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McDermott gets delisting warning from New York Stock Exchange

David Dickson, president and CEO of McDermott
David Dickson, president and CEO of McDermott

The New York Stock Exchange has issued a delisting warning to struggling Houston oilfield service company McDermott International.

Traded on the New York Stock Exchange under the stock ticker symbol MDR, McDermott has been trading at less than $1 per share since Nov. 8 and has yet to recover.

Under New York Stock Exchange rules, companies whose stock trades below $1 per share for 30 days or more face being delisted from the exchange.

McDermott’s stock was trading just below $6 per share in mid-September when market rumors that the company had contracted the services of a bankruptcy advisory firm sent prices plunging.

The company later posted an eye-popping $1.9 billion loss during the third quarter, which was mostly attributed to $1.5 billion in impairments related to its recent stock price plunge and cost overruns on at least six projects in North, Central and South America.

Over the past year, two area energy companies either headquartered in or with a strong presence in Houston that were delisted from the New York Stock Exchange later ended up filing for Chapter 11 bankruptcy.

Houston oil company Sanchez Energy was delisted in February and filed for Chapter 11 protection nearly six months later.

Oilfield service company Weatherford International was delisted in May and filed for Chapter 11 in July.

Founded in 1923, McDermott provides design, engineering and construction services to petrochemical plants, liquefied natural gas plants and offshore oil and natural gas facilities.

The company has more than 32,000 employees in 54 nations. The Houston company posted a $2.8 billion loss on $2.1 billion of revenue in 2018.

This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

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