U.S. Markets open in 8 hrs 20 mins

McDermott CEO to retire from oil platform driller

HOUSTON (AP) -- McDermott, which designs and builds offshore drilling platforms, said that its CEO and president, Stephen Johnson, will retire at year-end and will be replaced by David Dickson, an executive at an energy engineering company.

Johnson, who has been CEO since July 2010, is also stepping down as chairman of the board, the Houston company said late Thursday. It did not name a successor in that role.

Dickson, 45, is joining McDermott from Paris-based Technip SA where he oversaw its North American operations as president of its Technip USA Inc. subsidiary. Dickson will join McDermott on Oct. 31 as chief operating officer and replace Johnson, 62, as president and CEO on or before Dec. 16.

Dickson will also join the board of directors and assist in the search for a new operating chief, McDermott said.

"With his depth of experience and breadth of knowledge relating to conventional offshore marine construction projects and subsea projects, David is the right person to lead the McDermott team in its business strategy," Johnson said in a statement.

McDermott also announced that Gary Luquette was elected to the board of directors. Luquette, 57, retired from his post as president of a Chevron Corp. subsidiary in September. He will serve on the compensation and finance committees.

Shares of McDermott International Inc. rose 3.7 percent, or 27 cents, to close at $7.61.