McDermott Divests Pipe Fabrication Business
Ithaca Acquisition Holdings reported Tuesday that it has completed its acquisition of the former pipe fabrication assets of The Shaw Group from McDermott International, Inc.
“We saw this as a great opportunity to partner with an experienced investor group to acquire the former Shaw Group pipe fabrication portfolio and bring these assets back to the market after being used for proprietary projects for the last several years,” Ithaca Chairman Jim Stephenson commented in a written statement emailed to Rigzone.
Ithaca, which also revealed that it will rename itself Shaw Acquisitions Holdings, stated the transaction reestablishes Shaw as a leading pipe and module fabricator with significant fabrication capacity and one of the world’s largest portfolios of manufacturing facilities. The firm added that Shaw’s global footprint includes 2 million square feet of fabrication facilities with recent manufacturing technology and production management systems.
“Shaw is the technological leader in fabricated pipeline systems and pipe and module fabrication services with a focus on safely providing great customer service and high-quality products,” remarked Shaw CEO Mike Childers.
Ithaca noted that Sachin Singh will serve as Shaw’s chief operating officer. It added that Shaw’s operations include seven manufacturing facilities in Walker, La., Lake Charles, La., El Dorado, Ark., Laurens, S.C., Clearfield, Utah, Abu Dhabi, UAE and Askar, Bahrain.
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