McDermott awarded EPCI, commissioning of PEMEX production platform McDermott International announced that one of its subsidiaries has received a letter of award for a turnkey contract for the PB-Litoral-A production platform for PEMEX Exploracion y Produccion in the Litoral Tabasco Tsimin-Xux fields. The value is approximately $230M and will be included in McDermott's fourth quarter 2012 backlog. Engineering work is expected to begin in early 2013 by McDermott’s Houston and Chennai engineering offices, with fabrication at Altamira, Mexico, where at peak, more than 550 craft personnel are expected to be engaged on the project. Full project completion is expected during the second quarter of 2015.
McDermott upgraded to Outperform from In-Line at Imperial Capital Imperial Capital upgraded McDermott to Outperform saying the company will benefit from growing demand for offshore oil and gas construction services. The firm raised its price target for shares to $6 from $4.