|By PR Newswire||
|August 4, 2014 02:15 PM EDT||
NEW YORK, Aug. 4, 2014 /PRNewswire/ -- As the global economy is expected to expand, the worldwide demand for oil and gas is expected to grow as well. Specifically, the demand for offshore oil and gas services and construction remains the strongest outside of the United States. Further, the offshore engineering, procurement, construction, and installation (EPCI) market is also expected to see continued demand and therefore remain strong, helped by the continued growth in deep water developments. For example, global EPCI capital expenditures (capex) are expected to increase to $97 billion by 2018, while deep water capex spending is expected to increase from 31% of total EPCI capex in 2012 to 47% in 2018. One such company that is poised to benefit from this growing demand and subsequent increase in capex spending is McDermott International, Inc.
McDermott International, Inc. (NYSEMKT: MDR) is an engineering, procurement, construction and installation (EPCI) company focused on designing and executing complex offshore oil and gas projects worldwide. Through their EPCI services, MDR delivers fixed and floating production facilities, pipeline installations and subsea systems from concept to commissioning. The company's customer base includes those within the energy and power industries, including utilities and other power generators, major and national oil companies, and the US government.
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