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Stock impact report

McDermott: A High Risk, High Reward Play With 400% Upside [Seeking Alpha]

MCDERMOTT INTL (MDR) 
Last mcdermott intl earnings: 11/4 04:15 pm Check Earnings Report
Company Research Source: Seeking Alpha
Summary Introduction McDermott (NYSE: MDR ) is an oil services engineering firm. A leader in offshore services, it acquired Chicago Bridge & Iron Co. (NYSE: CBI ) in 2018 to rebalance its business and became a mixed onshore/offshore oil services firm. Before merging with CBI, it rejected a bid from Subsea 7 ( OTCPK:SUBCY ). In the last two months, McDermott has lost over 50% of its market cap on the back of legacy issues in CBI and the overall oil services sector pullback. In this note, we will first highlight the risks and then explain our rationale in opening a long position. The high cost of the preferred debt suggests a material risk of bankruptcy McDermott announced its Q3 last week and the stock price fell by 40% in a single day. The announcement of further losses ($744mn, source: Q3 presentation ) on CBI legacy projects shocked the market. What shocked me as well, was the company acutely needs to seek liquidity. Firstly, by raising preferred debt from cl Show less Read more
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