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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: 08/4/14
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 International Inc. Enters into Agreement with Anadarko Petroleum Corporation for Red Hawk Project

McDermott International Inc. has announced that one of its subsidiaries has entered into an agreement with Anadarko Petroleum Corporation to provide construction and decommissioning support services on the Red Hawk project. McDermott will supply its Derrick Barge 50 (DB50), for decommissioning support of the Red Hawk spar located in Garden Banks 876. The DB50 will remove mooring lines for the Red Hawk spar and provide accommodation and decommissioning support services. Mobilization is expected during the third quarter 2014.

McDermott International Inc. Announces Executive Changes

McDermott International Inc. announced that Stuart Spence has been appointed Executive Vice President and Chief Financial Officer following the departure of Perry L. Elders, Senior Vice President and Chief Financial Officer, effective August 23, 2014. Mr. Elders will be pursuing other opportunities. Mr. Spence, age 45, has approximately 19 years of combined financial and operational management experience with companies in oilfield products and services and engineering and construction businesses. Immediately prior to joining McDermott, Mr. Spence served as Vice President, Artificial Lift for Halliburton Company, where he had overall strategic and operational responsibility for Halliburton's artificial lift product and service line.

McDermott International, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Expects Capital Expenditure Guidance for the Second Half of the Year 2014

McDermott International Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. The company reported a second quarter 2014 net loss attributable of $11 million or $0.05 per fully diluted share, compared to a net loss attributable of $149 million or $0.63 per diluted share in the prior-year quarter. The company reported second quarter revenues of $476 million, a decrease of 26% compared to revenues of $647 million in the corresponding period of 2013 due to lower marine contribution. Operating income was $28 million in the second quarter 2014 and included $46 million of gains on asset sales and $1 million of restructuring expenses. These results compared to the prior-year operating loss of $150 million, which included $15 million of restructuring expenses. Capital expenditures were $117.064 million against $106.826 million a year ago. For the six months, the company reported revenues of $1,079.894 million against $1,454.738 million a year ago. Operating loss was $13.550 million against $96.503 million a year ago. Net loss attributable to company was $60.783 million or $0.26 per diluted share against $128.870 million or $0.55 per diluted share a year ago. Capital expenditures were $154.957 million against $144.475 million a year ago. Total cash used in operating activities was $92.911 million against $96.482 million a year ago. The company expects total capital expenditures, including the amounts for these 2 vessels, in the second half of the year 2014 to be around $150 million.


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