UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
________________________
FORM
8-K
________________________
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 11, 2015
________________________
McDermott International, Inc.
(Exact
name of registrant as specified in its charter)
________________________
REPUBLIC OF PANAMA
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001-08430
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72-0593134
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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757 N. Eldridge Parkway
Houston, Texas
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77079
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s Telephone Number, including Area Code: (281) 870-5000
(Former
name or former address, if changed since last report)
________________________
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
________________________
Item 2.02 Results of Operations and Financial Condition.
On May 11, 2015, we issued a press release announcing our financial
results for the quarter ended March 31, 2015. A copy of the press
release is furnished as Exhibit 99.1, and the information contained in
Exhibit 99.1 is incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit
99.1, shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended, (the “Exchange
Act”), or otherwise subject to the liabilities of that section, nor
shall such information be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such
filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated May 11, 2015.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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McDERMOTT INTERNATIONAL, INC.
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By:
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/s/ Stuart Spence
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Stuart Spence
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Executive Vice President and Chief Financial Officer
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May 11, 2015
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3
EXHIBIT INDEX
Exhibit
Number
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Description
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99.1
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Press Release dated May 11, 2015.
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4
Exhibit 99.1
McDermott
Reports First Quarter 2015 Financial and Operational Results
Successful
Quarter of New Order Intake in the Middle East and Americas
Continued
Focus on Efficient Execution of Key Projects Across All Areas
Company
to Host Conference Call and Webcast Today at 4:00 p.m. CT
HOUSTON--(BUSINESS WIRE)--May 11, 2015--McDermott International, Inc.
(NYSE: MDR) (“McDermott” or the “Company”) today announced financial and
operational results for the quarter ended March 31, 2015. The Company
reported first quarter 2015 net loss of $14.5 million, or $0.06 per
fully diluted share including restructuring charges, compared to a net
loss of $46.5 million, or $0.20 per diluted share, in the prior-year
quarter. Net of restructuring charges, the first quarter 2015 loss would
have been reduced by $10.4 million or $0.04 per fully diluted share.
“We are very pleased to have been awarded several important new projects
during the first quarter of the year. While the macro industry
environment continues to be challenging, McDermott has received three
new brownfield EPCI projects in the Middle East, the Marjan Power Supply
System from Saudi ARAMCO, the Qatar Petroleum award for a wellhead
jacket and deck, as well as a new platform and two bridges from
Al-Khafji Joint Operations. As one of our core markets, these new awards
reinforce the ongoing activity in the region. We have also been awarded
new projects in the Americas, including the SURF scope of a greenfield
development for a new customer off the coast of Brazil,” said David
Dickson, President and Chief Executive Officer of McDermott. “Although
we encountered the weather seasonality we anticipated during the
quarter, we are committed to executing our backlog safely and
efficiently. We also remain focused on prioritizing our bidding
activities on opportunities where we have competitive differentiators to
win new awards.”
First Quarter 2015 Operating Results
The Company reported first quarter 2015 revenues of $550.5 million, a
decrease of $53.3 million compared to revenues of $603.8 million for the
prior-year first quarter. Revenues for the first quarter 2015 were
affected by weather and third-party performance delays on the Company’s
INPEX project, as well as customer initiated changes on Middle East
brownfield projects that impacted the timing of vessel mobilization.
The Company’s operating income was $6.6 million for the first quarter
2015 and included $10.4 million of restructuring expenses. These results
compare to the prior-year period first quarter operating loss of $38.2
million, which included $6.1 million of restructuring expenses.
Operating income for the first quarter 2015 was positively impacted by
favorable changes in cost estimates and revenue recovery, due to an
ongoing focus on execution and improved customer relationships.
Cash flow from operations for the first quarter 2015 was a use of cash
of $18.5 million compared to a use of cash of $22.3 million for the
first quarter 2014.
Operational Update
In Americas, Europe and Africa (“AEA”), the Company’s execution of the
PB Litoral-A project remains on track with sail-away of the 7,200 ton
structure expected to be complete in the third quarter of the year.
