McDermott International, Inc. said Monday that Stephen M. Johnson will retire from his positions as Chairman of the Board, President and Chief Executive Officer and as a director of McDermott in December 2013. He’ll be replaced by David Dickson, who is joining McDermott from France’s Technip.

Dickson, 45, is now president of Technip USA Inc. and has been responsible for North American operations.

In August, engineering, procurement, construction and installation-contractor McDermott reported losses of about $150 million.

Its stock price is down about 30% from a year ago.

Houston-based McDermott increased its loss estimates by $62 million last quarter due to delays on a deepwater pipelay project in Malaysia. It blamed the problems on late deliveries from suppliers and “a prolonged reconfiguration of one of marine vessels” that pushed the project’s installation plan into the monsoon season.

In the Middle East, McDermott took a $38 million charge on an offshore project in Saudi Arabia.


Leave a Reply