McDermott International (NYSE:MDR) Revamps Website and Acquires Another Contract with RasGas


McDermott International (NYSE:MDR) has unveiled its new revamped website. The company stated that the step had been taken to enhance user experience for its clients, investors and others. Additionally, the company also acquired a brownfield contract from RasGas in Qatar. The contract concerns the engineering, procurement, construction and installation (EPCI) of the field. The project would concern topside modifications of a 6- and 8-inch pipeline, which stretches for a distance of 74-miles. MDR expects to complete the project by the end of 2017.

McDermott has a 90-year old history, concerning its various projects in the mining and energy sector. The CEO of MDR, David Dickson, feels that telling this story in a more effective manner was necessary for the company. He expressed his vision to keep all business stakeholders engaged with the developments of the company. Furthermore, he also stressed on the need for a new website, which was user friendly and flexible enough to be used on any of the internet enabled devices. With the new website, the management now hopes to tell this story to a wider range of audiences.

For the last two decades of this history, RasGas has been an important customer for McDermott. The company has assisted RasGas with a number of its off-shore projects in Qatar. The two companies operate on an engineering service agreement, through which MDR execute conceptual studies concerning front end engineering and design. More recently, MDR has been providing assistance for the upgrade and development of three helidecks on RasGas properties. McDermott has announced that vessels from its global fleet would assist in the installation of the EPCI project, while its teams in the Middle East would be entrusted with the engineering, procurement and fabrication work. Additionally, revenues from this project would be backlogged in the company’s 3Q2015.

McDermott International (NYSE:MDR) was trading at $4.12, after suffering a decline of 1.9% in its share value. The stock had a trade volume of 4.73 million during the December 3 session.

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