During the quarter, McDermott’s Derrick Barge 50 (“DB50”) completed the
successful installation of Ayatsil A for Pemex in the Gulf of Mexico. In
addition, the Altamira fabrication yard completed its first export
project for a major operator with a successful sail-away of the 2,760
ton, seven-story quarters structure to offshore Angola, West Africa in
February 2015. McDermott was also awarded a second transportation and
installation contract for Chevron’s Jack and St. Malo fields in the U.S.
Gulf of Mexico building on the execution success of the greenfield
development work in 2014.
In the Middle East (“MEA”), McDermott was awarded a large contract
amendment by Al-Khafji Joint Operations (“KJO”) for a platform in the
Hout field located in the Kuwait/Saudi Arabia neutral zone. McDermott
was awarded the original work scope in 2012. In addition to significant
modifications at the existing complex, the new work includes EPCI work
on a new platform and two bridges with a total weight of approximately
3,300 tons. Also in the region, the Company received an EPCI contract
from Qatar Petroleum’s (“QP”) North Field Alphafor a wellhead jacket,
deck and umbilical project. McDermott last worked for QP as a prime
contractor in the early 2000’s. In January, McDermott was awarded
“Industrial Operations Company of the Year” by Jebel Ali Free Zone
Authority. As one of the first tenants of the Jebel Ali Free Zone in
1980, this award signifies McDermott’s continued HSE Leadership and the
ability to build long-term partnerships in the MEA region. At the end of
March, the Middle East area completed 20 million man-hours without
experiencing a Lost Time Incident (“LTI”).
In Asia (“ASA”) on the INPEX Ichthys project, McDermott has completed 10
million man-hours without a LTI and fabrication of 70% of the
approximately 27,000 tons of subsea structures. The Construction Support
Vessel 108 remains on schedule to begin its marine campaign at the end
of the second quarter of 2015. The Company has also completed the
mobilization of the installation vessels for the Brunei Shell Petroleum
(“BSP”) project. During April, the Derrick Barge 30 commenced the
installation of approximately 64 miles of replacement pipelines in the
field. In addition, BSP added further work scope that will utilize the
Company’s vessel, the Emerald Sea, to perform additional installation
and tie in work through the fourth quarter of 2015.
Other Financial Information
As of March 31, 2015, McDermott reported total assets of $3.5 billion.
Included in this amount was $800.4 million in cash and cash equivalents
and restricted cash. At quarter end, the Company had $861.3 million in
debt outstanding and total equity of $1.5 billion, or 43% of total
assets.
Weighted average common shares outstanding on a fully diluted basis were
approximately 237.5 million and 237.0 million for the quarters ended
March 31, 2015 and March 31, 2014, respectively. Common shares for the
settlement of the common stock purchase contracts related to the
Tangible Equity Units or “TEUs”, as well as other potentially dilutive
shares were not considered in the calculation of diluted weighted
average shares for the quarter ended March 31, 2015 or March 31, 2014,
due to the anti-dilutive effect.
Contract Backlog Summary
As of March 31, 2015, the Company’s backlog was $3.75 billion, compared
to $3.6 billion at December 31, 2014. Of the March 31, 2015 backlog,
approximately 50% related to offshore operations and approximately 50%
related to subsea operations. Order intake in the first quarter 2015
totaled $697.8 million and included new awards for Saudi ARAMCO, QP and
KJO in the MEA area, as well as Chevron and QGEP in the AEA area.
At March 31, 2015, the Company had $8.8 billion in bids and change
orders outstanding compared to $8.6 billion at December 31, 2014. At
March 31, 2015, the Company was targeting to bid approximately $16.8
billion in projects that it expects to be awarded to the market through
June 30, 2016. In total, the Company’s potential revenue pipeline was
$25.6 billion as of March 31, 2015.
