McDermott awarded subsea contract in Brazil McDermott International announced that one of its subsidiaries has entered into an agreement with Petrobras for the supply of its subsea Lay Vessel North Ocean 105. This contract is included in McDermott’s first quarter 2014 backlog. The LV105 will carry out deepwater umbilical and flexible pipe installation in the pre-salt region and Campos Basin area offshore Brazil. Expected to commence during the third quarter of 2014, the term of the charter is approximately 200 days, with an option to extend.
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.