McDermott Wins New Contract From BP, Relationship Expands

By Zacks Investment ResearchStock MarketsMar 07, 2018 08:12PM ET

www.investing.com/analysis/mcdermott-wins-new-contract-from-bp-relationship-expands-200296627

McDermott Wins New Contract From BP, Relationship Expands

By Zacks Investment Research | Mar 07, 2018 08:12PM ET

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McDermott International, Inc. (NYSE:MDR) recently received a detailed engineering and long lead procurement services deal from a subsidiary of BP (LON:BP) p.l.c. (NYSE:BP) , BP Trinidad & Tobago, LLC for the Cassia C Compression Platform. It is located 65 kilometers offshore Trinidad and Tobago's southeast coast.

The Cassia C is the third platform for BP's gas compression project, which will receive supply from the Columbus basin. McDermott plans to use Gemini XD's (its new digital platform) Project Lifecycle Management (PLM) module in the new contract. The company's Houston team will lead the project, supported by its team in Chennai, India.

Notably, the deal is a successor of the engineering, procurement, construction, installation and commissioning (EPCIC) contract that McDermott received from BP in 2017 for the Angelin project. The upstream service provider company sees the new contract as another milestone in its relationship with BP.

The contract is expected to enable McDermott, which recently released fourth quarter and yearly financial results of 2017, to reach its 2018 guidance of full-year revenues to lie within $3.1-$3.3 billion range.

Price Performance

McDermott has gained 16.1% in the last year against 19.9% fall of its industry.

About McDermott

Incorporated in 1959, Houston, TX-based McDermott is an engineering and construction company, solely focused on offshore oil and gas business. McDermott primarily serves the worldwide offshore oil and gas field developments, including front-end design and detailed engineering, fabrication and installation of offshore drilling and production facilities, as well as the installation of marine pipelines and subsea production systems.

Zacks Rank and Stocks to Consider

McDermott has a Zacks Rank #3 (Hold).

A few better-ranked stocks in the oil and energy sector are ConocoPhillips (NYSE:COP) and Pioneer Natural Resources Company (NYSE:PXD) , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Houston, TX-based ConocoPhillips is an upstream energy player. Its revenues for first-quarter 2018 are anticipated to improve 9.6% from the prior-year quarter. The company witnessed a positive average earnings surprise of 144.5% in the trailing four quarters.

Irving, TX-based Pioneer Natural Resources is an independent oil and gas exploration and production company. Its revenues for first-quarter 2018 are expected to improve 22.8% from the year-ago quarter. For 2018, the bottom line is anticipated to be up 185.7%.

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McDermott International, Inc. (MDR): Free Stock Analysis Report

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McDermott Wins New Contract From BP, Relationship Expands

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