McDermott Awarded New Saudi Aramco Contract

On January 24, McDermott International, Inc. (MDR) announced that it was awarded a new contract with Saudi Aramco. The company reported that this is a large contract for the engineering, procurement, construction, and installation of 13 jackets in the Zuluf, Marjan, Berri, and Abu Safah oil fields off the coast of Saudi Arabia. McDermott expects to complete the projects during the first half of 2018.

 

Sonal received the news and issued an alert at 7:30 am. The next trade took place at 7:31 am for $8.35. The price faded after the initial rise. Regular market trading opened for the day at $8.24. The stock price continued to trend higher throughout regular market trading hours before closing at $8.98.

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