Mcdermott International Ltd. (MCDIF) Investment Analysis
1. Executive Summary:
McDermott International Ltd. stands as a preeminent, vertically integrated provider of engineering, procurement, construction, and installation (EPCI) solutions, specifically designed to meet the rigorous demands of the global energy sector.[1, 2] With a corporate history spanning over a century, the firm has evolved from a regional builder of wooden rigs into a multinational powerhouse operating in over 54 countries with a workforce exceeding 30,000 employees.[3, 4] The company’s operational philosophy centers on a "concept-to-commissioning" approach, whereby it manages the entire lifecycle of complex energy infrastructure, including offshore platforms, subsea pipelines, and large-scale liquefied natural gas (LNG) facilities.[1, 2]
The revenue generation model of McDermott is primarily anchored in high-value, large-scale EPCI contracts.[5] These projects are categorized into three core business segments: Offshore Middle East, Subsea and Floating Facilities, and Low Carbon Solutions.[6] The company’s geographic footprint is heavily weighted toward the Middle East, which accounts for approximately 62% of its revenue, driven by entrenched relationships and Long-Term Agreements (LTAs) with national oil companies (NOCs) like Saudi Aramco and QatarEnergy.[5] In addition to these cornerstone markets, McDermott maintains a significant presence in the Americas and Asia-Pacific, focusing on deepwater subsea tiebacks and modular LNG export terminals.[3, 7, 8]
Core Products, Services, and Revenue Streams
McDermott’s product suite is engineered to facilitate the extraction, processing, and transport of hydrocarbon and renewable energy resources.
| Segment |
Primary Products & Services |
Key Value Proposition |
| Offshore Middle East |
Fixed platforms, jackets, topsides, and shallow-water pipelines.[6, 7] |
Rapid deployment through regional fabrication yards and LTA frameworks.[5, 7] |
| Subsea & Floating |
Subsea Umbilicals, Risers, and Flowlines (SURF); FPSO topside modules.[6, 9] |
High-specification marine fleet capable of complex deepwater installations.[5, 9] |
| Low Carbon Solutions |
Modular LNG, CCUS infrastructure, Hydrogen/Ammonia, and Offshore Wind substations.[10, 11] |
Proprietary modular designs that reduce site footprint and execution risk.[12, 13] |
The company generates revenue by converting its massive project backlog—which reached $17.5 billion by the end of Q3 2025—into realized billings through project milestones.[1, 14] While historically the company relied on fixed-price contracts, recent strategic shifts have seen an increase in risk-sharing and reimbursable structures to protect margins from inflationary pressures.[3, 8]
Primary Customer Types and End Markets
The customer base is bifurcated between the world’s most powerful National Oil Companies (NOCs) and International Oil Companies (IOCs). NOCs, such as Saudi Aramco, QatarEnergy, and ADNOC, provide the company with steady, multi-year brownfield and greenfield programs focused on energy security and production capacity maintenance.[3, 5, 7] IOCs, including Shell, TotalEnergies, and ExxonMobil, typically contract McDermott for technically demanding deepwater developments and LNG export facilities where execution certainty is paramount.[9, 15]
The most important end markets for McDermott currently include the Middle East (offshore expansion), the U.S. Gulf Coast and Canada (LNG export), and the North Sea (offshore wind and energy transition infrastructure).[3, 6, 16]
Competitive Differentiation: The McDermott Choice
Customers select McDermott over competitors due to its vertically integrated "self-perform" model.[17, 18] Unlike many peers who act as "fab-less" engineering houses, McDermott owns and operates its own specialized marine construction fleet and global fabrication yards, such as those in Jebel Ali, Batam, and Altamira.[4, 5] This physical asset base allows for superior control over project schedules, reduces interface risks between different contractors, and offers clients a single point of accountability for multi-billion-dollar investments.[3, 5] Furthermore, its proprietary modular LNG technology provides a unique economic advantage by allowing for 60% more LNG production per acre, a critical factor in land-constrained project sites.[12, 13]
2. Business Drivers & Strategic Overview:
Product and Service Detail: What is Being Sold?
