Per the agreement, McDermott will likely work on the engineering and installation of subsea hardware - comprising flexible pipes, umbilical termination assemblies, umbilicals, suction piles, subsea pump skids and related machineries − for the development of the Atlanta early production system (EPS) in Santos Basin located off the coast of Brazil.

McDermott added that the project will likely conclude by the second quarter of next year. Revenues from engineering and installation operations from this development will get incorporated in the first-quarter 2015 backlog.

The Atlanta EPS is in the first phase development of the field. The oil field is situated at water depth of 5,085 feet. In a statement, QGEP reported that the field will likely produce first oil from the first half of 2016.

McDermott primarily serves the worldwide offshore oil and gas field developments, including front-end design and detailed engineering, fabrication and installation of offshore drilling and production facilities, as well as installation of marine pipelines and subsea production systems.

Additionally, the company provides project management and procurement services. It operates in most major offshore oil and gas producing regions, including the U.S., Mexico, Canada, the Middle East, India, the Caspian Sea and the Asia Pacific.

In Aug 2010, McDermott completed the spin-off of its 'Power Generation Systems' and 'Government Operations' segments into a separate, independent and publicly traded company The Babcock & Wilcox Company

BWC. Earlier this year, McDermott combined with General Electric Company GE to launch a new oil and gas consulting venture.

McDermott currently carries a Zacks Rank #3 (Hold). Meanwhile, a better-ranked player in the energy sector is Marathon Petroleum Corporation MPC.