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

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