March 23 (Reuters) - 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