Key Developments: Mcdermott International Inc (MDR)

MDR on New York Consolidated

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26 Nov 2014
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Latest Key Developments (Source: Significant Developments)

McDermott International Inc awards significant multi-year offshore installation contract
Tuesday, 11 Nov 2014 07:30am EST 

McDermott International Inc:Has been awarded three-year shallow water pipeline contract by Brunei Shell Petroleum Company Sdn. Bhd.To transport and install pipelines and umbilicals for the Champion and Ampa Fields offshore Brunei.Work is expected to be executed through 2017.  Full Article

McDermott International Inc Awarded Second Contract For PETRONAS Bukit Tua Development in East Java, Indonesia
Monday, 20 Oct 2014 04:40pm EDT 

McDermott International Inc:Says one of subsidiaries was awarded transportation, installation and pre-commissioning contract by PC Ketapang II Ltd, a subsidiary of PETRONAS, for Bukit Tua Development Project in Ketapang block of East Java, Indonesia.Contract will be included in McDermott's fourth quarter backlog.McDermott Derrick Barge 30 was key in securing this contract.Vessel has lifting capability of 3,080 tons and can install pipe up to 60 inches in diameter.new contract is for transportation and installation of the BTJT-A jacket, its related topsides and subsea pipeline tie-in spools.Additionally, McDermott will undertake the pre-commissioning of related export and infield pipelines.All offshore installation work will be carried out by McDermott Derrick Barge 30.Offshore campaign is expected to be completed by end of first quarter of 2015.Bukit Tua field is located about 21 miles from Madura Island and 62 miles from Surabaya, East Java, in about 190 feet of water.  Full Article

Mcdermott announces appointment of new Executive Vice President and Chief Financial Officer
Monday, 25 Aug 2014 07:00am EDT 

Mcdermott International Inc:Says Stuart Spence has been appointed Executive Vice President and Chief Financial Officer following the departure of Perry L. Elders, Senior Vice President and Chief Financial Officer, effective Aug. 23.  Full Article

McDermott International Inc signs agreement for Gulfport Spoolbase
Monday, 19 May 2014 11:30am EDT 

McDermott International Inc:Says one of its subsidiaries signed lease agreement with Mississippi Development Authority and Mississippi State Port Authority for exclusive right to operate a spoolbase and marine operations base in the Port of Gulfport.McDermott expects facility, designed to serve projects from the Gulf of Mexico, will be available in early 2016.New facility in Gulfport, located on Mississippi coastline, will be used to fabricate steel pipe stalklines through advanced welding processes for use in offshore Reeled pipelay operations.  Full Article

McDermott International Inc awarded fast-track transportation and installation contract
Wednesday, 30 Apr 2014 07:00am EDT 

McDermott International Inc:Derrick Barge 101 was recently mobilized to Indonesia.To perform fast-track heavy-lift work for client offshore Indonesia.  Full Article

McDermott International Inc signs agreement for North Sea Spoolbase
Thursday, 17 Apr 2014 07:00am EDT 

McDermott International Inc:Says one of its subsidiaries has signed an option agreement with PD Ports which gives it the exclusive right to operate a spoolbase to serve projects in the North Sea.McDermott expects to have the facility available for projects in early 2015.  Full Article

McDermott International Inc's subsidiary completes sale of Harbor island property
Thursday, 3 Apr 2014 06:33pm EDT 

McDermott International Inc:One of subsidiaries has sold site of former Harbor Island fabrication yard near Corpus Christi, Texas, which closed in 2003, for proceeds of $31.7 mln.  Full Article

McDermott International Inc announces full exercise of underwriter's option to purchase additional tangible equity units
Wednesday, 2 Apr 2014 08:31pm EDT 

McDermott International Inc:Announced that the underwriter of the recently announced public offering of 6.25 pct. tangible equity units each with a stated value of $25.00, has exercised its option to purchase an additional 1,500,000 Units from McDermott.As a result of the exercise of the option, a total of 11,500,000 Units will be sold by McDermott, which will result in net proceeds to McDermott of about $279 million.The offering is expected to close on April 7, 2014.McDermott intends to use the net proceeds from the offering, together with proceeds expected to be received from other previously announced financing transactions relating to the refinancing of its outstanding credit agreement.For general corporate purposes, including the funding of working capital requirements and capital expenditures.  Full Article

McDermott International Inc announces pricing of tangible equity units
Tuesday, 1 Apr 2014 08:45pm EDT 

McDermott International Inc:Announced the pricing of an underwritten public offering of 10,000,000 6.25 pct. tangible equity units, each with a stated value of $25.00, which will result in net proceeds to McDermott of about $242 million.In addition, the underwriter has a 13-day option to purchase up to an additional 1,500,000 Units from McDermott.Settlement of the offering is subject to customary closing conditions and is expected to occur on April 7, 2014.Each Unit will consist of a prepaid stock purchase contract and an amortizing note.Unless earlier settled, each stock purchase contract will automatically settle on April 1, 2017.The amortizing notes will pay proportionally equal cash quarterly installments of $0.3906 per note.  Full Article

McDermott International Inc announces public offering of tangible equity units
Monday, 31 Mar 2014 05:35pm EDT 

McDermott International Inc:Intends to offer 10,000,000 tangible equity units each with stated value of $25 in underwritten public offering.Intends to grant underwrite option to purchase up additional 1,500,000 Units.Intends to use net proceeds to refinancing of outstanding credit agreement, for general corporate purposes, including the funding of working capital requirements and capital expenditures.Goldman, Sachs & Co. will serve as sole book-running manager for offering.  Full Article

RPT-INSIGHT-When companies flee US tax system, investors often don't reap big returns

WASHINGTON, August 18 - Establishing a tax domicile abroad to avoid U.S. taxes is a hot strategy in corporate America, but many companies that have done such "inversion" deals have failed to produce above-average returns for investors, a Reuters analysis has found.

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