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McDermott (MDR) Concludes Phase 1 of Atlanta EPS Project


McDermott International Inc. MDR recently announced the successful completion of the first phase of the deep-water Atlanta Early Production System (EPS) for Brazilian upstream player Queiroz Galvão Exploração e Produção S.A.

The Atlanta EPS project, located offshore Brazil, marks the first engineering, procurement, construction, and installation (EPCI) project undertaken by McDermott in Brazil. The company handled the project management and installation of all subsea hardware, along with providing logistics base and associated services.

The Atlanta EPS project includes FPSO vessel that connects to three wells. With the commissioning of the first two wells, the output is expected to reach 20,000 barrels per day (Bpd) and will further increase to 30,000 bpd post the commissioning of the third well. With the project becoming functional in 2021, the production phase will integrate a larger FPSO with a processing capacity of 80,000 barrels a day along with the building of nine additional horizontal wells, increasing the Atlanta field’s production capacity to 75,000 bpd.

The successful completion of the first phase has led to the establishment of a strong relationship between the companies, enhancing the chances of McDermott getting awarded with the subsequent contracts from Queiroz Galvão for the Atlanta EPS project.

Zacks Rank and Key Picks

Incorporated in 1959, Houston, TX-based McDermott is an engineering and construction company, solely focused on offshore oil and gas business. The company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked players in the energy space include Northern Oil and Gas, Inc. NOG, Continental Resources, Inc. CLR and Flotek Industries, Inc. FTK.

Northern Oil and Gas delivered an average positive earnings surprise of 175% in the trailing four quarters.

Continental Resources delivered an average positive earnings surprise of 64.93% in the trailing four quarters.

Flotek Industries’ earnings are anticipated to witness a year-over-year increase of 557.14% in 2018.

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