Fourth quarter 2012 bookings and recent awards provide improved
revenue visibility for 2013
HOUSTON--(BUSINESS WIRE)--
McDermott International, Inc. (NYSE: MDR) (“McDermott” or the “Company”)
today reported net income of $40.5 million, or $0.17 per diluted share,
for the 2012 fourth quarter. The results of the 2012 fourth quarter
compare to income from continuing operations of $9.3 million, or $0.04
per diluted share, in the corresponding period of 2011. Weighted average
common shares outstanding on a fully diluted basis were approximately
237.8 million and 236.9 million in the quarters ended December 31, 2012
and 2011, respectively.
McDermott’s revenues were $996.0 million for the 2012 fourth quarter, an
increase of 22 percent compared to $816.2 million in the corresponding
period of 2011. The year-over-year increase was primarily due to a 36
percent increase in revenues in the Asia Pacific segment as a result of
increased marine activity on a subsea project, coupled with increased
revenues in the Middle East and Atlantic segments.
The Company’s operating income in the 2012 fourth quarter was $77.3
million, an increase of 146 percent compared to $31.4 million in the
2011 fourth quarter. Results in the fourth quarter 2011 included
approximately $66 million in pretax and after-tax charges primarily
related to loss projects in Mexico and Brazil. The fourth quarter 2012
results were negatively affected by an aggregate of approximately $32
million of project losses and increased costs on certain projects,
including approximately $23 million in the Asia Pacific segment as a
result of incremental costs associated with anticipated productivity and
project delays on one subsea project, which is expected to complete in
late 2013. The Atlantic segment also was impacted by increased cost
estimates relating to two fabrication projects totaling approximately $9
million, due to lower than expected productivity, which are expected to
complete in mid-2013.
The Company’s other income for the fourth quarter of 2012 was $8.7
million, an improvement of $4.8 million compared to other income of $3.9
million in the fourth quarter of 2011, primarily due to higher foreign
currency gains.
At December 31, 2012, the Company’s backlog was $5.1 billion, compared
to $3.9 billion and $5.3 billion at December 31, 2011 and September 30,
2012, respectively. Of the December 31, 2012 backlog, approximately $545
million is from six projects currently in a loss position, primarily
relating to the recently commenced project in the Asia Pacific segment
and a five-year charter in Brazil, where future revenues are expected to
equal costs when recognized. In addition, the backlog includes
approximately $162 million for one project under deferred profit
recognition.
“There were a number of positives during the quarter as fourth quarter
bookings, combined with awards received in the first quarter 2013,
maintained a strong backlog and improved revenue visibility for the
coming year,” said Stephen M. Johnson, Chairman of the Board, President
and Chief Executive Officer of McDermott. “We expect to recognize $2.6
billion in revenue in 2013 from our existing backlog and recent awards.
With this revenue, combined with additional short-term work that we
typically accrue throughout the year, we expect to see total revenues in
the range of $3 billion in 2013. With increased bidding activity and the
company’s continued balance sheet strength, we believe McDermott is well
positioned to meet the growing customer demand in each of our market
segments.”
Balance Sheet Summary
As of December 31, 2012, McDermott reported total assets of
approximately $3.3 billion. Included in this amount was $704.3 million
of cash and cash equivalents, restricted cash and investments. Net
working capital, calculated as current assets less current liabilities,
was $676.8 million. Additionally, total equity was $2.0 billion, or
approximately 61% of total assets, with total debt of $102.7 million.
Full-year 2012 Overview
For the year ended December 31, 2012, McDermott reported revenues of
$3.6 billion, with operating income of $319.3 million and net income of
$206.7 million, or $0.87 per fully diluted share. Operating income for
2012 in the Asia Pacific segment benefited significantly from lower
expected costs to complete the marine campaign on an engineering,
procurement, construction and installation project, which is expected to
complete in early 2013. These gains were partially offset by project
losses across each segment totaling approximately $52.0 million.
OTHER INFORMATION
Conference Call
McDermott has scheduled a conference call and webcast related to its
fourth quarter and full year 2012 results on Friday, March 1, 2013, at
9:00 a.m. U.S. Central Standard Time. Interested parties may listen over
the Internet through a link posted in the Investor Relations section of
the Company's website. The replay will also be available on the
Company's website following the end of the live call.
