NEW YORK (TheStreet) -- Shares of McDermott International (MDR) rose 5.12% to $4.31 in afternoon trading Wednesday after the engineering company announced it had delivered a riser support structure for the INPEX-operated Ichthys LNG Project.
The company made the delivery to the project's subsea umbilical, riser, flowline development.
McDermott also announced Tuesday it had signed a three-year shallow water pipeline contract with Brunei Shell Petroleum Company to transport and install pipelines and umbilicals for the Champion and Ampa Fields offshore Brunei.
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"Earlier this year we established a dedicated presence in Brunei and demonstrated outstanding execution delivering project certainty on the transportation and installation of four jackets for the BSP Champion Waterflood B2/3 development," said McDermott president and CEO David Dickson in a statement. "BSP's confidence in our efficient planning, seamless offshore operations and excellent safety performance is demonstrated by the award of this significant new project, which is one of BSP's largest contracts in recent years."
Separately, TheStreet Ratings team rates MCDERMOTT INTL INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MCDERMOTT INTL INC (MDR) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself."