McDermott Ups Profit Despite Revenue Drop

Houston-based McDermott posted quarterly net income of $16.1 million, or $0.06 per fully diluted share, compared to net income of $3.7 million, or $0.01 per fully diluted share same time last year.

Adjusted net income, before restructuring charges, came to 9 cents per share, flat with the corresponding period in 2015.

For the nine months ended September 30, 2016, McDermott booked $34.6 million profit, versus $0.7 million loss at the end of first nine months of 2015.

In the third quarter of 2016, McDermott generated revenues of $558.5 million, down from $806 million in the prior-year quarter. According to the company, revenues were mainly associated with the INPEX Ichthys and Saudi Aramco’s LTA II lump sum projects. Nine-months revenues also declined some $409 million from the prior-year comparable period at close to $2 billion.

Order intake in the third quarter totaled $105 million. As of September 30, 2016, McDermott’s backlog was $3.9 billion, of which approximately 79 percent is related to offshore operations and approximately 21 percent is related to subsea operations.

The company said it estimates full-year revenue for 2016 of $2.6 billion and profit of some $28 million.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Deepwater Operations Conference & Exhibition

The Deepwater Operations Conference and Exhibition provides a unique experience for attendees and exhibitors to share…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

Rio Pipeline 2017

Rio Pipeline Conference & Exhibition has changed its branding design, to unify the whole pipeline community, in an even more complete event…

read more >