Stock prices for Houston oilfield service company McDermott International have remained stuck below $1 per share for more than week.
Source: Houston Chronicle
Traded on the New York Stock Exchange under the stock ticker symbol MDR, McDermott slid below $1 per share on Nov. 8 and has yet to recover.
An important clock has been triggered by the stock price dip. 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 when market rumors that the company had contracted the services of a bankruptcy advisory firm sent prices plunging in mid-September.
The company posted an eye-popping $1.9 billion during the third quarter, which was mostly attributed to $1.5 billion of impairments related to its recent stock price plunge and cost overruns on at least six projects in North, Central and South America.
The company posted an eye-popping $1.9 billion during the third quarter, which was mostly attributed to $1.5 billion of impairments related to its recent stock price plunge and cost overruns on at least six projects in North, Central and South America.
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.