Cost Structure Update
At the beginning of 2015, McDermott announced the results of a major
review of the Company’s cost structure, with a focus on driving
improvements in profitability and flexibility through reducing fixed and
variable costs.
The plan included three key components:
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Increased organizational efficiency, commencing in the first quarter
of this year, with expected savings starting in the second quarter of
2015
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Centralization of various front- and back-office functions
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Operational cost initiatives leveraging McDermott’s global scale and
the outsourcing of some non-core business activities
Through the end of March, McDermott has decreased its employee count by
475 positions from increased organizational efficiencies resulting in
expected 2015 cash savings of $27.6 million. Initiatives on
centralization and operational costs have also commenced.
Restructuring charges for the quarter were $10.4 million, as part of the
Company’s previous guidance of $25 million to $35 million for the full
year 2015. McDermott remains on track to achieve the expected annual
cash savings of $50 million in 2015, before restructuring charges.
In addition to the profitability initiatives and as a result of the
Company’s regular work activity and the sequencing of projects, over
1,200 additional positions have been released from the Company. These
positions are primarily related to craft labor in McDermott’s
fabrication yards.
Conference Call
McDermott has scheduled a conference call and webcast related to its
first quarter 2015 results today at 4:00 p.m. U.S. Central Daylight
Savings Time. Interested parties may listen over the Internet through a
link posted in the Investor Relations section of the Company’s Web site.
A replay of the webcast will be available for seven days after the call
and may be accessed by dialing (888) 286-8010, passcode #99076136. In
addition, a presentation will be available on the Investor Relations
section of the Company’s Web site that contains supplemental information
on our operations and our business outlook.
About the Company
McDermott is a leading provider of integrated engineering, procurement,
construction and installation (EPCI) services for upstream field
developments worldwide. The Company delivers fixed and floating
production facilities, pipelines and subsea systems from concept to
commissioning for complex Offshore and Subsea oil and gas projects to
help oil companies safely produce and transport hydrocarbons. Our
clients include national and major energy companies. Operating in more
than 20 countries across the world, our locally focused and globally
integrated resources include approximately 11,700 employees, a
diversified fleet of specialty marine construction vessels, fabrication
facilities and engineering offices. We are renowned for our extensive
knowledge and experience, technological advancements, performance
records, superior safety and commitment to deliver. McDermott has served
the energy industry since 1923 and is listed on the New York Stock
Exchange.
To learn more, please visit our website at www.mcdermott.com
Forward-Looking Statements
In accordance with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, McDermott cautions that statements in
this press release which are forward-looking, and provide other than
historical information, involve risks, contingencies and uncertainties
that may impact McDermott's actual results of operations. These
forward-looking statements include, but are not limited to, statements
about: backlog, bids and change orders outstanding, projects McDermott
expects to bid and the expected timing of award of such, and revenue
pipeline, to the extent to which these may be viewed as indicators of
future revenues or profitability; continued focus on the prioritization
of bidding activities; the expected scope, execution and timing
associated with certain projects discussed herein; expectations
regarding improvements, savings and costs related to McDermott’s
profitability initiative and the timing of such; expected 2015 cash
savings from decreased employee counts; the expected range of costs for
restructuring charges and the expected 2015 annual cash savings.
Although we believe that the expectations reflected in those
forward-looking statements are reasonable, we can give no assurance that
those expectations will prove to have been correct. Those statements are
made by using various underlying assumptions and are subject to numerous
risks, contingencies and uncertainties, including, among others: adverse
changes in the markets in which we operate or credit markets, our
inability to successfully execute on contracts in backlog, changes in
project design or schedules, the availability of qualified personnel,
changes in the terms, scope or timing of contracts, contract
cancellations, change orders and other modifications and actions by our
customers and business partners. If one or more of these risks
materialize, or if underlying assumptions prove incorrect, actual
results may vary materially from those expected. You should not place
undue reliance on forward-looking statements. For a more complete
discussion of these and other risk factors, please see McDermott's
annual and quarterly filings with the Securities and Exchange
Commission, including its annual report on Form 10-K for the year ended
December 31, 2014 and subsequent quarterly reports on Form 10-Q. This
news release reflects management's views as of the date hereof. Except
to the extent required by applicable law, McDermott undertakes no
obligation to update or revise any forward-looking statement.
