McDermott Sinks on Restructuring Costs

Houston-based McDermott has reported quarterly loss of $70 million, or 39 cents per diluted share, compared to profit of $35 million, or 37 cents per diluted share in the first quarter of 2018.

Excluding $73 million of restructuring, integration and transaction costs, the adjusted profit for the first quarter of 2019 was $3 million, or 2 cents per diluted share.

Sequentially, the net loss narrowed from $2.8 billion, or $15.33 per diluted share, as Mcdermott booked a $2.2 billion goodwill impairment charge, excluding project-related charges, in the Q4 2018.

The company posted Q1 2019 revenues of $2.2 billion, compared to revenues of $608 million for the prior-year Q1. Quarter-over-quarter revenues increased from $2.1 billion.

Mcdermott reported revenue pipeline comprised of backlog of $15.4 billion, bids and change orders outstanding of $17.7 billion and target projects of $58 billion.

For the year 2019, McDermott updated its guidance with revenue expected to be approximately $10 billion and net profit around $170 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; +44 (0) 203 793 8800.

More info

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Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

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