Energy-focused engineering and construction firm
McDermott International Inc.
) announced that one of its units was awarded a contract by a
client in Arabian Gulf. The Engineering, Procurement,
Construction and Installation (EPCI) job will increase the
company's fourth quarter 2013 backlog by $200 million.
The project - an extension of the work completed earlier for the
same customer and in the same field - involves fabrication,
transportation and installation of offshore facilities. It also
includes two production deck modules and ten observation
platforms. The contract incorporates provisions for two subsea
pipeline installations, three submarine power cables and two
fiber optic cables.
Engineering activities will be performed at the offices in Dubai
and Al Khobar, while construction and transportation will take
place from the Jebel Ali fabrication facility. The installation
will be executed from vessels belonging to the company's global
fleet that are slated to mobilize in second quarter 2014. The
project is scheduled to be over by first quarter 2015.
Houston, Texas-based McDermott is an engineering and construction
company, solely focused on the offshore oil and gas business.
McDermott primarily serves the worldwide offshore oil and gas
field developments, including the front-end design and detailed
engineering, fabrication and installation of offshore drilling
and production facilities, as well as installation of marine
pipelines and subsea production systems. Additionally, McDermott
provides project management and procurement services.
McDermott currently carries a Zacks Rank #3 (Hold), implying
that it is expected to perform in line with the broader U.S.
equity market over the next one to three months.
Meanwhile, one can consider other stocks in the energy sector
SM Energy Company
Matador Resources Company
Emerge Energy Services LP Commo
) which currently hold a Zacks Rank #1 (Strong Buy) and offer
EMERGE ENRG SVC (EMES): Free Stock Analysis
MCDERMOTT INTL (MDR): Free Stock Analysis
MATADOR RESOURC (MTDR): Free Stock Analysis
SM ENERGY CO (SM): Free Stock Analysis Report
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