McDermott said the separation of the two subsidiaries, the Babcock & Wilcox Co. and J. Ray McDermott SA, should be complete in nine to 12 months.

Under the arrangement, current McDermott shareholders...
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