McDermott: Gains on contract win, before paring on loan report

Posco International

24/09/2019 16:33

(Updates)
    ** Shares of the oilfield services co  MDR.N  rise as much
as 10.6% before paring gains to trade up 1.7% after thefly.com,
citing a Bloomberg reporter, reports co seeking loan to cover
$1.7 bln working capital gap
    ** MDR seeking loan until it can sell assets, such as Lummus
Technology, thefly.com reported, citing Bloomberg's Allison
McNeely (http://bit.ly/2mkm8dj)
    ** MDR, on Friday, said it was exploring options after
receiving take over interest for all or part of technology
business, Lummus, with valuation exceeding $2.5 bln  urn:newsml:reuters.com:*:nL3N26B3FL
    ** Earlier on Tuesday, MDR said it won a sizeable front-end
engineering design contract from Posco International Corp
 047050.KS  for the Shwe Phase 3 gas field, off Myanmar
 urn:newsml:reuters.com:*:nPn9dBm8ha
    ** MDR defines sizeable contract as between $1 mln and $50
mln; says contract will reflect in Q3 2019 backlog and scheduled
to be completed in Q2 2020
    ** Shares pared gains and closed up ~27%, following a WSJ
report that MDR had hired law firm Kirkland & Ellis to advise on
restructuring its balance sheet  urn:newsml:reuters.com:*:nL3N26B3L9
    ** As of Monday's close, MDR had fallen 64% YTD

 (Reporting by Arjun Panchadar and Abhijith G in Bengaluru)
 ((Arjun.Panchadar@thomsonreuters.com; within U.S.
+1-646-223-8780; outside U.S. +918067492767;))