Summary by Moomoo AI
Ecopetrol S.A., Colombia's largest integrated energy company, reported on February 27, 2024, that its subsidiary Refineria de Cartagena S.A.S. (Reficar) was informed of a UK court's approval of the restructuring plan for CB&I UK Limited, a subsidiary of McDermott International Ltd. This approval results in the discharge of CB&I UK Limited's payment obligations to Reficar under the arbitral award dated June 2, 2023. Additionally, a Dutch court is anticipated to approve a restructuring plan in March 2024 for Chicago Bridge & Iron Company N.V. (CB&I N.V.), another McDermott subsidiary. If approved, Reficar could receive preferred shares convertible into 19.9% of McDermott International Ltd.'s common stock, fulfilling CB&I N.V.'s payment obligations under the same arbitral award. Ecopetrol, with over 18,000 employees, is a key player in Colombia's hydrocarbon production and holds significant positions in petrochemicals, gas distribution, and energy transmission through its majority stake in ISA.