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Stock Market & Financial Investment News

News Breaks
March 1, 2013
12:00 EDTMDRMcDermott falls 13.7%
McDermott is down 13.7%, or $1.74, to $10.98
News For MDR From The Last 14 Days
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July 7, 2015
09:16 EDTMDRMcDermott signs long term EPCI agreement with Saudi Aramco
McDermott announced it has been selected by Saudi Aramco as one of the winners of a global competition for a new Long Term Agreement for future brownfield work in various fields in offshore Saudi Arabia. The LTA, which was signed on June 10, 2015, at Saudi Aramco headquarters in Saudi Arabia, establishes the terms and conditions by which McDermott can bid on future engineering, procurement, construction and installation, or EPCI, opportunities in various fields in offshore Saudi Arabia. The signing is the second LTA between McDermott and Saudi Aramco. Currently, McDermott executes work under an existing LTA with Saudi Aramco, which has been in place since June 28, 2007.
June 23, 2015
07:03 EDTMDRMcDermott awarded Otis Field Subsea Tieback Project by LLOG
McDermott International has been awarded a “sizeable lump sum contract” by LLOG Exploration Offshore in support of LLOG’s Otis development located in the Gulf of Mexico. The lump sum contract will be included in McDermott’s second quarter 2015 backlog. The Otis field, located in Block Mississippi Canyon 79, will be developed as a subsea tieback to the Delta House floating production system, or FPS, and lies in approximately 3,800 feet of water. McDermott’s Houston office will perform the overall project management and engineering. The flowline and SCR are scheduled to be assembled and fabricated at McDermott’s new spoolbase facility in Gulfport, Mississippi. Offshore installation is scheduled to be completed in early 2016.

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