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

MCDERMOTT INTERNATIONAL INC

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McDermott International : awarded EPCI contract by Petrobras for Sepia Field Project

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05/15/2019 | 08:57am EDT

McDermott International, Inc. has announced the award of a significant* contract by Petrobras for engineering, procurement, construction and installation of subsea risers and flowlines for the first phase of the Sepia field, located 174 mi (280 km) from the Rio de Janeiro coastline in Brazil.

The project scope includes detailed engineering, surveys, supply, installation and pre-commissioning of rigid pipelines, jumpers, buoyance modules, strakes and riser monitoring systems for seven-riser wells (3 producers and 4 injector wells) connected to the floating production, storage and offloading (FPSO) Carioca vessel.

"McDermott has had a strong presence in Brazil going back more than four decades, and we see tremendous opportunity for growth in the region," said Mark Coscio, McDermott's senior V.P. for North, Central and South America. "We will use our first-class assets and proven track record to deliver the highest levels of safety, quality and cost-efficiency during the first phase of this important greenfield development."

McDermott's Rio de Janeiro office will perform the work with support from its Houston office. McDermott plans to use five vessels for the installation work at ultra-deepwater depths up to 7,021 ft (2,140 m).

The engineering work is expected to begin immediately, and the contract will be reflected in McDermott's second quarter 2019 backlog.

The first phase is part of a 15 well Sepia field development located in the pre-salt layer of the Santos Basin in Block BM-S-24. First oil is expected in 2021.

* - McDermott defines a significant contract as between $250 million and $500 million.

(c) 2019 ITP Media Group. 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 27.22% 2.01 Delayed Quote.-66.97%
PETROLEO BRASILEIRO SA PETROBRAS -1.06% 27 End-of-day quote.20.33%
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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 -0,92x
P/E ratio 2020 0,79x
EV / Sales2019 0,39x
EV / Sales2020 0,30x
Capitalization 287 M
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Mean consensus HOLD
Number of Analysts 10
Average target price 8,71  $
Last Close Price 1,58  $
Spread / Highest target 786%
Spread / Average Target 452%
Spread / Lowest Target 280%
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Managers
NameTitle
David Dickson President, Chief Executive Officer & Director
Gary P. Luquette Non-Executive Chairman
Samik Mukherjee Chief Operating Officer & Executive Vice President
Stuart A. Spence Chief Financial Officer & Executive Vice President
John F. Bookout Independent Director
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