McDermott International announced that one of its subsidiaries has sold the site of the former Harbor Island fabrication yard near Corpus Christi, Texas, which closed in 2003, for proceeds of $31.7m.
A gain of $25m from the sale is expected to be recognized in the second quarter of 2014.
"The sale represents progress made towards our goal of divesting underutilized non-core assets," said David Dickson, president and chief executive officer at McDermott.
"The concentration of capital on assets that provide McDermott with a competitive advantage is an important part of our plan to deliver sustainable long-term returns."
McDermott delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons.
Operating in more than 20 countries across the world, McDermott’s locally focused and globally integrated resources include approximately 14,000 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices.