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McDermott International Inc (MDR.N)

MDR.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

McDermott Awarded EPCC Contract For Tyra Redevelopment Project By Maersk Oil
Friday, 22 Dec 2017 07:55am EST 

Dec 22 (Reuters) - McDermott International Inc ::MCDERMOTT AWARDED EPCC CONTRACT FOR TYRA REDEVELOPMENT PROJECT BY MAERSK OIL.MCDERMOTT INTERNATIONAL - WORK ON CONTRACT IS EXPECTED TO BEGIN EARLY NEXT YEAR & LUMP SUM CONTRACT WILL BE REFLECTED IN CO'S Q4 2017 BACKLOG.MCDERMOTT INTERNATIONAL INC - SCHEDULED TO COMPLETE WORK PACKAGES FOR SAIL-AWAY BY FEB 1, 2020 & FEB 1, 2021.MCDERMOTT INTERNATIONAL- CO TO PROVIDE ENGINEERING, PROCUREMENT, CONSTRUCTION FOR 2 SEPARATE WORK PACKAGES FOR MAERSK OIL IN REDEVELOPMENT PROJECT.  Full Article

Mcdermott International Says In Case Of Termination Of Deal With Cb&I Under Certain Specified Circumstances, Co To Pay Cb&I Termination Fee Of $60 Mln
Monday, 18 Dec 2017 05:25pm EST 

Dec 18 (Reuters) - Chicago Bridge & Iron Company Nv ::MCDERMOTT INTERNATIONAL- IN CASE OF TERMINATION OF DEAL WITH CB&I UNDER CERTAIN SPECIFIED CIRCUMSTANCES, CO TO PAY CB&I TERMINATION FEE OF $60 MILLION.  Full Article

Mcdermott And CB&I To Combine In Transaction Valued At $6 BLN
Monday, 18 Dec 2017 04:15pm EST 

Dec 18 (Reuters) - Mcdermott International Inc ::MCDERMOTT AND CB&I TO COMBINE IN TRANSACTION VALUED AT $6 BILLION.MCDERMOTT INTERNATIONAL INC - MCDERMOTT SHAREHOLDERS TO OWN 53% AND CB&I SHAREHOLDERS TO OWN 47% OF COMBINED COMPANY.MCDERMOTT INTERNATIONAL - COMBINED CO TO HAVE COMBINED REVENUES OF APPROXIMATELY $10 BILLION AND BACKLOG OF APPROXIMATELY $14.5 BILLION.MCDERMOTT INTERNATIONAL - CB&I SHAREHOLDERS TO BE ENTITLED TO RECEIVE 2.47221 SHARES OF CO STOCK FOR EACH SHARE OF CB&I COMMON STOCK OWNED.MCDERMOTT INTERNATIONAL - DEAL IS EXPECTED TO BE CASH ACCRETIVE, EXCLUDING ONE-TIME COSTS, WITHIN FIRST YEAR AFTER CLOSING.MCDERMOTT INTERNATIONAL INC - DEAL ALSO EXPECTED TO GENERATE ANNUALIZED COST SYNERGIES OF $250 MILLION IN 2019.MCDERMOTT INTERNATIONAL INC - ANNUALIZED COST SYNERGIES OF $250 MILLION EXPECTED IN 2019 FROM DEAL.MCDERMOTT INTERNATIONAL - DAVID DICKSON, CURRENT PRESIDENT AND CEO OF MCDERMOTT, WILL BE PRESIDENT AND CEO OF COMBINED CO.MCDERMOTT INTERNATIONAL - STUART SPENCE, CURRENT CFO OF MCDERMOTT, WILL BE CHIEF FINANCIAL OFFICER OF COMBINED COMPANY.MCDERMOTT INTERNATIONAL INC - BOARD OF DIRECTORS OF COMBINED CO WILL BE COMPRISED OF 11 MEMBERS, INCLUDING 10 INDEPENDENT DIRECTORS AND DAVID DICKSON.MCDERMOTT INTERNATIONAL INC - COMBINED CO HAS SECURED ABOUT $6 BILLION OF FULLY-COMMITTED FINANCING, LED BY BARCLAYS, CREDIT AGRICOLE CIB & GOLDMAN SACHS.MCDERMOTT INTERNATIONAL INC - TRANSACTION HAS BEEN APPROVED BY BOARDS OF BOTH COMPANIES.  Full Article

McDermott awarded major EPCI contract in Middle East
Thursday, 9 Nov 2017 04:30pm EST 

Nov 9 (Reuters) - McDermott International Inc :McDermott awarded major EPCI contract in Middle East.McDermott International Inc - ‍work on contract is expected to begin immediately and will be reflected in McDermott's Q4 2017 backlog​.  Full Article

Mcdermott reports Q3 gaap earnings per share $0.33
Wednesday, 1 Nov 2017 07:30am EDT 

Nov 1 (Reuters) - McDermott International Inc :McDermott reports third quarter 2017 financial and operational results.Q3 gaap earnings per share $0.33.Q3 revenue $958.5 million versus I/B/E/S view $985.1 million.Q3 earnings per share view $0.20 -- Thomson Reuters I/B/E/S.McDermott International Inc - ‍as of September 30, 2017, company's backlog was $2.4 billion, compared to $3.3 billion at June 30, 2017​.McDermott International Inc - sees FY revenues about $3 billion‍​.McDermott International Inc - sees FY diluted income per share about $0.53‍​.FY2017 revenue view $3.16 billion -- Thomson Reuters I/B/E/S.McDermott International Inc sees ‍FY capex about $120​ million.  Full Article

McDermott receives letter of award for KG-D6 subsea installation contract from Reliance Industries
Wednesday, 1 Nov 2017 07:15am EDT 

Nov 1 (Reuters) - Mcdermott International Inc :Mcdermott-Letter of award for contract from reliance industries for KG-D6 subsea field development in Krishna Godavari Basin, off east coast of India​.Mcdermott International Inc - ‍ contract award is expected to be reflected in Mcdermott's Q4 2017 backlog​.Mcdermott International Inc - ‍contract is scheduled for completion by Q2 of 2020 for base scope, and Q1 of 2021 for optional scope​.  Full Article

McDermott Q2 gaap earnings per share $0.13
Tuesday, 25 Jul 2017 07:30am EDT 

July 25 (Reuters) - McDermott International Inc ::McDermott reports second quarter 2017 financial and operational results.Q2 gaap earnings per share $0.13.Q2 revenue $788.7 million versus I/B/E/S view $868.1 million.Q2 earnings per share view $0.14 -- Thomson Reuters I/B/E/S.As of June 30, 2017, company's backlog was $3.3 billion, compared to $3.9 billion at March 31, 2017.McDermott International Inc qtrly adjusted. earnings per share $0.13.Sees 2017 capex of about $120 million.  Full Article

McDermott announces $810 million credit agreement
Monday, 3 Jul 2017 07:30am EDT 

July 3 (Reuters) - McDermott International Inc ::McDermott announces $810 million credit agreement.McDermott has increased financial flexibility with addition of a $300 million revolving cash sublimit.McDermott International Inc - new credit agreement supports business growth with increased letter of credit capacity from $450 million to $810 million and extends maturity to 2022.New credit agreement supports business growth with increased letter of credit capacity from $450 million to $810 million.Agreement allows for current or new lenders to increase commitments up to a total of $1.0 billion.McDermott International Inc - repayment of term loan leads to reduction in leverage and simplified capital structure.McDermott International Inc - additionally, agreement allows for current or new lenders to increase commitments up to a total of $1.0 billion.McDermott International Inc - in conjunction with amended, restated credit agreement, co repaid in full outstanding term loan under previous credit agreement.  Full Article

McDermott International amends, restates prior credit agreement
Friday, 30 Jun 2017 04:53pm EDT 

June 30 (Reuters) - McDermott International Inc ::McDermott International says ‍on June 30, co amended and restated prior credit agreement by entering amended and restated credit agreement​ - SEC filing.McDermott International Inc - ‍credit agreement includes $810 million of commitments from lenders and $300 million of which is available for revolving loans​.McDermott International Inc - ‍senior secured credit facility established by credit agreement is scheduled to mature in June 2022​.  Full Article

Mcdermott completes load-out and install of first jacket from dammam fabrication yard
Tuesday, 13 Jun 2017 07:30am EDT 

June 13 (Reuters) - Mcdermott International Inc :Mcdermott -load-out and installation of first jacket fully fabricated by company at its recently opened dammam fabrication yard in Saudi Arabia.Mcdermott international inc says load-out marks first jacket delivered to saudi aramco from mcdermott's recently opened dammam fabrication yard.  Full Article