Dallas, Texas 01/28/2014 (FINANCIALSTRENDS) – McDermott International (NYSE:MDR), the $1.96 billion market capped oil and gas firm shed close to 2.35 percent of its market valuation as against the lower 0.48 percent dip that the energy index posted during trading on 27th January.
The bigger than expected dip in the market valuation of Houston based McDermott International (NYSE:MDR) can be ascribed to the announcement by the firm in the form of mandatory SEC filing on 27th January that Mr. Stewart A. Mitchell who was serving the company in his capacity of Senior Vice President and General Manager for its Middle East and Atlantic geographies would be quitting the firm citing personal reasons around pursuing alternate business opportunities. The resignation would be effective first of March 2014.
The SEC filings also indicated that immediate effect Mr. Scott V. Cummins who is currently the Senior Vice President and General Manager for the Asia Pacific operations of McDermott International (NYSE:MDR) will take additional charge of the responsibilities which till 27th January were rolling up into Mr. Mitchell for the Middle East and Caspian geographies while the running of the Atlantic market segment would be passed on to Mr. Tony Duncan temporarily. Mr Duncan is currently the Vice President and General Manager for the company’s Subsea operations.
It would be appropriate to take note here that McDermott International (NYSE:MDR) which is into the designing and construction of off shore oil and gas rigs has been facing a down turn in recent times due to the prevalent trend in the U.S Oil and Gas industry today, of focusing on extraction of oil and gas from shale in the mid American continent using new technology. The stock price of the oil and gas services provider had settled at $8.3 per share as of close of business on 27th January.