McDermott Wins Chevron Contract

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Oil services provider McDermott International won a contract from Chevron, the second-largest U.S. oil company, to provide fabrication and installation on two Chevron (CVX) rigs in the Gulf of Mexico. The project will be included in McDermott's first quarter 2011 bookings.

Work on the project will begin in 2013 with official installation slated for 2014, Houston-based McDermott (MDR) said in a statement. McDermott will support Chevron work in the the Jack and St. Malo fields in the Gulf.

Located in up to 7,150 feet of water in the US Gulf of Mexico Walker Ridge lease blocks, the Jack South and St. Malo North and South subsea drill centers tie back to the Jack and St. Malo floating production platform, McDermott said in the statement. McDermott currently does business in more than 20 countries.

Shares of McDermott rose 7 cents to $23.60 today on below average volume. The 52-week high on the stock is $28.98.

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