McDermott Wins Contract - Analyst Blog
February 05 2013 - 1:00PM
Zacks
Energy-focused engineering and construction firm
McDermott International Inc. (MDR) announced that
one of its Indonesia-based affiliates has won a contract from
PETRONAS Carigali Sdn. Bhd., for the development of offshore
platforms and infield flowline for the Kepodang Field.
McDermott will include the contract’s value in its fourth-quarter
2012 backlog.
Kepodang Field is situated roughly 180 kilometers northeast of
Semarang, Central Java and in water depths up to 70 meters.
Per the deal, McDermott will provide procurement, construction,
installation and commissioning services to a central processing
platform of 5,802-tonne, a wellhead platform of 1,298-tonne,
10-inch diameter infield flowline, which is 2.7-kilometer-long and
will install remote control facilities at the onshore receiving
facilities.
The contract is expected to be over by the final quarter of 2014,
while the value of the project has not yet been disclosed.
In January, the company inked a deal for Mexico’s state oil
monopoly Petroleos Mexicanos, or Pemex’s PB-Litoral-A production
platform. This platform will serve the Litoral Tabasco Tsimin-Xux
fields.
Houston, Texas-based McDermott primarily serves the worldwide
offshore oil and gas field development activities, including
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.
Given its geographic footprint in high-growth regions, technology
leadership and efficient execution skills, the company is poised to
benefit from strong industry fundamentals for offshore construction
activities.
McDermott currently carries a Zacks Rank #2 (Buy), implying that it
is expected to outperform the broader U.S. equity market over the
next one to three months.
Meanwhile there are certain other firms in the energy sector that
are expected to significantly outperform the equity markets in the
next one to three months are Cabot Oil & Gas
Corporation (COG), Total SA (TOT) and
Breitburn Energy Partners L.P. (BBEP). All of
these stocks carry a Zacks Rank #1 (Strong Buy).
BREITBURN EGY (BBEP): Free Stock Analysis Report
CABOT OIL & GAS (COG): Free Stock Analysis Report
MCDERMOTT INTL (MDR): Free Stock Analysis Report
TOTAL FINA SA (TOT): Free Stock Analysis Report
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