Shares of McDermott plunged by nearly half in midweek trading after the US contractor disclosed it expected to see substantial negative free cash flow in upcoming quarters from a trio of loss-making projects inherited from its merger with CB&I, writes Kathrine Schmidt.
Executives including chief executive David Dickson argued to investors that the company was aligning for future growth despite the near-term headwinds on the projects which include several high-profile liquefied natural gas export terminals, Freeport LNG and Cameron LNG.
