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

Events>

<< Nov 2019 >>
MTWTFSS
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

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

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 >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >