Dallas, Texas 08/13/2013 (Financialstrend) – McDermott International (NYSE:MDR), which is a the Houston-based energy services and engineering company, recently announced that it plans to close its Morgan City fabrication facility and marine base in Amelia and the business carried on in Morgan City fabrication facility and marine base in Amelia will be moved to Altamira, Mexico. It was reported that McDermott International approximated 350 workers will be layoff when the yard is closed during late this year or early next. Following many months of thought, McDermott International’s chairman of the board, president and chief executive officer Stephen M. Johnson told that the company has made the choice, which are determined by the developing market demands of the offshore engineering and construction business in the Gulf of Mexico. The company in July also announced its closure of close its last left over New Orleans administrative centre in October.
Stephen M. Johnson chairman of the board, president and chief executive officer of McDermott International obtained 74,180 shares of the stock in a deal dated August 8, 2013. The shares were obtained at an average cost of $6.74 per share with a whole value of $499,973.20. After the completion of the acquirement, the chief executive officer at present directly owns 542,210 shares of the McDermott International’s stock.
There had been a gain of 3.23% in the shares of McDermott International which closed at $7.34 per share after opening at $7.11 for the day. The stock had presented intraday fluctuations on the range intraday low of $7.11 and $7.74intraday high per share on Monday. The shares had documented 52 week low at $6.68 and 52 week high at $13.56 per share. There are 236 million shares outstanding with a market cap of $1.73 billion and an institutional ownership of 94% of the total capital. The trading volume of McDermott International was 15.81 million shares on Monday and the average volume is at 4.48 million shares per day.