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MarketScreener Homepage  >  Equities  >  Nyse  >  McDermott International Inc    MDR   PAL1201471A1

MCDERMOTT INTERNATIONAL INC

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McDermott International : Signs Contract Agreement for Mozambique LNG Development

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06/09/2019 | 09:15am EDT

McDermott International, Inc. announced that CCS JV, a joint venture between McDermott, Saipem and Chiyoda, has reached full agreement for a contract with Anadarko Petroleum Corporation for the Mozambique Area 1 Liquefied Natural Gas (LNG) Development.

CCS JV's project scope includes the onshore engineering, procurement and construction (EPC) for all components of the onshore LNG development, which includes two LNG trains with a total nameplate capacity of 12.88 million tonnes per annum (MTPA), plus the associated utilities and infrastructure. Previously, CCS JV provided front-end engineering design (FEED) services for this LNG development.

McDermott's initial portion of the EPC contract award is approximately $2 billion.

"LNG is helping to shape an entirely new era of energy solutions, and McDermott is playing a significant role in this global shift," said Tareq Kawash, McDermott's Senior Vice President for Europe, Africa, Russia and Caspian.

"The Area 1 Mozambique LNG project will build on McDermott's industry-leading experience and demonstrate our ability to deliver comprehensive EPC solutions globally for world-scale LNG developments," said Samik Mukherjee, McDermott's Group Senior Vice President, Projects.

McDermott and Saipem have established a new office in Milan, Italy, where a team from both companies will lead the project management, engineering and procurement in advance of sharing on-site construction management responsibilities. McDermott will perform engineering from both London and Gurgaon, India. Chiyoda will only provide advisory services for the joint venture. Work at the site is expected to commence when Anadarko issues a Notice to Proceed after it takes a Final Investment Decision (FID).

As the operator of Offshore Area 1, Anadarko is the primary project sponsor. Additional sponsors include ENH Rovuma ?rea Um, S.A, Mitsui E&P Mozambique Area1 Ltd., ONGC Videsh Ltd., Beas Rovuma Energy Mozambique Limited, BPRL Ventures Mozambique B.V., and PTTEP Mozambique Area 1 Limited.

The contract award will be reflected in McDermott's backlog once Anadarko approves FID, which is expected in June 2019.

For more information about related Opportunities and Key Players visit East Africa Projects

(c) 2019 Universal Solutions S.A.E. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
MCDERMOTT INTERNATIONAL INC 6.22% 2.14 Delayed Quote.-69.27%
SAIPEM S.P.A. -2.01% 4.335 End-of-day quote.35.50%
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Financials (USD)
Sales 2019 9 473 M
EBIT 2019 466 M
Net income 2019 -320 M
Debt 2019 3 400 M
Yield 2019 -
P/E ratio 2019 -1,17x
P/E ratio 2020 1,00x
EV / Sales2019 0,40x
EV / Sales2020 0,31x
Capitalization 365 M
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Mean consensus HOLD
Number of Analysts 10
Average target price 8,71  $
Last Close Price 2,01  $
Spread / Highest target 597%
Spread / Average Target 334%
Spread / Lowest Target 199%
EPS Revisions
Managers
NameTitle
President, Chief Executive Officer & Director
Non-Executive Chairman
Group Senior Vice President-Projects
Chief Financial Officer & Executive Vice President
Independent Director
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