Oil and gas equipment and services provider McDermott International (MDR) - Get Report is rising 11.5% Wednesday after the company announced it has been awarded a contract in excess of $1.5 billion from Saudi Aramco's Marjan Increment Development Project.
The company will provide engineering, procurement, construction and instillation services for the company's offshore gas facilities and pipelines.
"The award of Marjan Package 4, in addition to Marjan Package 1, is further evidence of Aramco's confidence in McDermott's ability to deliver on a project of this scale," said Linh Austin, senior vice president, Middle East and North Africa. "Our locally focused and globally integrated approach we refer to as the One McDermott Way, is integral to our ability to provide effective, innovative solutions for our clients."
The company said it will base its project management out of Dubai with engineering support coming from the company's offices in Al Khobar, Saudi Arabia and Chennai, India.