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Stock Market & Financial Investment News

News Breaks
March 4, 2013
06:45 EDTMDRMcDermott downgraded to Hold from Buy at KeyBanc
KeyBanc downgraded McDermott due to margin concerns as it transitions to a businessmen model to deep-water work.
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February 25, 2015
05:20 EDTMDRMcDermott and Petrofac form five-year strategic alliance
McDermott and Petrofac Limited announced they have formed a strategic marketing alliance to pursue top-tier deepwater subsea, umbilical, riser and flowline, or SURF, projects. The five-year alliance expects to provide oil and gas companies a competitive, integrated solution across a broad range of complex engineer, procure, construct, install Subsea projects in deep and ultra-deepwater across the US Gulf of Mexico, Mexico, Brazil, the North Sea, Mediterranean and West Africa. SURF projects are expected to be above $200M, with the project scope anticipated to be split between partners roughly equally, but according to the specifics of a particular opportunity, and governed by separate project agreements.

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