Robotti & Company Calls McDermott Rights Offering ‘Massive Undervaluation,’ Urges Equal Access

Robotti says structure funnels value to insiders at $1.50 while business generates $10 billion revenue

Robotti & Company Advisors, a value-oriented investment manager overseeing roughly $1.2 billion, issued a letter it had previously shared with the board of directors of McDermott International on July 9, 2026, criticizing the offshore-energy contractor’s pending rights offering as fundamentally undervalued and structurally rigged to favor a handful of insider backstop parties. Robotti, beneficial owner of approximately 2 percent of McDermott’s Class A Ordinary Shares, called on the board to amend the offering terms to include an oversubscription privilege that would let all participating shareholders buy unsubscribed shares on a pro rata basis, rather than reserving those shares exclusively for four backstop investors.

McDermott, market cap...