About the Company
McDermott is a leading engineering, procurement, construction and
installation (“EPCI”) company focused on executing complex offshore oil
and gas projects worldwide. Providing fully integrated EPCI services for
upstream field developments, the Company delivers fixed and floating
production facilities, pipelines and subsea systems from concept to
commissioning. McDermott’s customers include national, major integrated
and other energy companies. Operating in approximately 20 countries
across the Atlantic, Middle East and Asia Pacific, the Company’s
integrated resources include approximately 14,000 employees and a
diversified fleet of marine vessels, fabrication facilities and
engineering offices. McDermott has served the energy industry since
1923. To learn more, please visit McDermott’s website on the Internet 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 and uncertainties that may impact
McDermott's actual results of operations. These forward-looking
statements include statements about backlog, to the extent backlog may
be viewed as an indicator of future revenues, McDermott’s improved
revenue visibility for 2013, including our expectation for total revenue
in the range of $3 billion in 2013, our expectation that McDermott will
recognize $2.6 billion in revenue in 2013 from existing backlog and
recent awards, the expected timing for completion of certain projects,
McDermott’s increased bidding activity and continued balance sheet
strength, and our belief that McDermott is well positioned to meet
growing customer demand in each of our market segments. 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
uncertainties and risks, including 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,
changes in the scope or timing of contracts, and contract cancellations,
change orders and other modifications. If one or more of these risks
materialize, or if underlying assumptions prove incorrect, actual
results may vary materially from those expected. 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, 2012. 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.
McDERMOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended December 31,
Year Ended December 31,
2012
2011
2012
2011
(In thousands)
Revenues
$
995,953
$
816,175
$
3,641,624
$
3,445,110
Costs and Expenses:
Cost of operations
853,048
726,409
3,100,009
2,980,390
Selling, general and administrative expenses
60,047
48,175
205,974
212,002
Loss on asset impairments
-
5,488
-
5,488
(Gain) loss on asset disposals
(123
)
(371
)
(405
)
(8,478
)
Total Costs and Expenses
912,972
779,701
3,305,578
3,189,402
Equity in Loss of Unconsolidated Affiliates
(5,693
)
(5,044
)
(16,719
)
(4,985
)
Operating Income
77,288
31,430
319,327
250,723
Other Income (Expense):
Interest income
441
788
4,656
1,848
Interest expense
-
(114
)
-
(529
)
Gain (loss) on foreign currency–net
8,957
3,591
20,142
1,234
Other expense–net
(707
)
(400
)
(995
)
(1,985
)
Total other income (expense)
8,691
3,865
23,803
568
Income from continuing operations before provision for income taxes,
discontinued operations and noncontrolling interest
85,979
35,295
343,130
251,291
Provision for Income Taxes
42,200
26,773
129,204
87,124
Income from continuing operations before discontinued operations and
noncontrolling interest
43,779
8,522
213,926
164,167
Total income (loss) from discontinued operations, net of tax
-
(19,271
)
3,497
(12,812
)
Net Income
43,779
(10,749
)
217,423
151,355
Less: net income attributable to noncontrolling interests
3,235
780
10,770
12,625
Net Income Attributable to McDermott International, Inc.
$
40,544
$
(9,969
)
$
206,653
$
138,730
McDERMOTT INTERNATIONAL, INC.
EARNINGS PER SHARE COMPUTATION
Three Months Ended December 31,
Year Ended
December 31,
2012
2011
2012
2011
(In thousands, except share and per share amounts)
Income from continuing operations less noncontrolling interests
$
40,544
$
9,302
$
203,156
$
151,542
Income (loss) from discontinued operations, net of tax
-
(19,271
)
3,497
(12,812
)
Net income (loss) attributable to McDermott International, Inc.
$
40,544
$
(9,969
)
$
206,653
$
138,730
Weighted average common shares
235,847,019
235,041,313
235,638,422
234,598,901
Effect of dilutive securities:
Stock options, restricted stock and restricted stock units
1,971,339
1,882,795
1,981,266
2,441,606
Adjusted weighted average common shares and assumed exercises of
stock options and vesting of stock awards
237,818,358
236,924,108
237,619,688
237,040,507
Basic earnings per share:
Income from continuing operations less noncontrolling interests
0.17
0.04
0.86
0.65
Income (loss) from discontinued operations, net of tax
-
(0.08
)
0.01
(0.05
)
Net income (loss) attributable to McDermott International, Inc.
0.17
(0.04
)
0.88
0.59
Diluted earnings per share:
Income from continuing operations less noncontrolling interests
0.17
0.04
0.86
0.64
Income (loss) from discontinued operations, net of tax
-
(0.08
)
0.01
(0.05
)
Net income (loss) attributable to McDermott International, Inc.