McDermott’s economic output is defined by the physical manifestation of complex engineering. In the Offshore and Subsea space, the company sells "turnkey" energy infrastructure. This involves the engineering and fabrication of "jackets"—the massive steel legs that anchor platforms to the sea floor—and "topsides," which house the processing equipment, power generation, and living quarters for crews.[6, 15] For subsea projects, McDermott sells SURF (Subsea Umbilicals, Risers, and Flowlines) packages, which are the "veins and arteries" of an offshore field, connecting subsea wells to floating production units.[7, 9] The revenue in this segment is driven by vessel utilization days and the tonnage of steel fabricated and installed.[5]
In the Onshore and LNG segment, the core product is the "Liquefaction Train".[12, 17] McDermott has moved away from traditional site-based construction toward a high-density modular approach.[12, 18] By selling "Mega-Modules" built in a controlled yard environment, McDermott offers customers a product that minimizes on-site labor—often the most expensive and risky component of construction—and accelerates the timeline to "First Cargo".[12, 17]
Moat Analysis: Barriers to Entry and Competitive Advantages
McDermott’s competitive moat is constructed through a combination of tangible assets, deep-rooted institutional relationships, and specialized intellectual property.
- Scale and Physical Assets: The cost of entry into the Tier-1 EPCI market is billions of dollars. McDermott’s fleet, including flagship vessels like the Amazon (high-capacity J-lay) and DLV 2000 (pipelay and heavy lift), represents a capital barrier that prevents smaller firms from bidding on mega-projects.[3, 5] The company's global network of fabrication yards provides a logistical advantage that localized competitors cannot match.[5]
- Intangible Assets and IP: Through its historical integration with CB&I, McDermott retains access to a library of over 3,500 patents, particularly in cryogenic storage and modular process design.[5] This IP acts as a "technological lock," as clients often specify these proprietary designs in their Front-End Engineering (FEED) stages, making McDermott the natural choice for the subsequent EPC phase.[5, 8]
- Switching Costs and NOC Relationships: In the Middle East, McDermott’s LTA (Long-Term Agreement) status with Saudi Aramco creates significant switching costs.[3, 7] These agreements are based on years of safety performance, local content (In-Kingdom Total Value Add), and specialized knowledge of the regional seabed and infrastructure.[5, 7] Replacing such a contractor would involve multi-year vetting processes and potential disruptions to national production targets.[5]
- Brand and Track Record: In an industry where a single day of delayed production can cost millions, "execution certainty" is the ultimate brand value. Despite past financial restructurings, McDermott’s engineering pedigree remains respected by major IOCs and NOCs, as evidenced by its continued win rate on mega-projects like the Ruya development and North Field South pipelines.[15, 19, 20]
TAM / Market Opportunity Analysis
The market opportunity for McDermott is undergoing a structural expansion, driven by the dual mandates of global energy security and the transition to low-carbon resources.
- Traditional Energy Infrastructure: The Global Oil & Gas EPC market is estimated at $478.66 billion in 2025, with a forecasted CAGR of 4.76% through 2030, reaching over $603 billion.[21] Much of this is driven by deepwater projects in Brazil and offshore expansion in the GCC region.[21, 22]
- The LNG Super-Cycle: Global LNG infrastructure demand is projected to grow from $74.2 billion in 2025 to $138.43 billion by 2030, a 13% CAGR.[23] This is fueled by Europe’s pivot away from Russian pipeline gas and Asia’s shift from coal to gas for power generation.[23, 24]
- Energy Transition Frontier: The market for CCUS and Green Hydrogen is expected to grow at a CAGR of 16% through 2030.[5] With a pipeline of over 200 Mtpa of CCUS projects currently in planning, McDermott’s ability to transfer its offshore engineering skills to carbon sequestration hubs represents a multi-billion-dollar adjacent TAM.[5, 8]
Competitive Landscape: Market Dynamics and Positioning
The EPCI industry is currently experiencing a period of intense consolidation and specialization.
| Competitor |
Positioning vs. McDermott |
Market Status |
| Saipem7 (Pro-forma) |
The merger of Saipem and Subsea 7 creates a "scale leader" with a €43B backlog.[25, 26] |
Gaining ground in deepwater SURF and offshore wind.[26, 27] |
| TechnipFMC |
Leads in "Integrated Subsea" (iEPCI) using proprietary hardware.[7, 9] |
Holding dominant share in Brazil and the North Sea.[7, 9] |
| Technip Energies |
The benchmark for onshore LNG FEED and low-carbon engineering.[7, 15] |
Strong competitor for McDermott’s Onshore segment.[7, 15] |
| NPCC & L&T |
Regional cost-leaders in the Middle East and India.[7] |
Pressuring margins on shallow-water brownfield work.[7] |
McDermott is currently positioned as a "focused turnaround leader".[28] While it is smaller in scale than the impending Saipem7 behemoth, it holds a "fortress" position in the Middle East and a unique niche in modular LNG.[5] The company appears to be holding ground in its core segments while gaining ground in the emerging modular LNG market due to its partnership with ConocoPhillips and its successful execution of the Woodfibre and Monkey Island designs.[12, 13, 29]
Strategically and economically, what matters most is McDermott's ability to maintain its "LTA" status in the Middle East while successfully pivoting 25% of its backlog toward energy transition projects by 2026.[3] This dual-track strategy ensures a baseline of steady cash flow from traditional oil and gas while capturing the high-growth, high-multiple opportunities of the green economy.
STRATEGIC TURNAROUND UNDERWAY.
3. Financial Performance & Valuation:
Summary of Recent Historical Performance (2025)
The 2025 fiscal year has served as a validation period for McDermott's post-restructuring operational model. For the nine months ending September 30, 2025, the company reported revenue of $7.4 billion and adjusted EBITDA of $319 million.[1, 2, 14] The quarterly performance in Q3 2025 showed a revenue of $2.7 billion with an adjusted EBITDA of $152 million, reflecting a significant margin improvement over previous quarters as legacy loss-making projects were progressively retired.[1, 2, 6]
One of the most encouraging metrics is the shift in operating income. Consolidated segment operating income reached $130 million in Q3 2025, a stark contrast to the $39 million operating loss reported in the same period of 2024.[6] This swing was driven by the Low Carbon segment, which generated $50 million in operating income, and the Offshore Middle East segment, which contributed $52 million.[6] Despite these operational gains, cash flow from operations remained negative at $146 million for the quarter, largely due to the "working capital intensive" nature of several new mega-projects entering their early fabrication phases.[1, 6, 14]
Key Metrics and Financial Drivers
To value McDermott, one must understand the three levers that drive its valuation: Backlog Burn, Margin Accretion, and Deleveraging.
- Backlog & New Orders: The company’s $17.5 billion backlog provides approximately 2–3 years of revenue visibility.[1, 3] Maintaining a book-to-bill ratio of >1.0x is critical to sustaining the valuation.[8] New orders in 2025 were driven by expansion work at Qatar’s North Field and change orders for the Woodfibre LNG project.[19, 29]
- EBITDA Margin Target: Management is targeting a move from the current ~4.3% YTD margin toward a mid-term goal of 8–10%.[3, 5, 8] Achieving this requires the "New Portfolio" (projects bid after 2020) to continue outperforming the "Legacy Portfolio" (pre-2020 projects plagued by cost overruns).[29]
- Sales Growth (5-Year Forecast): Given the $100 billion+ in offshore FIDs expected globally, a 5-year sales growth CAGR of 6–8% is a realistic baseline for a company of McDermott's scale.[5, 8]
Valuation Theory: Connecting the Model to the Business
McDermott’s valuation is currently bifurcated. On a "multiple" basis, the stock (MCDIF) appears significantly undervalued compared to its peers. While TechnipFMC commands premium multiples due to its pure-play subsea technology, McDermott trades more like a "turnaround" engineering firm.[27, 28]
| Peer |
TTM EV/EBITDA |
Rationale |
| TechnipFMC |
10x - 12x |
Proprietary technology; subsea dominance. |
| Worley |
9x - 11x |
Low-asset-intensity; consulting heavy. |
| McDermott (MCDIF) |
~6x - 7x (est.) |
Restructuring discount; high capital intensity. |
However, a "multiple-only" approach fails to account for the unique value of McDermott’s fabrication yards and vessel fleet. A more accurate valuation connects the Backlog Profitability to the Enterprise Value. With a $17.5B backlog, every 100 basis points (1%) of margin improvement adds approximately $175 million to the enterprise value at a 10x multiple. Therefore, the valuation thesis is not just about revenue growth, but about the "de-risking" of the project portfolio. As the company moves toward more reimbursable and risk-sharing contracts, the volatility of its earnings decreases, which should naturally lead to "multiple expansion" over the next five years.[3, 8]
The recent 125-to-1 share consolidation (reverse split) in early 2025, which reduced the share count to approximately 28.5 million ordinary shares, was a critical step in cleaning up the capital structure for eventual institutional re-entry.[4, 30, 31]
4. Risk Assessment & Macroeconomic Considerations:
Company-Specific Execution Risks: The "Mega-Project" Burden
The most profound risk to McDermott remains its historical nemesis: project execution. The EPCI business is inherently unforgiving; a single engineering miscalculation or a delay in modular transport can erase years of profit.[32]
* Fixed-Price Exposure: Despite efforts to diversify, a large portion of the backlog remains fixed-price (LSTK).[32] In an inflationary environment where the cost of specialized steel and skilled labor is volatile, these contracts act as "short options" on commodity prices.[3]
* Fabrication Bottlenecks: The company’s "self-perform" model relies on its yards in Jebel Ali and Batam.[5] If these yards reach capacity or experience labor unrest, it creates a ripple effect across the entire global project portfolio, leading to liquidated damages (LDs) from customers.[32, 33]
Competitive Risks: The Rise of the Behemoths
The consolidation of Saipem and Subsea 7 (Saipem7) creates a competitor with significantly more "vessel days" to offer.[26, 27] This could lead to a "price war" in the subsea segment, where the larger entity can afford to bid at lower margins to keep its massive fleet utilized.[7, 27] Furthermore, as European EPCs pivot faster toward "Green EPC," McDermott faces a "technology gap" in high-end offshore wind engineering where incumbents like Aker Solutions have longer track records.[5, 7]
Customer Concentration and Demand Risks
McDermott’s reliance on the Middle East (62% of revenue) is both its greatest strength and a significant concentration risk.[5]
* Geopolitical Sensitivity: Any escalation of regional conflict in the Persian Gulf could halt operations at the Jebel Ali yard or delay marine installation in the North Field.[3]
* Capex Cycles: NOCs like Saudi Aramco are subject to national fiscal policies.[22] If the Kingdom decides to prioritize internal social spending over oil capacity expansion (as occasionally seen during periods of OPEC production cuts), McDermott’s award pipeline could dry up rapidly.[3, 22]
Regulatory, Legal, and Balance Sheet Risks
- The "Reficar" Shadow: While the 2024 restructuring settled the $1.3 billion Reficar award, it did so by issuing significant equity (~19.9%) to the claimant.[34, 35] While the debt is gone, the "overhang" of a large, non-strategic equity holder remains.
- The Letter of Credit (LC) Choke Point: McDermott’s business cannot function without an LC facility.[32, 34] These are used to guarantee performance to clients. If the company’s credit rating stays in the "distressed" or "speculative" range, the cost of these LCs will continue to be a drag on profitability, and any failure to renew the facility (maturing in 2027) would be terminal for the business.[34]
Macroeconomic Sensitivities: The Early Warning Signs
The health of McDermott is inextricably linked to the global interest rate and commodity environment.
* What could go wrong? A "Stagflation" scenario where oil prices fall (reducing client capex) while labor and material costs rise (compressing LSTK margins).
* Early Warning Signs: Watch the "Changes in Estimates" line item in quarterly filings.[6, 33] Persistent negative adjustments here indicate that project managers are losing control of costs. Also, monitor the "Book-to-Bill" ratio; any drop below 1.0x for more than two quarters suggests a cooling market.
* The "Thesis Killer": A failure to secure a multi-year extension of the LC and Term Loan facilities beyond 2027.[34, 36] Without these, the company cannot legally bid on the mega-projects that sustain its scale.
VIGILANCE IS MANDATORY.