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McDERMOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
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Three Months Ended March 31,
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2015
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2014
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(Unaudited)
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(In thousands, except share
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and per share amounts)
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Revenues
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$
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550,463
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$
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603,811
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Costs and Expenses:
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Cost of operations
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475,459
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591,493
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Selling, general and administrative expenses
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51,676
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51,964
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Gain on disposal of assets
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(367
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)
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(6,439
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)
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Restructuring expenses
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10,389
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6,125
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Total costs and expenses
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537,157
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643,143
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(Loss) Income from Investments in Unconsolidated Affiliates
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(6,741
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)
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1,123
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Operating Income (Loss)
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6,565
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(38,209
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)
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Other Income (Expense):
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Interest income (expense), net
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(12,179
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)
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61
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Loss on foreign currency, net
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(1,468
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)
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(4,082
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)
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Other expense, net
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(97
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)
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(265
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)
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Total other expense
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(13,744
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)
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(4,286
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)
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Loss before provision for income taxes and noncontrolling interests
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(7,179
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)
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(42,495
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)
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Provision for income taxes
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4,869
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3,489
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Net loss
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|
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(12,048
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)
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(45,984
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)
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Less: net income attributable to noncontrolling interest
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2,459
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536
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Net loss attributable to McDermott International, Inc.
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$
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(14,507
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)
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$
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(46,520
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)
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Loss per share
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Net loss attributable to McDermott International, Inc.:
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Basic
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$
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(0.06
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)
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$
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(0.20
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)
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Diluted
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$
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(0.06
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)
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$
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(0.20
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)
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Shares used in the computation of losses per share:
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Basic:
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237,504,719
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236,961,158
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Diluted:
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237,504,719
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236,961,158
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McDERMOTT INTERNATIONAL, INC.
EARNINGS PER SHARE COMPUTATION
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Three Months Ended March 31,
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2015
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2014
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(In thousands, except share and per share amounts)
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Net loss attributable to McDermott International, Inc.
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$
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(14,507
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)
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$
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(46,520
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)
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Weighted average common shares (basic)
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237,504,719
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236,961,158
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Effect of dilutive securities:
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Stock options, restricted stock and restricted stock units
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-
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Adjusted weighted average common shares and assumed exercises of stock
options and vesting of stock awards (diluted)
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237,504,719
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236,961,158
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Basic loss per share
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Net loss attributable to McDermott International, Inc.
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$
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(0.06
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)
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$
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(0.20
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)
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Diluted loss per share:
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Net loss attributable to McDermott International, Inc.
