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mcdermott intl inc (MDR) Details

McDermott International, Inc. operates as an engineering, procurement, construction, and installation (EPCI) company worldwide. The company operates in three segments: Asia Pacific, Atlantic, and the Middle East. It focuses on designing and executing complex offshore oil and gas projects. The company offers EPCI services for offshore oil and gas field developments; and delivers fixed and floating production facilities, pipelines, and subsea systems from concept to commissioning. It engages in the fabrication and installation of fixed and floating structures; installation of pipelines and subsea systems; and provision of shallow water and deepwater construction services. The company’s customers include national, integrated, and other oil and gas companies. McDermott International, Inc. was founded in 1923 and is based in Houston, Texas.

14,000 Employees
Last Reported Date: 11/5/14
Founded in 1923

mcdermott intl inc (MDR) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $624.6K
Senior Vice President, General Counsel and Co...
Total Annual Compensation: $472.1K
Chief Administration Officer and Senior Vice ...
Total Annual Compensation: $358.8K
Executive Vice President of Offshore
Total Annual Compensation: $320.9K
Compensation as of Fiscal Year 2013.

mcdermott intl inc (MDR) Key Developments

McDermott Wins Significant Multi-Year Offshore Installation Contract from Brunei Shell Petroleum

McDermott International Inc. announced that it has been awarded a three-year shallow water pipeline contract by Brunei Shell Petroleum Company Sdn. Bhd. to transport and install pipelines and umbilicals for the Champion and Ampa Fields offshore Brunei. Work is expected to be executed through 2017. The full scope of work will be executed in annual work plans that are expected to be confirmed over the coming years as BSP finalizes its development plans and budgets. The work identified for 2015 will be included in McDermott's fourth quarter 2014 backlog. The first scope of work consists of transportation and installation of more than 62 miles of pipelines including corrosion resistant alloy clad pipelines, as well as umbilicals and cables. The McDermott Derrick Barge 30 and other vessels will be mobilized to support this initial work which will include hydro testing, pre-commissioning and salvage of redundant risers. Brunei has significant long-term plans to increase investment and production in its energy sector, and the successful installation of these new pipelines in the Champion and Ampa fields is expected to help ensure the continuity of these mature reserves. McDermott's contribution in developing these facilities plays a vital role in helping Brunei meet its energy goals.

McDermott International, Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Interest Expense Guidance for the Fourth Quarter and Capital Expenditures Guidance for the Year 2015

McDermott International Inc. announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2014. The company reported a third quarter 2014 net loss of $34 million, or $0.14 per fully diluted share, compared to a net loss of $64 million, or $0.27 per diluted share, in the prior-year quarter. The company reported third quarter revenues of $415 million, a decrease of $272 million compared to revenues of $687 million in the prior-year quarter, due to lower project activity principally resulting from customer-driven schedule changes. The operating loss was $14 million in the third quarter 2014 and included $5 million of gains on asset sales and $5 million of restructuring expenses. These results compare to the prior-year operating loss of $53 million, which included $4 million of restructuring expenses. For the quarter, capital expenditures were $61,569,000 against $80,922,000 a year ago. Net loss attributable to company was $33,684,000 against $64,070,000 a year ago. Operating cash flow decelerated during the quarter from $70 million outflow in the second quarter to $19 million in the third quarter as it continued its focus on working capital management. For the nine months, the company reported revenues of $1,494,489,000 against $2,141,594,000 a year ago. Operating loss was $27,693,000 against $149,157,000 a year ago. Net loss was $87,926,000 against $180,866,000 a year ago. Net loss attributable to company was $94,467,000 or $0.40 per share basic and diluted against $192,940,000 or $0.82 per share basic and diluted a year ago. Capital expenditures were $216,526,000 against $225,397,000 a year ago. Net cash used in operating activities was $112,298,000 against $168,110,000 a year ago. In the fourth quarter, the company expects roughly the same gross amounts and $9 million of capitalized interest for a net interest expense of approximately $10 million. The company expects gross interest expense of $73 million and capitalized interest of $28 million and net interest expense of $45 million for next year. For the year 2015, the company expects capital expenditures to complete the construction of the DLV2000 of approximately $235 million to $250 million. Through its disciplined approach, the company expects to spend approximately $25 million to $50 million during the year on other maintenance and project-related expenditures, a reduction from its prior expectations, while maintaining the capabilities and reliability of its assets.

McDermott International Inc. to Report Q3, 2014 Results on Nov 05, 2014

McDermott International Inc. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Nov 05, 2014


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