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McDermott Announces Agreement to Sell CB&I Storage Business Line to Consortium of Financial Investors

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Transaction Follows Comprehensive Marketing Process, Culminating in Winning Offer From a Consortium Led by Mason Capital Management

HOUSTON, Oct. 7, 2024 /PRNewswire/ — McDermott International, Ltd (McDermott) today announced it has entered into an agreement to sell its CB&I storage business (CB&I) to a consortium of financial investors led by Mason Capital Management. Under the terms of the agreement, McDermott expects to receive $475 million of proceeds before taxes and transaction expenses. The transaction is expected to be completed in the fourth quarter.

The transaction is the culmination of a comprehensive marketing process during which McDermott received multiple bids from prospective buyers. Pursuant to the terms of McDermott’s credit agreement, proceeds from the sale will be used to repay CB&I’s existing term loan, cash collateralize certain McDermott letters of credit, and reduce an existing McDermott term loan.

“The significant interest expressed in our storage business is a direct reflection of its long history of providing customers world-class storage solutions and its bright future,” said Michael McKelvy, President and Chief Executive Officer of McDermott. “We believe this is the best transaction for our business, CB&I, its customers and employees.”

CB&I has a global footprint and is a leading designer and builder of storage facilities, tanks and terminals. It became part of McDermott in 2018 when the two companies combined. In 2023, McDermott completed actions to strengthen the storage business, including providing a dedicated capital structure.

“We look forward to the next chapter in our 130-year history,” said Mark Butts, Senior Vice President of CB&I. “The consortium represents a diverse group of shareholders who are familiar with our business and have long believed in and supported our strategy.”

“We are pleased to reach this agreement to acquire and serve as the future stewards of CB&I,” said Mike Martino, Managing Member and Principal of Mason. “We believe the Company has significant potential as a standalone enterprise, and we look forward to leveraging our experience successfully investing in industrial and engineering-focused businesses to improve the Company’s operations and support profitable, long-term growth.”

Goldman Sachs & Co. LLC is serving as the exclusive financial advisor for the transaction to McDermott. Kirkland & Ellis LLP is serving as legal counsel to McDermott. Citi is acting as exclusive financial advisor to Mason. Cadwalader, Wickersham & Taft LLP is serving as legal counsel to Mason Capital Management.

About McDermott
McDermott is a premier, fully integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to decommissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Mason Capital Management LLC
Mason Capital Management LLC is an absolute return focused investment firm that combines deep fundamental analysis with a hard catalyst. Founded in July 2000 by Ken Garschina and Mike Martino, Mason’s strategies range from event-driven investing to corporate carve-outs and control acquisitions.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

Forward-Looking Statements

McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the timing of closing and benefits to stakeholders of the transaction. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; risks associated with negotiating divestitures of assets with third parties; actions by lenders, other creditors, customers and other business counterparties of McDermott; and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

For McDermott: 
Reba Reid
Senior Director, Global Communications and Marketing
rreid@McDermott.com

For Mason: 
Jonathan Gasthalter/Sam Fisher
Gasthalter & Co.
(212) 257-4170

 

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SOURCE McDermott International, Ltd

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CGTN America & CCTV UN: China Sci-Tech Innovation Gala showcases breakthroughs

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58 minutes ago

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January 8, 2025

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On December 30, 2024, China Media Group (CMG) debuted the “China Sci-Tech Innovation Gala,” a science and technology festival, featuring “new quality productive forces”.

WASHINGTON, Jan. 8, 2025 /PRNewswire-PRWeb/ — On December 30, 2024, China Media Group (CMG) debuted the “China Sci-Tech Innovation Gala,” a science and technology festival, featuring “new quality productive forces”.

CMG says it will plan more innovative programs to tell the stories of China’s scientific and technological innovation to the world.

The gala brings together the best innovations of the year and interprets the “inspiring soul” of science and technology in an imaginative way.

Featuring robotic bands, virtual hosts, drones, and breakthroughs in AI, brain-computer interfaces, and space exploration, the event brought innovation to life.

