Shaw is back.
Houston-based McDermott International Inc., which expects to emerge from bankruptcy in the second quarter, has sold the former pipe fabrication assets of The Shaw Group to Ithaca Acquisitions Holdings LLC, which plans to rename itself Shaw Acquisitions Holdings and operate the business as Shaw.
The purchase price was not disclosed. The assets comprise pipe fabrication, structural steel fabrication, piping, mechanical assembly and modularization subsidiaries. They serve the LNG, petrochemical, and oil and gas production markets.
“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,” Jim Stephenson, chairman of Ithaca Acquisitions Holdings, said in making the announcement.
Shaw’s operations include seven manufacturing facilities located in Walker and Lake Charles, Louisiana; El Dorado, Arkansas; Laurens, South Carolina; Clearfield, Utah; Abu Dhabi, UAE; and Askar, Bahrain. As part of the deal, Ithaca also acquired rights to The Shaw Group trademark.
The Woodlands-based Chicago Bridge & Iron acquired Louisiana-based Shaw for $3 billion in 2013, and McDermott acquired CB&I for $6 billion in 2018.
CEO Mike Childers and COO Sachin Singh will lead the new Houston headquartered company, which employs employs approximately 700 people companywide.
