McDermott Posts Quarterly Loss, Improves on Full-Year

McDermott has seen red ink at the end of fourth quarter, swinging to loss when compared with the corresponding period in 2014.

The company posted quarterly loss of $18.7 million, or $0.08 per fully diluted share, compared to net profit of $8.2 million, or $0.03 per fully diluted share same time last year.

The Offshore EPCI player has reported fourth-quarter 2015 revenues of $667.4 million, down from $806.4 million from the prior-year fourth quarter. According to the company, decrease in revenues was mainly associated with reduced activity on the INPEX Ichthys project, compared to last year.

However, McDermott’s full-year results improved with losses narrowed by some $58 million at $18 million, versus $76 million for the year 2014.

Furthermore, revenues for the 2015 increased by approximately $770 million. The company generated $3.07 billion in 2015, compared to $2.3 billion.

As of December 31, 2015, McDermott’s backlog was $4.2 billion, of which approximately 69% is related to offshore operations and approximately 31% is related to subsea operations.

Subsea World News Staff

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