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A longtime director of McDermott International, John F. Bookout III, bought 50,000 shares of the company’s stock last week for $385,000.

The shares were purchased at an average price of $7.71 per share.

On Monday, McDermott’s shares were trading at about $8.

Bookout, a managing director at Kohlberg Kravis Roberts & Co., has been an independent director at McDermott International since 2006.

As of June 10, Bookout held 275,168 shares of McDermott.

EPIC contractor McDermott’s earnings announced in early May were below analysts’ estimates.

The company had revenue of $603.80 million for the quarter, compared to the consensus estimate of $664.56 million.