McDermott Ups Earnings

David Dickson, president and CEO of McDermott

Houston-based McDermott has reported quarterly profit of $47 million, or $0.33 per diluted share, compared to $36 million, or $0.38 per diluted share in the second quarter of 2017.

Adjusted net income for the second quarter was $59 million, with adjusted diluted earnings per share of $0.29.

The company posted Q2 2018 revenues of $1.7 billion, an increase of 120% compared to revenues of $789 million for the prior-year Q2.

The key projects driving revenues for the second quarter of 2018 were the Cameron and Freeport LNG projects, Saudi Aramco Safaniya Phase 5 and Woodside Greater Western Flank II.

For the first six months of 2018 the company generated profit of $82 million on revenue of $2.3 billion, against profit of $58 million on revenue of $1.3 billion.

Mcdermott reported revenue pipeline comprised of backlog of $10.2 billion, bids and change orders outstanding of $19.0 billion and target projects of $49.3 billion.

For the second half of 2018, McDermott said it expects revenue of up to $5.1 billion, with net profit between $60 – $70 million.

Subsea World News Staff

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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Europort 2019

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