McDermott International of the US has landed a prized transportation and installation (T&I) contract from India’s Oil & Natural Gas Corporation (ONGC) for the unfinished work on its $5 billion Cluster 2 deep-water development off the country’s east coast.
The contract is the latest to be won by the beleaguered US contractor since early September, when it started a financial restructuring process to strengthen its access to capital and enhance its liquidity position in a push to ensure its long-term health.