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$
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(0.06
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)
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$
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(0.20
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)
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|
|
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|
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SUPPLEMENTARY DATA
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Three Months Ended March 31,
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2015
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2014
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(In thousands)
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Drydock amortization
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$
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5,272
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$
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6,946
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Depreciation & amortization expense
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25,327
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24,602
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Capital expenditures
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23,972
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37,893
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Backlog
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3,748,384
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4,364,422
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|
McDERMOTT INTERNATIONAL, INC
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CONSOLIDATED BALANCE SHEETS
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March 31, 2015
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December 31, 2014
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(Unaudited)
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(In thousands, except shares and par value data)
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Assets
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Current Assets:
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Cash and cash equivalents
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$
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600,636
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$
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665,309
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Restricted cash and cash equivalents
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199,764
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187,585
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Accounts receivable – trade, net
|
|
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|
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213,144
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|
|
|
|
143,370
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Accounts receivable – other
|
|
|
|
|
73,837
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|
|
|
|
81,088
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|
Contracts in progress
|
|
|
|
|
380,756
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|
|
|
|
357,617
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|
Deferred income taxes
|
|
|
|
|
12,646
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|
|
|
|
7,514
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|
Assets held for sale
|
|
|
|
|
14,253
|
|
|
|
|
14,253
|
|
Other current assets
|
|
|
|
|
49,971
|
|
|
|
|
44,898
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|
Total Current Assets
|
|
|
|
|
1,545,007
|
|
|
|
|
1,501,634
|
|
Property, Plant and Equipment
|
|
|
|
|
2,479,797
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|
|
|
|
2,473,563
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Less Accumulated depreciation
|
|
|
|
|
(850,378
|
)
|
|
|
|
(830,467
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)
|
Net Property, Plant and Equipment
|
|
|
|
|
1,629,419
|
|
|
|
|
1,643,096
|
|
Accounts Receivable – Long-Term Retainages
|
|
|
|
|
136,908
|
|
|
|
|
137,468
|
|
Investments in Unconsolidated Affiliates
|
|
|
|
|
36,206
|
|
|
|
|
38,186
|
|
Deferred Income Taxes
|
|
|
|
|
17,034
|
|
|
|
|
17,313
|
|
Investments
|
|
|
|
|
2,151
|
|
|
|
|
2,216
|
|
Other Assets
|
|
|
|
|
93,306
|
|
|
|
|
76,966
|
|
Total Assets
|
|
|
|
$
|
3,460,031
|
|
|
|
$
|
3,416,879
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
Notes payable and current maturities of long-term debt
|
|
|
|
$
|
27,092
|
|
|
|
$
|
27,026
|
|
Accounts payable
|
|
|
|
|
374,927
|
|
|
|
|
251,924
|
|
Accrued liabilities
|
|
|
|
|
330,889
|
|
|
|
|
337,209
|
|
Advance billings on contracts
|
|
|
|
|
162,004
|
|
|
|
|
199,865
|
|
Deferred income taxes
|
|
|
|
|
19,265
|
|
|
|
|
19,753
|
|
Income taxes payable
|
|
|
|
|
29,813
|
|
|
|
|
25,165
|
|
Total Current Liabilities
|
|
|
|
|
943,990
|
|
|
|
|
860,942
|
|
Long-Term Debt
|
|
|
|
|
834,247
|
|
|
|
|
837,443
|
|
Self-Insurance
|
|
|
|
|
18,140
|
|
|
|
|
17,026
|
|
Pension Liability
|
|
|
|
|
18,079
|
|
|
|
|
18,403
|
|
Non-current Income Taxes
|
|
|
|
|
48,442
|
|
|
|
|
49,229
|
|
Other Liabilities
|
|
|
|
|
85,707
|
|
|
|
|
94,722
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
Stockholders' Equity:
|
|
|
|
|
|
|
|
Common stock, par value $1.00 per share, authorized
|
|
|
|
|
|
|
|
400,000,000 shares; issued and outstanding 246,199,889 and
245,209,850 shares, respectively
|
|
|
|
|
246,200
|
|
|
|
|
245,210
|
|
Capital in excess of par value (including prepaid common stock
purchase contracts)
|
|
1,679,631
|
|
|
|
|
1,676,815
|
|
Accumulated Deficit
|
|
|
|
|
(254,079
|
)
|
|
|
|
(239,572
|
)
|
Treasury stock, at cost: 7,700,580 and 7,400,027 shares, respectively
|
|
|
|
|
(96,972
|
)
|
|
|
|
(96,441
|
)
|
Accumulated other comprehensive loss
|
|
|
|
|
(116,690
|
)
|
|
|
|
(97,808
|
)
|
Stockholders' Equity - McDermott International, Inc.
