McDermott Reports 2nd Qtr. 2019 Financial and Operational Results

McDermott International, Inc. (NYSE: MDR) today reported revenues of $2.1 billion, a net loss of $(146) million, or $(0.80) per diluted share, and an operating loss of $(61) million for the second quarter of 2019.

Excluding a $101 million non-cash loss on the sale of its Alloy Piping Products (APP) business, as well as restructuring, integration and transaction costs of $31 million, as outlined in an accompanying table, McDermott’s adjusted net loss for the second quarter of 2019 was $(14) million, or $($0.07) per diluted share, and its adjusted operating income was $71 million.

Highlight:

$7.3 billion of new awards and book-to-bill ratio of 3.4x


34% sequential-quarter increase in backlog to $21 billion, including a record level of $8.9 billion for offshore/subsea


Strong revenue coverage expected for 2020, with $7.4 billion already in current backlog


Revenue opportunity pipeline remains strong at $90 billion


$1.0 billion total cash availability at end of Q2 2019


Cameron and Freeport LNG projects continue to progress on schedule
Net loss for Q2 2019, reduced guidance for 2019 and update on asset sale processes

At the end of the second quarter of 2019, McDermott’s revenue opportunity pipeline was approximately 90.2 billion, primarily driven by MENA, NCSA and EARC with continuing momentum in the offshore/subsea, downstream and LNG markets.

Source / More : McDermott International

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