5. 5-Year Scenario Analysis:
The following scenarios are based on a post-consolidation share count of 28,484,229 Class A Ordinary Shares and a current estimated trading price of $25.06.[4, 28, 31]
Base Case: "The Disciplined Integrator" (50% Probability)
In the base case, McDermott successfully transitions its backlog toward the "New Portfolio" of higher-margin work. The company maintains its Middle East LTA status and secures the full EPC scope for the Monkey Island LNG project in 2026.[13, 17]
- Operating Assumptions: 5-year Sales CAGR of 6%. EBITDA margins gradually accrete to 9.5% by Year 5 as legacy LSTK projects roll off.[3, 5]
- Valuation Bridge: Year 5 Revenue reaches $12.3 billion. EBITDA of $1.17 billion. Applying a 7.0x EV/EBITDA multiple (conservative for a stable energy services firm) results in an Enterprise Value (EV) of $8.19 billion.
- Capital Structure: Systematic debt paydown reduces Net Debt to $1.2 billion. No significant equity dilution, as the 7.5% incentive pool is already accounted for.[37, 38]
- Outcome: Implied Equity Value of $6.99 billion. Share price of $245.40.
High Case: "The Energy Transition Alpha" (20% Probability)
McDermott becomes the "go-to" contractor for the global modular LNG cycle and the North Sea offshore wind expansion. The Low Carbon Solutions segment achieves a 15% CAGR, making up 35% of the backlog.[3, 5]
- Operating Assumptions: 5-year Sales CAGR of 10%. EBITDA margins hit 12.5% due to high-margin proprietary technology and modularization efficiencies.[8, 12]
- Valuation Bridge: Year 5 Revenue reaches $14.8 billion. EBITDA of $1.85 billion. Multiple expansion to 9.0x as the market re-rates McDermott as a "Green Infrastructure" play rather than a "Legacy Oil" play. EV of $16.65 billion.
- Outcome: Net Debt reduced to $500 million through robust FCF. Implied Equity Value of $16.15 billion. Share price of $567.00.
Low Case: "The Margin Squeeze" (30% Probability)
A combination of geopolitical tension in the Middle East and renewed inflationary pressure leads to cost overruns on several "Ruya" offshore packages.[3, 20] The company is forced to restructure its debt again in 2028.
- Operating Assumptions: Sales growth is flat (1% CAGR). EBITDA margins are suppressed to 4% by execution failures and high LC costs.[32, 34]
- Valuation Bridge: Year 5 Revenue of $9.7 billion. EBITDA of $388 million. Multiple remains depressed at 5.0x. EV of $1.94 billion.
- Outcome: Net Debt swells to $2.2 billion as the company consumes cash. Equity value is wiped out or severely diluted. Share price of $0.00 - $5.00.
Scenario Summary Table
| Scenario |
Revenue (Year 5) |
EBITDA Margin |
EV/EBITDA Multiple |
Implied Share Price |
5-Year Total Return |
Probability |
| High |
$14.8 B |
12.5% |
9.0x |
$567.00 |
+2,160% |
20% |
| Base |
$12.3 B |
9.5% |
7.0x |
$245.40 |
+879% |
50% |
| Low |
$9.7 B |
4.0% |
5.0x |
$5.00 |
-80% |
30% |
| Weighted |
|
|
|
$237.60 |
+848% |
100% |
ASYMMETRIC REWARD POTENTIAL.
6. Qualitative Scorecard:
Rating scale of 1 (Lowest/Worst) to 10 (Highest/Best).
