McDermott reports Q1 2014 financial results

McDermott International, Inc. has announced its financial results for Q1 2014. The company reported a first quarter net loss of US$ 50 million or US$ 0.21 per fully diluted share, and an operating loss of US$ 42 million. The company reported first quarter revenues of US$ 604 million, a decrease of 25% percent compared to revenues of US$ 807 million in the corresponding period of 2013. The company reported first quarter 2013 net income of US$ 21 million, or US$ 0.09 per fully diluted share, and operating income of US$ 53 million.

“While our financial results reflect the impact of our legacy backlog and reorganization expenses, we made significant progress during the quarter on our plan to improve operational performance of the Company,” said David Dickson, President and Chief Executive Officer of McDermott. “With the support and confidence of our lenders and investors, we completed our new financing arrangements in April; we improved focus on business accountability and customer relationships; and we completed our remaining first-of-a-kind projects in Malaysia and Brazil.”

Dickson added, “We are starting to see tangible improvement in the performance and execution of many of our legacy projects. We completed installation of the tension leg platform for the Papa Terra project in Brazil, achieved mechanical completion of Siakap in Malaysia, and installation of the COP project in Azerbaijan is complete. As we complete implementation of our new organisation, we look forward to further operational improvements and capitalising on the robust offshore EPCI market to drive long-term growth, profitability and shareholder value creation.”

Adapted from a press release by David Bizley

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