Click here for more about https://newsus.cgtn.com/news/2025-01-08/China-Sci-Tech-Innovation-Gala-showcases-breakthroughs-1zZ7oY2OTPW/p.html

FOR IMMEDIATE RELEASE. (This material is distributed by MediaLinks TV, LLC on behalf of CCTV. Additional information is available at the Department of Justice, Washington, D.C.)

Media Contact

Zeng Siwei, CGTN America, 1 2023931850, Distribution@cgtnamerica.com 

View original content:https://www.prweb.com/releases/cgtn-america–cctv-un-china-sci-tech-innovation-gala-showcases-breakthroughs-302345988.html

SOURCE CGTN America

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Semiconductor In Military And Aerospace Market size to increase by USD 3.45 Billion between 2024 to 2029, Market Segmentation by Application, Product, Geography , Technavio

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58 minutes ago

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January 8, 2025

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NEW YORK, Jan. 8, 2025 /PRNewswire/ — The global semiconductor in military and aerospace market size is estimated to grow by USD 3.45 billion from 2025 to 2029, according to Technavio. The market is estimated to grow at a CAGR of 6% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

Application 1.1 Defense1.2 AerospaceProduct 2.1 Memory2.2 Logic2.3 MOS microcomponents2.4 Analog2.5 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

Buy full Get a glance at the market contribution of rest of the segments – Download a FREE Sample Report in minutes!at US USD2500 – Buy Now

1.1 Fastest growing segment:

The defense segment of the semiconductor market is projected to experience significant growth during the forecast period. This expansion is driven by the ongoing demand for advanced military applications, particularly in the areas of electronic warfare and radar. Compound semiconductors, including diodes, transistors, and switches, are integral to these applications due to their superior speed processing and radiation hardness. Notable investors in this field include the US Department of Defense and the Defense Advanced Research Projects Agency, who are funding research into advanced compound semiconductor materials like SiC for improved radar efficiency. Semiconductors play a crucial role in the development of sophisticated electronic systems and equipment for defense applications. They are employed in electronic warfare systems, radar systems, communication devices, and drone and missile guidance systems. The demand for high-performance semiconductors is further fueled by the increasing need for reliable and secure communication systems and the integration of advanced technologies such as machine learning and artificial intelligence. A prime example of semiconductors’ utilization in defense is the implementation of Field-Programmable Gate Arrays (FPGAs) in electronic warfare systems. FPGAs’ capacity to reconfigure and adapt to evolving threat conditions makes them indispensable components of electronic countermeasure systems. As trends in the defense sector evolve, there is a growing emphasis on reducing the size, weight, and power of integrated circuits (ICs). Commercial-off-the-shelf (COTS) components are increasingly being adopted for various applications due to the expanding availability of suitable commercial parts for military uses. This trend, fueled by the increasing adoption of semiconductors in the military and aerospace industry, is expected to drive the growth of the market in focus during the forecast period.

Analyst Review

The semiconductor market in military and aerospace is experiencing significant growth due to the integration of advanced technologies such as data storage, smart factories, IoT security, digital marketing, data visualization, predictive analytics, cybersecurity, and 5G technology. These innovations are driving digital transformation in the industry, enabling real-time data processing, improved efficiency, and enhanced security. Data management and data privacy are critical concerns, with the need for data security and ethical use of data. Remote work and autonomous vehicles are also influencing the market, requiring semiconductors with high performance and low power consumption. Semiconductor design and manufacturing are evolving with the adoption of edge computing, business intelligence, and AI technologies like deep learning. The semiconductor roadmap includes sustainability initiatives, regulatory compliance, and innovation to address the semiconductor chip shortage and ethical concerns. The semiconductor market outlook is positive, with strategies focusing on semiconductor standards, workforce development, and supply chain optimization. Semiconductor services are essential for supporting the design, manufacturing, and implementation of these advanced technologies. Overall, the semiconductor industry is at the forefront of technological advancements, shaping the future of military and aerospace applications.

