Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of McDermott International (NYSE: MDR) surged 10% higher today after the company announced a huge new contract.

So what: The company's Australian subsidiary was awarded a contract for an Ichthys gas/condensate field project. The contract is for around $2 billion, the largest in company history.

Now what: McDermott has already started engineering work and is expecting to begin fabrication in 2013. This single contract is two-thirds of the company's total market cap and will provide work for years to come. I think this is a hugely bullish release and think this will be a catalyst to help push results and shares higher long term.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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