- Management Alignment: 7/10. The current CEO, Michael McKelvy, has a long-term incentive plan (LTIP) that allocates 7.5% of the company's equity to be administered by the Board, ensuring management is focused on share price appreciation.[37, 38] However, the private equity/creditor-led board (Mason Capital, MFN Partners) suggests a focus on a "exit" or "liquidity event" within the 5-year window.[30, 39]
- Revenue Quality: 5/10. While the backlog is massive and visibility is high, the "Lump Sum" nature of 80%+ of revenues remains a major drag on quality.[32] Until the company can prove a 3-year streak of zero "unfavorable changes in estimates," revenue quality cannot be rated higher.[6]
- Market Position: 8/10. McDermott is a "top three" global subsea EPCI contractor.[9] In the Middle East offshore market, they are arguably #1 alongside Saipem.[5, 7] Their proprietary modular LNG technology is a distinct competitive advantage.[12, 13]
- Growth Outlook: 8/10. The confluence of the LNG super-cycle, Middle East capacity expansion, and the energy transition provides a fertile ground for growth.[5, 23, 40] The $17.5 billion backlog is up 20% year-over-year.[1, 3]
- Financial Health: 4/10. The company is in a post-restructuring "healing" phase. Liquidity is stable but "tight," and the dependence on bank-issued Letters of Credit is a structural vulnerability.[32, 34] Negative operating cash flow in 2025 is a concern.[1, 6]
- Business Viability: 7/10. The world cannot transition to a new energy system without the massive infrastructure McDermott builds. The durability of their specialized assets (vessels and yards) ensures they will remain relevant for decades.[2, 5]
- Capital Allocation: 6/10. The divestiture of the CB&I Storage business for $475M was a rational and strategic use of assets to pay down debt.[41, 42] Future allocation must focus on deleveraging rather than acquisitions.
- Analyst Sentiment: 2/10. McDermott currently has zero major investment bank coverage.[43] This lack of institutional "eyes" creates a high level of market inefficiency but also a lack of external validation for the turnaround.[28, 43]
- Profitability: 5/10. Operating income is positive, but net income is still weighed down by interest expenses and restructuring fees.[33, 43] EBITDA margins are currently well below peer averages.[3, 5]
- Track Record: 2/10. Two bankruptcies/restructurings in five years (2020 and 2024) is a disastrous track record for shareholders.[32, 34] The current management must overcome this legacy of failure.
OVERALL BLENDED SCORE: 5.4/10.
TURNAROUND IN PROGRESS.
7. Conclusion & Investment Thesis:
The investment case for McDermott International (MCDIF) is a classic "High-Alpha Turnaround" play. The company has successfully navigated two of the most complex restructurings in industrial history, emerging as a leaner entity with a clean capital structure and a multi-year project backlog that is largely "post-reset" in terms of pricing.[3, 4, 34, 36]
Key Catalysts for Valuation Re-rating:
- Positive Free Cash Flow Generation: Transitioning from "CFOA negative" to "CFOA positive" as the working capital requirements of the 2024–2025 mega-awards normalize.[1, 8]
- Modular LNG Milestone Achievement: Successful first steel or module delivery for the Woodfibre or Monkey Island projects would validate McDermott's technology moat.[12, 13]
- Institutional Re-listing: Following the 125-to-1 split, a move from the "Pink Sheets" to a major exchange (NYSE or NASDAQ) would trigger a massive inflow of institutional capital that is currently restricted from owning OTC stocks.[4, 28, 30]
Summary of Risks:
The primary risk is a return to the execution failures of the past. The EPCI market is brutal; McDermott must maintain its 0.09 TRIR safety record and avoid the multi-hundred-million-dollar "unfavorable changes in estimates" that characterized the CB&I merger era.[11, 32] Geopolitical instability in the Middle East and the massive scale of the new Saipem7 competitor are secondary, yet significant, headwinds.[3, 26]
The current valuation (MCDIF) does not reflect the underlying value of the $17.5 billion backlog or the $4.4 billion Enterprise Value suggested by a conservative peer-multiple analysis. For investors with a 5-year horizon, McDermott offers a unique way to play the dual themes of "Energy Security" and "Energy Transition" through a company that has already paid its penance in the bankruptcy courts.
RECOVERY, DE-RISKED, READY.
8. Technical Analysis, Price Action & Short-Term Outlook:
McDermott’s current price action (MCDIF at $25.06) indicates a consolidation phase following the January 2025 reverse split.[4, 28] The stock is trending significantly above its 200-day moving average (+35.65%), suggesting that the long-term trend has shifted from "Distressed" to "Accumulation".[28] Short-term resistance is identified at the 52-week high of $28.75, while immediate support rests at $25.65.[44, 45] The outlook for the next 90 days is moderately bullish, with an estimated price range of $29.77 to $34.69, contingent on the company maintaining its Q3 2025 operational momentum.[45]
BULLISH MOMENTUM STALLING.
