McDermott Wins LOI for ExxonMobil's Rovuma LNG Project in Mozambique
MCDIF is trading near its 52-week low of $4 (13% above the low) on light trading volume (0.1× avg).
Summary
McDermott has received a letter of intent from ExxonMobil for the Rovuma LNG project in Mozambique, a major new contract that strengthens its backlog. This follows recent positive commentary from the CEO on the QatarEnergy expansion and a Nordic bond refinancing, indicating improving operational momentum. The award adds a significant project to McDermott's portfolio, though financial terms are not disclosed. The company's small market cap means this win could materially impact future revenue and earnings visibility.
At the time of this announcement, MCDIF was trading at $4.50 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $128.4M. The 52-week trading range was $4.00 to $31.25. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.