The receiving of the contract award from Anadarko Petroleum Corporation (NYSE:APC) for the flowline and umbilical installation is the latest announcement made by McDermott International Inc (NYSE:MDR).
Details regarding the deal
A person well conversant with the matter but who wanted his identity kept anonymous has stated that it was in support of a tieback to Anadarko-operated Lucius field which lies in Galveston, Texas. He added that McDermott had made a commitment to provide the installation, fabrication, engineering as well as the pre-commissioning of production umbilicals, subsea infield flowlines and related subsea equipment.
Scott Munro, the McDermott Vice President for the Americas, Europe and Africa opined, “We appreciate Anadarko’s confidence in our experience and ability to deliver this project on schedule with the highest quality in the Gulf of Mexico.”
Munro stated that the recent development was about 7,400 feet of water adding that the McDermott’s operating center based in would be entrusted with performing project engineering and management.
An official working with the company said that the McDermott’s second quarter 2018 backlog would reflect contract award in a rather elaborate way.
It was sometime back that McDermott announced the departure of Lee A. Schneider from the company. According to the company, Schneider got a position to serve as the general counsel of blockchain software developer Block.one. The official will be in charge of the of the company’s compliance, regulatory and legal affairs.
Changes made along the way
Schneider served in several positions at McDermott, but what he will be more remembered for being the head of broker-dealer and fintech practices. While serving in the position, he is said to have advocated for team work and his stand was that it was the easiest way for any given organization to achieve its set goals.
The size of Anadarko Petroleum Corporation has always been the reason as to why it has over the years managed to draw quite a significant number of investors. One common attribute about these investors is the fact that all of them have been out there to get a reliable investment in the stock market. The company has been offering them strong capital returns not leaving behind the point that it has been one of their major sources for the diversified revenue streams.