McDermott International, Inc. MDR recently clinched an offshore ‘EPCI’ contract worth $500-$750 million for a project in the Middle East. The contract requires McDermott to provide engineering, procurement, construction and installation services in the Arabian Gulf. Per the deal, the company will build six new offshore jackets and three associated topsides. The work also includes the construction of pipelines, bridges, cables and brownfield developments in the existing offshore facilities. Notably, the duration of the contract is around 3 years and its value is likely to be incorporated in McDermott’s first-quarter 2019 backlog.Just a few days back, the company was awarded a subsea EPCI contract from BP plc BP for the Greater Tortue Ahmeyim natural gas project. The value of the contract — which is to be reflected in the firm’s first-quarter 2019 backlog — is estimated in the band of $500-$750 million.McDermott’s broad product portfolio, strong geographical footprint and healthy relationship with oil companies help it to notch up contract wins regularly even in volatile oil price environment. With ongoing contract wins, McDermott’s backlog and revenue pipeline are likely to witness further momentum.As of Dec 31, 2018, it had a backlog of $10.9 billion, reflecting a major increase from $3.9 billion in the corresponding period of 2017. This is majorly driven by the company’s merger with Chicago Bridge & Iron, which boosted its backlog and added onshore services to the offshore focused portfolio of McDermott.The increased scale and diversification has positioned the company to capitalize effectively on growth opportunities, while leading to cost synergies.McDermott has a significant presence in countries where state-owned entities continue to scout for production growth and new resources. The company's strong relationship with National Oil Companies in the Middle East enables it to generate long-term earnings and leads to an impressive revenue pipeline. As of Dec 31, 2018, the firm boasted a revenue opportunity pipeline of $93.1 billion, mainly driven by North, Central & South America, and Middle East & North Africa segments.Zacks Rank & Key PicksMcDermott currently carries a Zacks Rank #3 (Hold).McDermott International, Inc. Price McDermott International, Inc. Price | McDermott International, Inc. QuoteInvestors interested in the same industry can opt for some better-ranked stocks like Dril-Quip, Inc. DRQ and USA Compression Partners, LP USAC, each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks (Strong Buy) here.Dril-Quip’s 2019 earnings are likely to increase 76.19% y/y.USA Compression’s 2019 earnings are likely to increase 83.72% y/y.Today's Best Stocks from Zacks Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.See their latest picks free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report McDermott International, Inc. (MDR): Free Stock Analysis Report USA Compression Partners, LP (USAC): Free Stock Analysis Report Dril-Quip, Inc. (DRQ): Free Stock Analysis Report BP p.l.c. (BP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research