- McDermott Announces Third Quarter 2025 Results: “Strong ..., https://dredgewire.com/mcdermott-announces-third-quarter-2025-results-strong-operational-performance/
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- McDermott Announces 125-to-1 Share Consolidation - PR Newswire, https://www.prnewswire.com/news-releases/mcdermott-announces-125-to-1-share-consolidation-302362626.html
- What is Competitive Landscape of McDermott Company? - Matrix BCG, https://matrixbcg.com/blogs/competitors/mcdermott
- Renewable and LNG projects drive McDermott's Q3 operating income to $130m, https://www.bairdmaritime.com/offshore/exploration-development/offshore-construction/renewable-and-lng-projects-drive-mcdermotts-q3-operating-income-to-130m
- What is Competitive Landscape of McDermott Company? – PortersFiveForce.com, https://portersfiveforce.com/blogs/competitors/mcdermott
- What is Growth Strategy and Future Prospects of McDermott Company?, https://portersfiveforce.com/blogs/growth-strategy/mcdermott
- What is Competitive Landscape of Subsea 7 Company? – PortersFiveForce.com, https://portersfiveforce.com/blogs/competitors/subsea7
- Low Carbon Pathways - McDermott, https://www.mcdermott.com/solutions/low-carbon-pathways
- McDermott Publishes 2025 Sustainability Report - Press Release Detail | McDermott, https://www.mcdermott.com/press-release-detail/123067/mcdermott-publishes-2025-sustainability-report
- Driving Efficiency in LNG Development Through Large-Scale Modularization - McDermott, https://www.mcdermott.com/sites/default/files/2026-01/Driving%20Efficiency%20in%20LNG%20Development%20Through%20Large-Scale%20Modularization.pdf
- McDermott wins key engineering work for $25 billion LNG project - World Oil, https://www.worldoil.com/news/2025/9/9/mcdermott-wins-key-engineering-work-for-25-billion-lng-project/
- McDermott Announces Third Quarter 2025 Results - Press Release Detail | McDermott, https://www.mcdermott.com/press-release-detail/123058/mcdermott-announces-third-quarter-2025-results
- Oil and Gas EPC Market Size and Outlook 2031 - TechSci Research, https://www.techsciresearch.com/report/oil-and-gas-epc-market/20646.html
- GWEC Offshore Market Outlook to 2030 - REGlobal, https://reglobal.org/wp-content/uploads/2020/11/GWEC-Offshore-Wind-Outlook-2020-2030.pdf
- McDermott Gets Key Contract for $25 Billion LNG Project - Oil & Gas Advancement, https://www.oilandgasadvancement.com/news/mcdermott-gets-key-contract-for-25-billion-lng-project/
- Monkey Island LNG and McDermott Join Forces to Increase LNG Output by Up to 60% per Acre - Press Release Detail | McDermott, https://www.mcdermott.com/press-release-detail/123054/monkey-island-lng-and-mcdermott-join-forces-increase-lng-output-60-acre
- McDermott to sell CB&I storage unit to Mason-led consortium - Offshore Technology, https://www.offshore-technology.com/news/mcdermott-to-sell-cbi-unit/
- What is Growth Strategy and Future Prospects of McDermott Company? - PESTEL Analysis, https://pestel-analysis.com/blogs/growth-strategy/mcdermott
- Oil & Gas EPC Market Report | Industry Analysis, Size & Forecast Overview, https://www.mordorintelligence.com/industry-reports/oil-and-gas-epc-market
- Westwood Insight – Finding offshore energy opportunities in volatile times, https://www.westwoodenergy.com/news/westwood-insight/westwood-insight-finding-offshore-energy-opportunities-in-volatile-times
- Liquefied Natural Gas (LNG) Infrastructure Industry Report - GlobeNewswire, https://www.globenewswire.com/news-release/2026/03/04/3249554/28124/en/Liquefied-Natural-Gas-LNG-Infrastructure-Industry-Report-2026-2035-A-138-43-Billion-Market-by-2030-with-ExxonMobil-Chevron-BP-Shell-TotalEnergies-Cheniere-Energy-QatarEnergy-Leadin.html
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- McDermott International Share Price, Forecast & Financials (PNK ..., https://www.stockopedia.com/share-prices/mc-dermott-international-PNK:MCDIF/
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