McDermott Ups Earnings

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