McDermott International, Inc.NYSE
Nov. 8, 2015, 5:35 PM
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Oct. 8, 2015, 3:59 PM
- McDermott (MDR +2%) says it was awarded a brownfield project by Qatar Petroleum for the engineering, procurement, construction and installation of four wellhead jackets.
- Installation of two jackets in the Bul-Hanine field offshore east of Doha is scheduled for completion by year-end 2016 with the remaining two scheduled for completion in July 2017.
- The value of the award is not specified, but MDR says it is "sizable"; revenue for the order will be included in the company’s Q3 backlog.
Aug. 27, 2015, 12:47 PM
Aug. 27, 2015, 12:43 PM
- McDermott (MDR +27.7%) surges following this morning's announcement that it had agreed to a long-term service contract with Saudi Aramco, giving MDR its third major contract on the books with the world's largest oil and gas company.
- While the actual dollar amount for this deal was not announced, Cowen analysts say the award brings MDR new orders YTD to more than $2.6B, “which is more than were announced in 2013 and 2014 combined"; Dimitra DeFotis at Barron's says the latest award totals $1.5B.
- Cowen, which has a Buy rating on the stock and a price target of $7, says the deal signals a successful turnaround is underway at MDR.
Aug. 27, 2015, 8:45 AM
- McDermott (NYSE:MDR) +4.9% premarket on news it was awarded a lump sum contract by Saudi Aramco for brownfield work in various fields and in offshore Saudi Arabia.
- The award value is not disclosed, but MDR says the package of engineering, procurement, construction and installation projects that make up the lump sum award represent the largest single Middle East awards in the company's history.
- The award follows the June 2015 signing of a second long term agreement between MDR and Saudi Aramco.
Aug. 24, 2015, 9:19 AM
- Gainers: GAS +29%.
- Losers: VTL -79%. ACI -31%. BZUN -25%. WBAI -23%. JMEI -20%. BTU -17%. MDR -17%. CSIQ -17%. VIPS -16%. FIT -16%. SFUN -15%. LC -15%. PLUG -15%. EXXI -15%. QIHU -14%. MACK -14%. ACHN -14%. KNDI -13%. CYBR -13%. OHGI -13%. Z -13%. TCK -13%. JKS -13%. AVEO -12%. OAS -12%. WLL -12%. MCUR -12%.
Aug. 10, 2015, 4:19 PM
- McDermott (NYSE:MDR): Q2 EPS of $0.04 beats by $0.09.
- Revenue of $1.05B (+120.5% Y/Y) beats by $219.7M.
- Shares +2.8%.
Aug. 9, 2015, 5:35 PM| Aug. 9, 2015, 5:35 PM | 13 Comments
Jun. 23, 2015, 9:14 AM
- McDermott International (NYSE:MDR) says it was awarded a “sizable" lump-sum contract by LLOG Exploration for the Otis field subsea tieback project in the Gulf of Mexico.
- The contract scope includes project management, engineering, fabrication and installation of a 75K-ft. insulated rigid flowline and insulated steel catenary riser with associated pipeline end termination, and pre-commissioning.
- MDR says the award represents an important step in its growth plans for the Gulf of Mexico.
Jun. 17, 2015, 12:47 PM
- McDermott (MDR -0.8%) is initiated with an Outperform rating and $7 price target at Cowen, which says MDR is poised to return to profitability in 2016 as the company's new management team enacts various corrective measures, including balance sheet refinancing, management streamlining, culture change and focus on cost savings.
- The firm expects MDR's EBITDA to grow by more than 125% during 2014-16, which it believes will help change sentiment and drive outperformance.
- However, Cowen expects MDR's new orders to be broadly flat from now through Q4 2016, after Q1 2015 new orders of $697M was a 320% Y/Y increase and more than the total inbound orders for the first three quarters of 2014 combined.
May 26, 2015, 9:14 AM
May 26, 2015, 7:47 AM
- McDermott (NYSE:MDR) +8.3% premarket on news it has been awarded a large brownfield contract by Saudi Aramco to build and install 12 jackets for offshore oil and gas fields in Saudi Arabian waters.
- Work is scheduled for completion by the end of Q1 2016 and will be included in MDR's Q2 2015 backlog; financial terms are not disclosed.
- Also, a Barron's profile over the weekend says MDR could rise more than 35% in the next year or so as it sheds more of its money-losing legacy deals and begins to profit from newer ones serving operators closer to shore.
May 12, 2015, 2:32 PM
- McDermott International (MDR -4.1%) says it has eliminated ~1,700 jobs, mostly skilled labor jobs in its global fabrication yards, as it reports a smaller than expected Q1 loss but an 8.8% Y/Y decline in revenues.
- MDR attributes some of the financial losses to seasonal weather problems and to project delays caused by third-party companies.
- MDR says its backlog as of March 31 was $3.75B, compared to $3.6B on Dec. 31; of the latest backlog, about half was related to offshore operations and the other half to subsea operations; Q1 order intake totaled $698M.
- Despite the losses, MDR says it is in a strong position moving forward with several new contracts in the Middle East and South America, despite the ongoing industry problems with low oil and gas prices.
May 11, 2015, 4:23 PM
- McDermott (NYSE:MDR): Q1 EPS of -$0.04 beats by $0.04.
- Revenue of $550.5M (-8.8% Y/Y) misses by $208.6M.
- Shares -2.36%.
May 10, 2015, 5:35 PM
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May 4, 2015, 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.