McDermott Ups Earnings

Houston-based McDermott posted quarterly profit of $36.4 million, or 13 cents per fully diluted share, compared to $20.7 million profit, or 7 cents per fully diluted share same time last year.

The company had no adjustments, compared to an adjusted net income of $22.8 million, or $0.08 per adjusted fully diluted share, in the prior-year second quarter.

For the six months ended June 30, 2017, McDermott booked net income of $58.3 million, versus $18.5 million in 1H 2016.

In the second quarter of 2017, McDermott generated revenues of $789 million, up from $707 million in the corresponding period in 2016. For the first half of 2017, McDermott recorded revenues of $1.3 billion, almost $128 million less from the same time last year.

According to the company, revenue increase was mainly associated with Saudi Aramco LTA II, ONGC Vashishta and Saudi Aramco Marjan power system replacement projects.

Order intake in the first quarter totaled $188 million. As of June 30, 2017, McDermott’s backlog was $3.3 billion ($4.4 billion in Q2 2016), of which approximately 85 percent is related to offshore operations and approximately 15 percent is related to subsea operations.

Guidance for 2017 has remained relatively unchanged, where McDermott said it expects 2017 revenues at some $3.2 billion and earnings per share of approximately 42 cents.

Subsea World News Staff

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