Ecopetrol subsidiary receives approval in UK for the restructuring plan

Ecopetrol informs that on February 27 its subsidiary Refineria de Cartagena was notified of the decision of a U.K. court to approve the restructuring plan of CB&I UK, a subsidiary of McDermott International, and consequently to discharge CB&I UK Limited’s payment obligation to Reficar under the arbitral award of June 2, 2023. Separately, it is expected that in March 2024 a Dutch court will approve a restructuring plan submitted by an independent expert appointed by such court for Chicago Bridge & Iron Company N.V., another subsidiary of McDermott International. If the restructuring plan is approved as submitted, Reficar could receive, among others, preferred shares convertible into 19.9% of the common stock of McDermott International Ltd. in satisfaction of CB&I N.V.’s payment obligation to Reficar under the arbitral award of June 2, 2023.