0.8095 -0.00 (-0.58%)
After hours: 6:48PM EST
|Bid||0.8150 x 800|
|Ask||0.8144 x 4000|
|Day's Range||0.7940 - 0.8500|
|52 Week Range||0.5300 - 10.9900|
|Beta (3Y Monthly)||2.92|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 24, 2020 - Feb 28, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||7.02|
The company has entered into a forbearance agreement with some of its creditors after skipping an interest payment.
U.S. stock indexes close lower for a second session in a row, while marking their biggest one-day declines since Oct. 8, following weak U.S. manufacturing data and President Trump’s announcement of new steel tariffs.
U.S. stocks opened higher on Monday even as investors digested news on tariffs and trade. The Dow Jones Industrial Average rose 54 points, 0.2%, to open near 28,105. The S&P 500 was up 2.4 points, 0.1%, to open near 3,143. The Nasdaq was 2 points, less than 0.1%, higher, at the open, and immediately gave up those gains. Shares of McDermott International Inc. soared double digits after the engineering and construction services company said it had reached agreements with some of its creditors.
Shares of McDermott International Inc. soared 20% in active premarket trading Monday after the provider of engineering and construction services to the energy industry announced access to $350 million in financing and a forbearance agreement with some of its creditors. Under terms of the forbearance agreement, over 35% of the holders of McDermott's 10.625% senior notes due 2024 have agreed not to exercise their rights to the interest payment due on Nov. 1. The agreement extends through Jan. 15, 2020. McDermott said it was in discussion with other holders of the 2024 debt. Regarding the $350 million in financing, it is the second tranche (Tranche B) of the previously announced $1.7 billion credit facility, and provides the company with a $250 million term loan and a $100 million letter of credit. McDermott's stock, which had closed at a record low of 56 cents on Nov. 19, has plummeted 88% year to date through Friday, while the SPDR Energy Select Sector ETF has gained 2.7% and the S&P 500 has climbed 25%.
McDermott International, Inc. (NYSE:MDR) ("McDermott" or the "Company") announced today that it has been granted access to the second tranche ("Tranche B") of the $1.7 billion superpriority senior secured credit facility (the "Agreement") announced on October 21, 2019. Tranche B provides McDermott with a $250 million Term Loan Facility and a $100 million Letter of Credit Facility. The Company expects to utilize the amounts available under Tranche B to continue financing working capital and support the issuance of required performance guarantees on new projects.
McDermott International, Inc. (NYSE: MDR) and its joint venture partner, Chiyoda International Corporation, a U.S.-based wholly-owned subsidiary of Chiyoda Corporation, Japan, today announced that Train 2 of the Cameron project, located in Hackberry, La., has reached the final commissioning stage. This includes the introduction of pipeline feed gas into Train 2 of the liquefaction export facility, the precursor for the production of liquefied natural gas (LNG). This achievement is yet another significant milestone during 2019 and the first for Train 2.
McDermott appointed a chief accounting officer weeks after a shakeup in the CFO position earlier in November.
U.S. oil services company McDermott International said on Thursday that its participation in a huge petrochemical project in Russia, announced this week, was in full compliance with the law and did not breach international sanctions against Moscow. Royal Dutch Shell pulled out of the same Baltic Coast project in April, saying Russian gas giant Gazprom had changed its final concept for the project which initially had been designed to produce only liquefied natural gas.
HOUSTON, Nov. 18, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) announced today it has been awarded a *sizeable technology contract from Baltic Chemical Company (BCC) and a *sizeable Extended Basic Engineering (EBE) contract from China National Chemical Engineering No. 7 Construction Company Limited (CC7). McDermott's Lummus Technology will provide both the Process Design Package (PDP) Engineering and the license for its olefin production and recovery technology.
McDermott's former CFO left amid liquidity issues that have cast doubt on the company's ability to move forward financially.
McDermott (MDR) boasts a 'Revenue Opportunity Pipeline' of $89.1 billion in Q3, comprising Backlog, Bids & Change Orders Outstanding, and Target Projects.
Work on Houston-based McDermott International Inc.'s headquarters building has halted after the company allegedly fell behind on payments to its general contractor.
(Bloomberg) -- McDermott International Inc.’s $1.7 billion super-senior credit facility could give an indication of terms if the struggling engineering and construction firm were to convert the debt into a bankruptcy loan.The facility consists of a $1.3 billion term loan and $400 million in letters of credit. It contains highly restrictive covenants that could provide a template for the kind of terms they would receive if they were to convert their debt into a debtor-in-possession loan in bankruptcy, Valerie Potenza, a high-yield analyst at Xtract Research, said in an interview.“It looks like a DIP, talks like a DIP, but it’s not a DIP,” she said.A representative for McDermott didn’t immediately respond to a request for comment.McDermott skipped a Nov. 1 interest payment on its bonds, triggering a 30-day grace period to make the payment or file for Chapter 11. It also warned in regulatory documents of the risk of bankruptcy.The company last month managed to negotiate the $1.7 billion rescue financing, but it faces numerous hurdles to access the roughly $1.1 billion available across three tranches after its initial $650 million draw.The super-senior facility contains DIP-like lender protections, such as a limit on its ability to take on new debt, according to Potenza. If the company were to end up filing for bankruptcy, it’s reasonable to assume that the existing group of lenders would negotiate with the company to provide a restructuring loan, she said.Regardless of McDermott’s fate, the lenders are being well-compensated for taking the risk of lending to the company, which provides services to oil and gas companies. If McDermott succeeds in selling its Lummus Technology unit, the super-senior lenders will receive their par value plus a 3% premium, according to Xtract’s analysis of the credit agreement.In the event of a bankruptcy filing in the next 18 months, McDermott must repay the loan before other payments, even if a Chapter 11 is triggered by insolvency. Those lenders would receive a make-whole premium in the first six months and a 3% premium for the 12 months thereafter, according to Xtract.To contact the reporter on this story: Allison McNeely in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, Nicole Bullock, Christopher DeRezaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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.
HOUSTON, Nov. 7, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced that it has been awarded a sizeable* technology contract by Formosa Chemicals Industries Ningbo Limited for the technology license and basic engineering services for a grassroots alpha-methylstyrene (AMS) recovery unit in Ningbo, China. This 10,000 MTA unit will utilize AMS technology jointly licensed by Versalis and McDermott's Lummus Technology to recover specialty chemicals for niche market sale.
Houston-based McDermott International Inc. (NYSE: MDR) has a new CFO in place just a day after reporting a major net loss for the third quarter. Stuart Spence resigned from his positions as executive vice president and CFO, effective Nov. 4, to pursue other opportunities, according to a press release and a filing with the U.S. Securities and Exchange Commission. Spence joined McDermott as CFO in August 2014 and had previously worked for Houston-based Halliburton Co. since that company's acquisition of Global Oilfield Services Inc. in November 2011.
McDermott International Inc. said Tuesday Chief Financial Officer Stuart Spence has resigned, to "pursue other opportunities." The provider of engineering and construction services to the energy industry named Chris Krummel, formerly the chief accounting officer, as its CFO effective immediately. The stock, which tumbled 10% in premarket trading after reporting third-quarter results late Monday, has plunged 65.4% over the past three months through Monday, while the S&P 500 has gained 8.2%.
HOUSTON, Nov. 5, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced the appointment of Chris Krummel as Executive Vice President, Chief Financial Officer, effective immediately. Mr. Krummel joined McDermott in 2016 and previously served as the company's Global Vice President, Finance and Chief Accounting Officer. "Chris has worked closely and collaboratively with our leadership team for the past three years and has clearly demonstrated the business and financial acumen that McDermott needs," said David Dickson, McDermott's President and Chief Executive Officer.
McDermott (MDR) delivered earnings and revenue surprises of -757.14% and -10.40%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Backlog remains strong at $20.1 billion , and revenue opportunity pipeline remains robust at $89.1 billion Net loss for Q3 2019 driven by asset impairments and project charges Continuing collaborative ...
HOUSTON, Oct. 30, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced the signing of a Memorandum of Understanding (MOU) with Darwin Clean Fuels Pty Ltd. The MOU is for the feasibility study, technology, front-end engineering design (FEED) and engineering procurement and construction (EPC) for a Clean Fuels Condensate Processing Plant in Darwin, in the Northern Territory, Australia. "The refinery would leverage our proprietary technologies, including alkylation and sulfur recovery, and is evidence of McDermott's technology-led EPC capabilities," said Ian Prescott, Senior Vice President of Asia Pacific.
Moody's Investors Service ("Moody's") downgraded McDermott Technology (Americas), Inc.'s (McDermott) corporate family rating to Caa2 from B3, its probability of default rating to Caa2-PD from B3-PD, its senior secured credit facilities rating to Caa2 from B2, and its senior unsecured notes rating to Ca from Caa2. At the same time, Moody's assigned a B2 rating to the company's $1.3 billion term loan, which is part of the superpriority credit agreement it entered into on October 21, 2019.
- Production platform turned over to customer, PEMEX Exploracion y Produccion - Work included engineering, procurement, construction, transport, installation, hook up, commissioning and start-up - Fabrication ...