McDermott Gains After Winning $2 Billion Contract: Houston Mover
McDermott International Inc. (MDR), a Houston-based energy services company, advanced as much as 10 percent after winning a $2 billion contract for a liquefied- natural-gas drilling project off Australia.
McDermott gained $1.17, or 9.8 percent, to $13.11 at 11:48 a.m. on the New York Stock Exchange. The shares have gained 14 percent this month and dropped 34 percent in the past year. McDermott fell 27 percent on Aug. 4 after second-quarter earnings fell short of expectations.
The Ichthys LNG project is a joint venture between Inpex Corp. (1605) and Total SA (FP), with Inpex holding 76 percent, according to McDermott’s statement. McDermott will install subsea hardware, moorings, risers, umbilicals and flowlines.
McDermott is expected to report fourth-quarter and full- year earnings on March 1.
To contact the reporter on this story: Richard Stubbe in Houston at email@example.com
To contact the editor responsible for this story: Dan Stets at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.