As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
For the first quarter of 2015, McDermott posted a loss of $14.5 million, or 6 cents a share, including $10.4 million in restructuring charges, which compared to a larger $46.5 million loss, or 20 cents a share, for the same quarter in 2014.
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