Start Your Free Portfolio Tracker Today
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click
OK. If you do not, click Cancel.
Back to top
Energy-focused engineering and construction firm
McDermott International Inc. ( MDR - Analyst Report) 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 - Analyst Report) , Total SA ( TOT - Analyst Report) and Breitburn Energy Partners L.P. . All of these stocks carry a Zacks Rank #1 (Strong Buy).