McDermott Posts Q3 Loss of $1.9B

David Dickson, president and CEO of McDermott

McDermott has reported quarterly loss of $1.9 billion, or $10.37 per diluted share, compared to profit of $2 million, or 1 cent per diluted share in the third quarter of 2018.

According to the the company, the result was due primarily to $1.5 billion goodwill and intangible assets impairments and $256 million of changes in project gross profit on specified projects.

The company generated Q3 2019 revenues of $2.1 billion, compared to revenues of $2.3 billion for the prior-year Q3.

For the nine months of 2019, Mcdermott recognized net loss of $2.1 billion on revenues of $6.5 billion, against net profit of $84 million on revenues of $4.6 billion same time last year.

Mcdermott reported revenue pipeline comprised of backlog of $20.1 billion, new awards of $1.7 billion and target projects of $89 billion.

Our capital structure continues to be pressured by certain legacy CB&I projects. Our recently announced $1.7 billion financing agreement with our lenders signals their confidence in our underlying business. We continue working with them to achieve a long-term balance sheet solution as we remain focused on delivering value for our customers, employees, subcontractors, and suppliers,” said David Dickson, president and CEO of McDermott.

Subsea World News Staff

Share this article

Follow Subsea World News


<< Nov 2019 >>
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1


The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

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

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >