McDermott International, Inc. (NYSE: MDR) announced it has been awarded a technology contract by Formosa Chemicals Industries Ningbo Limited for the technology license and basic engineering services for a grassroots alpha-methylstyrene recovery unit in Ningbo, China.
McDermott defines a sizable contract as between $1 million and $50 million.
"This award represents the first license of this AMS technology," said Leon de Bruyn, senior vice president of McDermott's Lummus Technology. "The commercialization of this technology illustrates the effectiveness of our continuous innovation process. Lummus works to provide our customers market-leading solutions to enhance their competitiveness; the addition of the AMS recovery unit will enable Formosa to recover this specialty chemical with unmatched purity, ultimately enhancing the operating margins while lessening the environmental footprint."
McDermott shares were shares were trading up 2.7% at $1.53 in Thursday’s pre-market session. The stock has a 52-week high of $10.99 and a 52-week low of $1.44.
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.