McDermott (MDR) Wins Phase 3 Of The FEED Contract From POSCO
Zacks Investment Research | Sep 25, 2019 11:17PM ET
McDermott International (NYSE:MDR) recently secured a major front-end engineering design (FEED) contract from POSCO INTERNATIONAL Corporation.
McDermott has been contracted for the phase three stage of Shwe gas field development. Located 70 kilometers offshore Myanmar, the Shwe gas field’s FEED contract comprises provision of new compression platform along with some modification in the existing platform as well as a bridge link.
The contract services, scheduled to take place in the third quarter of 2019, will be carried out at McDermott’s Center of Engineering Excellence in Kuala Lumpur, Malaysia. The work is expected to be completed by second-quarter 2020. This contract win will be added to McDermott’s third quarter, 2019 backlog.
In 2017, McDermott took part in the FEED competition and its successful execution of the FEED followed by the EPCIC tender led to its contract award of the phase two developmental stage of the Shwe gas field project. This in turn fetched the company the phase three expansion work of the project.
The Shwe field development consists of the Shwe, Shwe Phyu and Mya gas fields, located in blocks A-1 and A-3 of the Bay of Bengal.
Shares of McDermott, the oilfield equipment provider, have plummeted 88.7% in a year, comprehensively wider than the Zacks Investment Research
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