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All Eyes on McDermott  | Rigzone

All Eyes on McDermott  | Rigzone

Here are Rigzone’s top stories during the last week, just in case you missed them…

A few readers asked us this question after McDermott’s restructuring announcement. The company said following delisting from the New York Stock Exchange, McDermott shares will continue to trade in the immediate term in the over-the-counter market place but added that they are proposed to be cancelled as part of the restructuring.

It emerged that the New York Stock Exchange intends to remove the entire class of the common stock of McDermott International, Inc. from listing and registration on the Exchange on February 17.

Another popular article on Rigzone this week about McDermott. The company was awarded a large contract by BHP to provide subsea umbilicals, risers and flowlines, transportation and installation, pre-commissioning of one jacket and topsides for the Ruby Project, offshore Trinidad and Tobago. McDermott defines a large contract as between $50- and $250 million.

Rigzone’s contributor Gaurav Sharma noted that with the coronavirus pandemic, all old projections are out of the window. This may yet be the year where there might not just be considerably lower demand growth, but actually negligible demand growth or even a possible decline, according to Gaurav.

Saipem won offshore contracts in multiple regions valued at more than $500 million. Contract awardees included Saudi Aramco, Eni and Noble Energy.

Here’s What’s Coming

Keep an eye out for these articles on Rigzone later today…

  • Cimic Wins Contract Extension for Chevron-run Facilities
  • India’s Upside for Oil Demand Seems Unlimited  
  • Global Oil, Gas Deal Value Sank in 2019               
  • Kosmos’ Ghana Performance Boosts 1P Reserves
  • McDermott Awarded Permian Storage Contract

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