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Stock Market & Financial Investment News

News Breaks
May 19, 2014
11:31 EDTMDRMcDermott 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.
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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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