March 23 After a rough run, shares of McDermott
International Inc could be poised for a rebound as the
new chief executive officer of the construction and engineering
company looks to restore profitability, according to an article
in the March 24 edition of Barron's.
McDermott, whose customers are oil and gas firms, struggled
after it started bidding for projects in deep waters, or
"sub-sea" projects, after previously being a provider of
services to companies in shallow waters, the article said.
McDermott's new chief executive, David Dickson, has made a
priority of working through the old contracts and restoring
profitability, while newly won profitable work could drive
earnings, the article said.
After trading at above $25 a share in 2011, McDermott shares
closed on Friday at $8.13."
(Reporting by Lewis Krauskopf; Editing by Cynthia Osterman)