Shares of ailing oil-and-gas engineering and construction company McDermott International (MDR) fell off a cliff last week after media reports of the company having retained turnaround consulting firm AlixPartners LLP "to advise on efforts to improve cash flow and stem a recent spate of net losses" emerged.
Last year's ill-advised acquisition of Chicago Bridge & Iron ("CBI") is now threatening to take down the combined company after massive losses in legacy CBI projects continue to mount.
Photo: Cameron LNG Facility Construction Site at Hackberry, Louisiana - Source: Mitsui & Co.
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