- Baker Hughes (BHGE -1.9%) and McDermott (MDR) say they are partnering to offer integrated offshore energy services in order to better compete with other growing players such as Schlumberger (SLB -1.1%) and TechnipFMC (FTI -0.9%).
- Their first partnership, announced this week, will provide integrated front-end engineering work for BP's latest West Africa development offshore Senegal and Mauritania.
- BHGE is responding more quickly than expected to continue competing with the top offshore players, Evercore ISI energy analyst James West says, adding the partnership with MDR "substantiates our previous expectation for operators to encourage additional alliances and JVs to avoid a duopoly" of SLB and FTI.