A merger deal between McDermott International and Chicago Bridge and Iron (CB&I) has been approved by shareholders, thwarting attempts by Subsea 7 to block it.
It creates and integrated onshore and offshore engineering and construction firm.
Texas-based McDermott says the deal is expected to be completed by May 10.
McDermott shareholders will own 53% of the combined company, with CB&I holding the remaining 47%.
It comes following a rejected bid by UK-based Subsea 7 to take over McDermott for £1.4billion.
The offer was conditional on termination of the CB&I merger.
Subsea 7 has released a statement confirming that the proposal to McDermott is no longer valid.
It added that the firm “will continue to invest in alternative routes to grow and strengthen its business worldwide”.
A statement from McDermott said: “With the receipt of these approvals, McDermott and CB&I believe that all material conditions to the combination, other than those to be satisfied on the closing date, have been satisfied.
“The transaction is expected to be completed on May 10, 2018, subject to confirmation of satisfaction of the closing conditions.”
Analysts Rystad Energy had said that a merger between McDermott and Subsea 7 would have created a giant of subsea umbilicals, risers and flowlines, holding a 24% global market share.