McDermott International: Gains on Posco International contract win

Posco International

24/09/2019 13:10

** Shares of the oilfield services co  MDR.N  rise ~6% to
$2.49 premarket; set for third straight session of gains at
current levels
    ** Wins 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 surged ~75% on Friday after MDR said it was
exploring options after receiving takeover interest for all or
part of technology business, Lummus, with valuation exceeding
$2.5 bln  urn:newsml:reuters.com:*:nL3N26B3FL
    ** 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 in Bengaluru)
 ((Arjun.Panchadar@thomsonreuters.com; within U.S.
+1-646-223-8780; outside U.S. +918067492767;))