Bloomberg News

McDermott Gains After Winning $2 Billion Contract: Houston Mover

January 26, 2012

Jan. 25 (Bloomberg) -- McDermott International Inc., a Houston-based energy services company, advanced as much as 10 percent after winning a $2 billion contract for a liquefied- natural-gas drilling project off Australia.

McDermott gained $1.17, or 9.8 percent, to $13.11 at 11:48 a.m. on the New York Stock Exchange. The shares have gained 14 percent this month and dropped 34 percent in the past year. McDermott fell 27 percent on Aug. 4 after second-quarter earnings fell short of expectations.

The Ichthys LNG project is a joint venture between Inpex Corp. and Total SA, with Inpex holding 76 percent, according to McDermott’s statement. McDermott will install subsea hardware, moorings, risers, umbilicals and flowlines.

McDermott is expected to report fourth-quarter and full- year earnings on March 1.

--Editors: Margot Habiby, Charlotte Porter

To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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