|
|
|
|
|
1,458,090
|
|
|
|
|
1,488,204
|
|
Noncontrolling interest
|
|
|
|
|
53,336
|
|
|
|
|
50,910
|
|
Total Equity
|
|
|
|
|
1,511,426
|
|
|
|
|
1,539,114
|
|
Total Liabilities and Equity
|
|
|
|
$
|
3,460,031
|
|
|
|
$
|
3,416,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
McDERMOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
|
|
|
Three Month Ended March 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(Unaudited)
|
|
|
|
|
(In thousands)
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net Loss
|
|
|
|
$
|
(12,048
|
)
|
|
|
$
|
(45,984
|
)
|
Non-cash items included in net loss:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
25,327
|
|
|
|
|
24,602
|
|
Drydock amortization
|
|
|
|
|
5,272
|
|
|
|
|
6,946
|
|
Stock-based compensation charges
|
|
|
|
|
4,278
|
|
|
|
|
4,387
|
|
Losses (gains) from Investments in unconsolidated affiliates
|
|
|
|
|
6,741
|
|
|
|
|
(1,123
|
)
|
Gain on asset disposals
|
|
|
|
|
(367
|
)
|
|
|
|
(6,439
|
)
|
Restructuring expense
|
|
|
|
|
4,169
|
|
|
|
|
675
|
|
Deferred taxes
|
|
|
|
|
(5,341
|
)
|
|
|
|
(2,628
|
)
|
Other non-cash items
|
|
|
|
|
(1,472
|
)
|
|
|
|
1,752
|
|
Changes in assets and liabilities, net of effects from acquisitions
and dispositions:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(69,214
|
)
|
|
|
|
26,365
|
|
Net contracts in progress and advance billings on contracts
|
|
|
|
|
(61,021
|
)
|
|
|
|
(5,974
|
)
|
Accounts payable
|
|
|
|
|
110,785
|
|
|
|
|
32,727
|
|
Accrued and other current liabilities
|
|
|
|
|
(5,723
|
)
|
|
|
|
15,046
|
|
Pension liability and accrued postretirement and employee benefits
|
|
|
|
|
(555
|
)
|
|
|
|
5,880
|
|
Other assets and liabilities
|
|
|
|
|
(19,370
|
)
|
|
|
|
(78,560
|
)
|
TOTAL CASH USED IN OPERATING ACTIVITIES
|
|
|
|
|
(18,539
|
)
|
|
|
|
(22,328
|
)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
|
|
(23,972
|
)
|
|
|
|
(37,893
|
)
|
(Increase) in Restricted cash and cash equivalents
|
|
|
|
|
(12,179
|
)
|
|
|
|
(19,634
|
)
|
Purchases of available-for-sale securities
|
|
|
|
|
-
|
|
|
|
|
(1,997
|
)
|
Sales and maturities of available-for-sale securities
|
|
|
|
|
1,775
|
|
|
|
|
10,055
|
|
Investments in unconsolidated affiliates
|
|
|
|
|
(4,696
|
)
|
|
|
|
-
|
|
Proceeds from asset dispositions
|
|
|
|
|
-
|
|
|
|
|
8,370
|
|
Other
|
|
|
|
|
76
|
|
|
|
|
(1,950
|
)
|
TOTAL CASH USED IN INVESTING ACTIVITIES
|
|
|
|
|
(38,996
|
)
|
|
|
|
(43,049
|
)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
|
|
-
|
|
|
|
|
250,000
|
|
Repayment of debt
|
|
|
|
|
(4,706
|
)
|
|
|
|
(31,373
|
)
|
Other
|
|
|
|
|
(1,323
|
)
|
|
|
|
(3,858
|
)
|
TOTAL CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
|
|
|
(6,029
|
)
|
|
|
|
214,769
|
|
|
|
|
|
|
|
|
|
EFFECTS OF EXCHANGE RATE CHANGES ON CASH
|
|
|
|
|
(1,109
|
)
|
|
|
|
36
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
|
|
(64,673
|
)
|
|
|
|
149,428
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
|
|
665,309
|
|
|
|
|
118,702
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
|
|
$
|
600,636
|
|
|
|
$
|
268,130
|
|
|
CONTACT:
McDermott International, Inc.
Investors & Financial Media
Darcey
Matthews, 281-870-5147
Vice President, Investor Relations
dmatthews@mcdermott.com
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