Market Overview

The semiconductor market in military and aerospace is experiencing significant growth due to the integration of advanced technologies such as the Internet of Things (IoT), AI, and data analytics. Semiconductor products, including logic devices, microcontroller units, and memory chips, play a crucial role in wired communication, data processing, and AI integration in various application areas. Silicon carbide and silicon chipsets are key components in the development of high-performance electronic systems for government projects and the telecom industry. The market is driven by key factors such as consumer behavior, data infrastructure needs, and business revenues from data center applications and industrial automation systems. The automotive industry also contributes to the market growth through the adoption of semiconductor products in electric vehicles and advanced driver assistance systems. Manufacturing agreements and collaborations between companies are essential market research strategies to stay competitive in this dynamic industry. Key drivers include the increasing demand for memory protection units, insulators, and memory chips in various application areas, including consumer electronics, machine learning, and big data processing.

To understand more about this market- Download a FREE Sample Report in minutes!

Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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RapidCanvas Appoints Mayuresh Kshetramade as Chief Operating Officer to Scale Growth Amid Rising Demand for Solutions Powered by Purpose-Built AI Agents

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58 minutes ago

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January 8, 2025

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In his new role, Mayur will lead RapidCanvas’ go-to-market strategy, revenue initiatives, and customer success programs, ensuring that the company’s AI-powered platform remains at the forefront of business transformation.

AUSTIN, Texas, Jan. 8, 2025 /PRNewswire-PRWeb/ — RapidCanvas, a leader in delivering transformative AI-powered solutions that empower businesses to achieve faster and more impactful outcomes, is pleased to announce the appointment of Mayuresh (“Mayur”) Kshetramade as its Chief Operating Officer (COO). With over two decades of expertise in scaling technology businesses and driving customer-focused growth, Mayur’s leadership comes at a pivotal time as RapidCanvas accelerates its mission to successfully put AI agents to work, addressing tech talent shortage. This announcement follows RapidCanvas’s recent $16M Series A funding round, underscoring the company’s rapid growth and commitment to transforming the AI landscape.

“As we continue to redefine what’s possible with AI, Mayur’s ability to align innovative AI capabilities with customers’ strategic business needs will help RapidCanvas chart new avenues for growth and impact,” said Rahul Pangam, CEO of RapidCanvas.

Mayur joins RapidCanvas after a transformative tenure as CEO of CJ, where he spearheaded global growth, introduced groundbreaking offerings in influencer and creator marketing, and cemented the company’s position as a market leader. His career spans multiple leadership roles across data-driven technology businesses, including executive positions at Epsilon (acquired by Publicis Groupe in 2019), Affinnova (acquired by Nielsen in 2014), and early roles in quantitative research at organizations like The World Bank.

“Mayur is a seasoned leader with a rare combination of strategic vision, operational expertise, and a deep understanding of how to scale innovative businesses,” said Rahul Pangam, CEO of RapidCanvas. “As we continue to redefine what’s possible with AI, his ability to align innovative AI capabilities with customers’ strategic business needs will help RapidCanvas chart new avenues for growth and impact. His appointment underscores our commitment to becoming the go-to platform for reliable, production-grade AI solutions.”

In his new role, Mayur will lead RapidCanvas’ go-to-market strategy, revenue initiatives, and customer success programs, ensuring that the company’s AI-powered platform remains at the forefront of business transformation. RapidCanvas’s unique approach combines purpose-built AI agents with human expertise to deliver outcomes 10x faster and at 80% lower costs compared to traditional solutions.

“Joining RapidCanvas represents an incredible opportunity to drive meaningful impact through AI,” said Mayuresh Kshetramade. “The company’s innovative ‘Service-as-Software’ model is reshaping the AI landscape, allowing businesses to overcome the technical talent gap and unlock growth opportunities at unprecedented speed. I look forward to working with the team to expand our platform’s reach, deliver transformative outcomes, and solidify RapidCanvas’ position as the trusted leader in providing AI solutions that deliver measurable business impact.”

RapidCanvas has garnered attention for its revolutionary approach to AI, leveraging Large Language Models (LLMs) and expert-in-the-loop frameworks to automate up to 75% of complex tasks while ensuring human oversight at critical decision points. The platform’s Reliable AI framework ensures all outputs are secure, explainable, and validated, making it a trusted choice for enterprises navigating digital transformation.

This strategic leadership appointment further cements the company’s dedication to innovation, customer success, and market expansion.

Media Contact

Kavya Ram Mohan, RapidCanvas, 91 9361579816, kavya@rapidcanvas.ai 

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SOURCE RapidCanvas

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