McDermott International Inc (NYSE:MDR) reported a considerable contract award from Maersk Oil for EPCC services for the Tyra Redevelopment assignment, based offshore in the Danish segment of the North Sea.
Scott Munro, the VP of America, Africa and Europe, reported that this award signs their return to the North Sea. In fact, it marks as a part of their strategic growth plan. By executing their part of the Tyra Redevelopment assignment from Batam and Kuala Lumpur, the project exhibits their vertically integrated “One McDermott Way” plan to project execution and delivery. It exhibits their international fabrication and engineering capabilities.
This is one of numerous assignments executed in this manner. They have had a remarkable association with Maersk Oil, and are dedicated to ensuring the efficient application of resources to fulfill their requirements for a safe, on-plan, within budget assignment, and one that entirely meets the stringent guidelines for corrosion resistance and automation, ensuring a productive and long life for the latest facilities.
McDermott will offer procurement, construction and engineering for two distinct work bundles for Maersk Oil under the renovation project. With a total weight of all structures offered by company at almost 32,000 tons, the scope of work exhibits one of the leading combined projects for company in the North Sea.
McDermott intends to perform project management, supply chain and engineering management from its Kuala Lumpur office and will assemble and fabricate the structures at its fabrication yard based at Batam Island.
In the last trading session, the stock price of McDermott gained more than 1% to close the day at $7.06. The gains came at a share volume of 6.35 million compared to average share volume of 3.12 million. Post the recent gains, the market cap of firm was noted at $2.0 billion. The stock has started the year on strong note with gains of over 7% so far in this year.