AROC - Wired News - McDermott Gets Subsea Umbilical and Flowline Installation Contract for the Lucius Field
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LONDON, UK / ACCESSWIRE / May 11, 2018 / If you want access to our free research report on McDermott International, Inc. (NYSE: MDR), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MDR as the Company's latest news hit the wire. On May 09, 2018, the Company, a leading global provider of integrated engineering, procurement, construction and installation (EPCI), front-end engineering and design (FEED) and module fabrication services for upstream field developments, declared that it has been awarded a subsea umbilical and flowline installation contract from Anadarko Petroleum Corporation for its Lucius field. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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About the Lucius Field Project
The Lucius Subsequent Development is a subsea tieback to the Anadarko-operated Lucius spar, which is located in Keathley Canyon 875 block. The Lucius field is located nearly 275 miles southeast of Galveston, Texas, in the US Gulf of Mexico. This proposed new development is approximately 7,400 feet of water at Keathley Canyon 919 block.
Details About the Contract
As per the contract, McDermott would be required to provide engineering, fabrication, installation and pre-commissioning of subsea infield flowlines, production umbilicals and related subsea equipment. The Company would install rigid flowlines, pipeline end terminations, manifold and subsea distribution unit, umbilicals, subsea umbilical termination assembly, rigid jumpers and flying leads for the Lucius field.
McDermott intends to execute the project management and engineering work from its operating center in Houston, Texas. The Company plans to use its spool-base in Gulfport, Mississippi, and Lay Vessel North Ocean 105 and North Ocean 102 for this contract. McDermott will record this contract award in its second quarter 2018 backlog.
Contract Validates McDermott's Expertise
McDermott Vice President for the Americas, Europe, and Africa, Scott Munro, acknowledged Anadarko's confidence in the Company's experience and ability to deliver this project on schedule with the highest quality in the Gulf of Mexico.
Update on McDermott and CB&I Combination
On December 18, 2017, McDermott and CB&I (NYSE: CBI) decided to combine in an all-stock transaction to create a premier fully vertically integrated onshore-offshore Company, with a broad engineering, procurement, construction and installation service offering and market leading technology portfolio. On May 02, 2018, both companies declared that they have received the necessary stockholder approvals to complete the proposed business combination. Mc Dermott expects this transaction to close on May 10, 2018, subject of satisfaction of the closing conditions.
On completion of the transaction, McDermott's stockholders will own nearly 53% of the combined Company on a fully diluted basis while CB&I's shareholders will own the remaining 47% of the combined Company. McDermott's stockholders approved the 3-to-1 reverse stock split resolution. As a result, CB&I's shareholders will get 0.82407 shares of McDermott's common stock for each share of CB&I's common stock tendered in the exchange offer.
Stock Performance Snapshot
May 10, 2018 - At Thursday's closing bell, McDermott International's stock rose 3.92%, ending the trading session at $20.70.
Volume traded for the day: 13.74 million shares, which was above the 3-month average volume of 4.82 million shares.
Stock performance in the last month — up 15.00%; past twelve-month period — up 0.88%; and year-to-date - up 4.86%
After yesterday's close, McDermott International's market cap was at $5.89 billion.
Price to Earnings (P/E) ratio was at 21.34.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry. This sector was up 0.9% at the end of the session.
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