Seeking Alpha

McDermott plunges after HQ construction reportedly halted

|About: McDermott International, Inc. (MDR)|By:, SA News Editor

McDermott (MDR -26.4%) shares dive to new lows in the wake of a report that work on the company's Houston headquarters building has been stopped after MDR allegedly fell behind on payments to its general contractor.

MDR allegedly was $14.2M behind on its payments for work performed on the building as of Oct. 30, according to a lien filed by the builder, which told its subcontractors to stop work at the site due to the non-payment.

MDR is working with the contractor to finalize the remaining schedule for the construction and buildout of the space, a company spokesperson says.

Try Seeking Alpha PREMIUM for unlimited analysis on MDR