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Mon, May 4, 12:57 PM
- McDermott (MDR +4.5%) powers higher after securing a significantly enlarged workscope under an amendment to its existing contract for fabrication and modification work on the offshore Hout field in the neutral zone between Saudi Arabia and Kuwait.
- The scope includes engineering, procurement, construction and installation for a new platform and two bridges, including significant modifications at the existing complex.
- MDR expects work on the brownfield project to be executed through Q2 2017 and says it is included in its Q1 2015 backlog.
Tue, Apr. 14, 4:57 PM
- McDermott (NYSE:MDR) rose 5.5% in today's trade after Imperial Capital analysts upgraded the shares to Outperform from In-Line with a $6 price target, raised from $4, as the firm believes MDR's prospects are improving despite the energy market slowdown.
- Imperial expects MDR to benefit from growing demand for offshore oil and gas construction services, given the company's strong asset base and attractive geographic footprint; contract awards are beginning to gain momentum and liquidity "appears sufficient to supports MDR's turnaround strategy."
- Although the collapse in oil and gas prices might suggest a bearish outlook for offshore construction activity, the firm says recent evidence suggests MDR's award prospects are starting to pick up, and could gain further traction if commodity prices continue to stabilize.
Tue, Apr. 7, 11:54 AM
- McDermott (MDR +8.8%) enjoys strong gains on news it was awarded the SURF engineering, product supply and installation scope for the Atlanta early production system in the Santos basin offshore Brazil.
- MDR will be responsible for the engineering and offshore installation of all subsea hardware, including flexible pipes, umbilicals, umbilical termination assemblies, subsea pump skids, suction piles and associated equipment.
- MDR says the award represents an important step for its strategic plan for Brazil, adding to its experience as a long-term charter subsea installation contractor and showing the technical expertise to perform EPCI work in the region.
Tue, Mar. 31, 8:57 AM
- McDermott (NYSE:MDR) is awarded a "sizeable" contract to install subsea infrastructure for an expansion of Chevron's Jack-St. Malo field in the Gulf of Mexico.
- It is the second subsea project in the Jack and St. Malo fields that MDR has carried out for Chevron, which MDR says shows confidence in its ability to install subsea facilities in such challenging deepwater environments.
- MDR says the value of the award is included in its Q1 backlog.
Tue, Mar. 3, 12:45 PM
Tue, Mar. 3, 9:16 AM
Mon, Mar. 2, 6:49 PM
- McDermott (NYSE:MDR) +21.8% AH after reporting a surprise Q4 profit and better than expected revenues, as well as strong revenue guidance for 2015.
- MDR issues upside guidance for FY 2015, forecasting revenues of $3.3B-$3.6B vs. $2.79B analyst consensus estimate, and operating income of $25M-$50M; the company plans to lay off ~10% of its workers by the end of the year.
- MDR expects 2015 cash savings from its restructuring, before costs, of ~$50M, with cash savings of $100M/year beginning in 2016.
- At year-end 2014, contract backlog stood at $3.6B, down from $4B in Q3 and $4.8B at the end of 2013; 57% of the backlog is tied to subsea operations, and 43% to offshore operations.
- Also announces contract wins for two separate offshore construction projects in the Middle East: a significant power supply system replacement contract by Saudi Aramco for the Marjan field offshore Saudi Arabia, and a project for new jacket, temporary deck and replacement umbilical by Qatar Petroleum for the North Field Alpha gas development offshore Qatar.
Mon, Mar. 2, 5:37 PM
Mon, Mar. 2, 4:21 PM
Sun, Mar. 1, 5:35 PM
Wed, Feb. 25, 9:14 AM
- McDermott International (NYSE:MDR) and U.K. oil and gas services company Petrofac (OTCPK:POFCF) say they have formed a strategic tie-up to jointly pursue deepwater subsea, umbilical, riser and flowline projects.
- The companies plan to combine MDR’s specialty SURF fleet, its new Derrick Lay Vessel DLV 2000 and subsea fabrication capability with Petrofac’s JSD 6000 installation vessel.
- The alliance will target projects in the U.S. Gulf of Mexico, Mexico, West Africa, Brazil, Mediterranean and North Sea.
Wed, Jan. 21, 5:35 PM
Wed, Jan. 21, 12:15 PM
- McDermott (MDR -0.2%) touches 52-week lows before bouncing to near breakeven after UBS downgrades shares to Neutral from Buy and cut its price target to $2.40 from $6 to reflect the strengthening headwinds MDR faces due to lower oil prices and the increasingly difficult outlook in meeting debt covenants.
- UBS says it does not see a clear path to recovery in the next few quarters, and that the deterioration in the macro environment has altered its risk/reward profile.
Dec. 30, 2014, 5:36 PM
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