McDermott unit signs agreement for Gulfport spoolbase McDermott announced that one of its subsidiaries has signed a lease agreement with the Mississippi Development Authority and the Mississippi State Port Authority for the exclusive right to operate a spoolbase and marine operations base in the Port of Gulfport. McDermott expects the facility, designed to serve projects from the Gulf of Mexico, will be available in early 2016. The new facility in Gulfport, located on the Mississippi coastline, will be used to fabricate steel pipe stalklines through advanced welding processes for use in offshore Reeled pipelay operations. The new 50 acre facility will feature a state of the art fabrication building and stalk racks as well as a dedicated dock for vessel berthing to accommodate reeling pipe onto McDermott’s fleet of specialized vessels for transport and installation offshore.
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.