US-based upstream contractor McDermott International points to a shift from new development work to brownfield projects in the current lower oil price environment, yet reports a “very strong quarter of new awards for the company, predominantly in our core Middle East markets.”

McDermott reported Q3 revenue of $806mn, up 94% on year-ago figures. The first lump sum contract under a new Saudi Aramco long term agreement represents “the single largest award in the history of...