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Image courtesy of McDermott International

McDermott International, Inc. (MDR) intends to offer $500 million in debt through secured promissory notes due in 2021.

The company said Friday the notes will be offered only to qualified institutional buyers and to certain non-U.S. persons in transactions outside the United States.

Houston-based McDermott said it intends to use the money to refinance other debt, and for working capital and capital expenditures.

The promissory notes will be secured by some of McDermott’s vessels and other property.

In August last year, EPIC offshore contractor McDermott reported losses of about $150 million for the year.

In October, McDermott appointed a new CEO, David Dickson.

Dickson, 45, formerly served as president of Technip USA Inc.