McDermott Sees Brownfield Shift In Gulf Contract Awards

US-based upstream contractor McDermott International points to a shift from new development work to brownfield projects in the current lower oil price environment, yet reports a “very strong quarter of new awards for the company, predominantly in our core Middle East markets.”

McDermott reported Q3 revenue of $806mn, up 94% on year-ago figures. The first lump sum contract under a new Saudi Aramco long term agreement represents “the single largest award in the history of our Middle East business, while two new contracts in Qatar bring awards in the emirate to four this year,” says David Dickson, McDermott president and CEO. The company says its Q3 orders, including these three deals, totaled a record $2.1bn. (CONTINUED - 474 WORDS)