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

MCDERMOTT INTERNATIONAL INC

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Petrobras : awards McDermott Sepia field project contract

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05/16/2019 | 09:00am EDT

McDermott International has announced the award of a contract by Petrobras for engineering, procurement, construction and installation of subsea risers and flowlines for the first phase of the Sepia field, located 174 miles (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 (three producers and four 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 Vice President 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 7021 ft (2140 m).

The engineering work is expected to begin immediately, and the contract will be reflected in McDermott's 2Q19 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.

(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 0.26% 7.63 Delayed Quote.16.36%
PETROLEO BRASILEIRO SA PETROBRAS 1.25% 27.45 End-of-day quote.19.53%
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Financials ($)
Sales 2019 9 913 M
EBIT 2019 722 M
Net income 2019 211 M
Finance 2019 232 M
Yield 2019 -
P/E ratio 2019 6,98
P/E ratio 2020 3,62
EV / Sales 2019 0,11x
EV / Sales 2020 0,21x
Capitalization 1 312 M
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Mean consensus HOLD
Number of Analysts 8
Average target price 10,8 $
Spread / Average Target 49%
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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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