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Proposed Spin-off Transaction
12 Months Ended
Dec. 31, 2014
Proposed Spin-off Transaction  
Proposed Spin-off Transaction

 

2.  Proposed Spinoff Transaction

 

On November 17, 2014, we announced that our board of directors had authorized management to pursue a plan to separate our international contract operations, international aftermarket services and global fabrication businesses into an independent, publicly traded company. To effect the Spinoff, we intend to distribute, on a pro rata basis, all of the shares of Spinco common stock to our stockholders as of the record date for the Spinoff. The Spinoff is subject to market conditions, the receipt of an opinion of counsel as to the tax-free nature of the transaction, completion of a review by the U.S. Securities and Exchange Commission of a Form 10 to be filed by Spinco, the execution of separation and intercompany agreements and final approval of our board of directors. Upon completion of the Spinoff, we and Spinco will be independent, publicly traded companies with separate public ownership, boards of directors and management, and we will own and operate the remaining U.S. contract operations and U.S. aftermarket services businesses that we currently own. In addition, we will continue to hold interests in the Partnership, which include the sole general partner interest and certain limited partner interests, as well as all of the incentive distribution rights in the Partnership. Although our current goal is to complete the Spinoff in the second half of 2015, there are no assurances as to when the proposed Spinoff will be completed, if at all, or if the Spinoff will be completed based on the expected plans.