Subsea 7 makes $2 billion hostile bid to break up McDermott's U.S. deal [Yahoo! Finance News]
CHICAGO BRDGE & IRON (CBI)
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Source: Yahoo! Finance News
Offshore oil services firm Subsea 7 (SUBC.OL) has made an unsolicited offer worth about $2 billion (1.43 billion pounds) for U.S. rival McDermott (MDR.N), potentially breaking up the U.S. company's agreed deal with onshore engineering firm Chicago Bridge & Iron (CB&I) (CBI.N). The deal could make Oslo-listed Subsea 7 the market leader in supplying and installing subsea equipment for oil and gas firms with a combined market share of 24 percent, followed by TechnipFMC with 20 percent and Saipem with 15 percent, an Oslo-based consultancy, Rystad Energy, said. The flurry of M&A activity comes as oil prices have risen to more than $70 a barrel, lifting the need for offshore services and the appetite for offshore investments.
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