Offshore oil and gas-focused engineering and construction firm, McDermott International Inc. MDR has amended its Senior Secured Credit Agreement to substitute a previously existing minimum EBITDA requirement with a standard package consisting of two leverage ratios and a fixed charge ratio. Per the latest modification, some reporting requirements for Credit Agreement lenders will also be eliminated.Notably, the amendment is anticipated to provide a letter of credit capacity worth $450 million. The capacity can also be extended to $600 million, if required. Additionally, there will also be a provision to extend the maturity date of the letter of credit to Apr 22, 2019 or Jan 15, 2019. This will, however, depend on whether the term loan remains outstanding or has been refinanced by that date.Also, the amendment is expected to provide more flexibility by increasing the options for purchase money indebtedness. This will provide McDermott with an additional year to mortgage DLV 2000, which in turn, will enable it to consider other sources of financing.Recently, McDermott signed an unsecured bilateral letter of credit arrangement with a Middle East Bank for roughly $100 million. The inclusion of this Middle East bilateral line reflects the strong relationship between the duo and is expected to support McDermott’s strong bidding activity in the Middle East. Houston, TX-based McDermott is solely focused on offshore oil and gas business. Given its broad product portfolio and impressive geographic footprint, the company is better positioned to weather the currently uncertain environment in the energy engineering and construction space.McDermott holds a Zacks Rank #2 (Buy), implying that the stock will outperform the broader U.S. equity market over the next one to three months.Other favorably placed players in the energy sector are Vanguard Natural Resources, LLC VNR, OMV Aktiengesellschaft OMVJF and PetroChina Co. Ltd. PTR. All these stocks sport a Zacks Rank #1 (Strong Buy).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 >>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 INTL (MDR): Free Stock Analysis Report PETROCHINA ADR (PTR): Free Stock Analysis Report OMV AG ADS (OMVJF): Free Stock Analysis Report VANGUARD NATURL (VNR): Free Stock Analysis Report To read this article on Zacks.com click here.