McDermott International (formerly J. Ray McDermott) (NYSE: MDR) is an American multinational engineering, procurement, construction and installation company with operations in the Americas, Middle East, the Caspian Sea and the Pacific Rim. It is incorporated in Panama and headquartered in Houston, Texas, United States.
1923: Ralph Thomas McDermott established J. Ray McDermott & Company Incorporated at the age of 24 upon receipt of a contract to build 50 wooden drilling rigs for a wildcatter in Luling, Texas. Knowing he could benefit from his father's long-time experience in the lumber and oilfield construction businesses, Ralph made John Raymond McDermott a partner and the company’s namesake.
1930: Expanded the business from its original headquarters in Eastland, Texas, to Luling, Texas, after a boom in oil exploration in the area.
1932: Moved the company to Houston, Texas, with the continuing oil boom. Provided different services to the oil industry through three McDermott family-owned businesses: J. Ray McDermott & Co., Elmax Construction, and Stall & McDermott.
1937: Hired the company’s first construction crew, a team of six. Opened a New Orleans, Louisiana, office.
1938: Introduced the first use of floating drilling equipment in low-lying marshlands of Texas and Louisiana.
1939: Purchased J.G. McMullen Dredging Company and established it as the Olsen Dredging Company.
1946: Reorganized the multiple McDermott family business operations into one: J. Ray McDermott & Co., Inc. of Delaware.
1947: Designed and installed the first fixed platform made of steel out-of-sight-of-land, in 20 feet of water in the Gulf of Mexico for Superior Oil. Established a contracting division, which was the major operating segment during the early years.
1948: Acquired assets of Harry F. Allsman Company, McDermott’s joint venture partner for several contracting jobs in the Gulf of Mexico, which provided equipment to meet the new demand for offshore construction.
1949: Commissioned construction of the first vessel designed specifically for offshore work (Derrick Barge 4). The company’s Oil Division was organized.
In 2010, McDermott International share-holders agreed to spin-off the U.S.-based government contracting services company Babcock & Wilcox and its related other domestic companies. The oil & gas services company, J. Ray McDermott, discontinued use of the J. Ray McDermott brand; and continued its oil & gas services contracting under the name McDermott International. The company is led by Chairman, President and CEO David Dickson.