CB&I, the world’s foremost designer and builder of storage facilities, tanks and terminals for energy and industrial markets, announced the completion of its acquisition by a consortium of financial investors led by Mason Capital Management LLC (“Mason”) in partnership with IES Holdings, Inc. (Nasdaq: IESC), Nut Tree Capital Management, LP, 683 Capital Management, LLC, First Pacific Advisors, and other investors. The closing of this transaction positions CB&I, formerly a wholly owned unrestricted subsidiary of McDermott International, Ltd, as a strong, independent company with no funded debt.

Mark Butts, CEO of CB&I, said, “We are thrilled to partner with Mason and the consortium as we embark on an exciting new chapter as a standalone company. Together with our new partners, we will build upon CB&I’s rich 135+ year heritage, continuing to collaborate with our valued customers and suppliers to deliver innovative solutions that address the evolving infrastructure needs of energy and industrial markets. With the closing of this transaction, we are on solid financial footing, which positions us to capitalize on strong end-market demand and to advance our strategic goals.”

Mike Martino, Managing Member and Principal of Mason, said, “Our mission is to empower CB&I to achieve its strategic goals, capitalize on new market opportunities, and leverage significant growth potential in the dynamic energy storage solutions sector. CB&I has built a legacy of innovation while setting industry standards in safety, reliability, and performance. We look forward to partnering with CB&I to help drive their vision forward.”

About CB&I

CB&I is the world's leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 135+ year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is owned by a consortium of financial investors led by Mason Capital Management LLC.

About Mason Capital Management LLC

Mason Capital Management LLC is an absolute return focused investment firm that combines deep fundamental analysis with hard catalysts to drive value creation. Founded in July 2000 by Ken Garschina and Mike Martino, Mason’s strategies range from event-driven investing to corporate carve-outs and control acquisitions.

About McDermott

McDermott is a premier, fully integrated provider of engineering and construction solutions to the Energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to decommissioning, McDermott's innovative expertise and capabilities advance the next generation of global Energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world.