0.17
(0.04
)
0.87
0.59
SUPPLEMENTARY DATA
Three Months Ended December 31,
Year Ended
December 31,
2012
2011
2012
2011
(In thousands)
Pension expense
$
378
$
4,125
$
1,530
$
19,492
Depreciation & amortization expense
$
20,484
$
22,491
$
86,440
$
82,391
Drydock amortization expense
$
3,939
$
6,231
$
25,545
$
24,567
Capital expenditures
$
107,026
$
50,749
$
286,310
$
282,621
Backlog
$
5,067,164
$
3,881,063
$
5,067,164
$
3,881,063
McDERMOTT INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
December 31,
2012
2011
(In thousands, except share and per share amounts)
Assets
Current Assets:
Cash and cash equivalents
$
640,147
$
570,854
Restricted cash and cash equivalents
18,116
21,962
Investments
19,242
109,522
Accounts receivable--trade, net
428,800
445,808
Accounts receivable--other
75,461
53,386
Contracts in progress
560,154
287,390
Deferred income taxes
9,765
11,931
Assets held for sale
2,679
3,197
Other current assets
35,425
33,135
Total Current Assets
1,789,789
1,537,185
Property, Plant and Equipment
2,115,176
1,958,877
Less accumulated depreciation
(833,385
)
(857,012
)
Net Property, Plant and Equipment
1,281,791
1,101,865
Assets Held for Sale
26,758
55,571
Investments
26,750
29,484
Goodwill
41,202
41,202
Investments in Unconsolidated Affiliates
37,435
42,659
Other Assets
129,902
184,848
Total Assets
$
3,333,627
$
2,992,814
Liabilities and Equity
Current Liabilities:
Notes payable and current maturities of long-term debt
$
14,146
$
8,941
Accounts payable
400,007
315,514
Accrued liabilities
108,963
116,051
Accrued employee-related benefits
57,391
29,072
Accrued contract costs
203,064
164,392
Advance billings on contracts
241,696
320,438
Deferred income taxes
10,758
13,187
Income taxes payable
76,986
54,181
Total Current Liabilities
1,113,011
1,021,776
Long-Term Debt
88,562
84,794
Self-Insurance
22,641
23,585
Pension Liability
25,069
21,295
Other Liabilities
132,239
107,652
Commitments and Contingencies
Stockholders’ Equity:
Common stock, par value $1.00 per share, authorized 400,000,000
shares; issued and outstanding 243,442,156 and 242,416,424 shares
at December 31, 2012 and December 31, 2011, respectively
243,442
242,416
Capital in excess of par value
1,391,271
1,375,976
Retained earnings
445,756
239,103
Treasury stock, at cost, 7,574,903 and 7,359,983 shares at
December 31, 2012 and December 31, 2011, respectively
(98,725
)
(95,827
)
Accumulated other comprehensive loss
(94,413
)
(102,030
)
Stockholders’ Equity--McDermott International, Inc.
1,887,331
1,659,638
Noncontrolling Interests
64,774
74,074
Total Equity
1,952,105
1,733,712
Total Liabilities and Equity
$
3,333,627
$
2,992,814
McDERMOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2012
2011
2010
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
217,423
$
151,355
$
227,712
(Income) loss from discontinued operations, net of tax
(3,497
)
12,812
34,900
Income from continuing operations
213,926
164,167
262,612
Non-cash items included in net income:
Depreciation and amortization
86,440
82,391
76,452
Drydock amortization
25,545
24,567
26,205
Equity in loss of unconsolidated affiliates
16,719
4,985
7,594
Gains on asset disposals
(405
)
(8,478
)
(2,440
)
Loss on asset impairments
-
5,488
24,660
Provision for deferred taxes
3,847
1,650
1,830
Stock-based compensation charges
15,369
17,825
16,458
Other non-cash items
8,367
18,096
13,307
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable
(5,920
)
(152,840
)
(6,457
)
Net contracts in progress and advance billings on contracts
(351,604
)
(151,157
)
182,472
Accounts payable
84,430
71,291
(38,536
)
Accrued and other current liabilities
36,922
56,049
40,110
Income taxes
22,832
17,138
84,269
Pension liability and accrued postretirement and employee benefits
36,897
(83,263
)
(106,338
)
Other
16,419
29,537
(197,871
)
NET CASH PROVIDED BY OPERATING ACTIVITIES--CONTINUING OPERATIONS
209,784
97,446
384,327
NET CASH USED IN OPERATING ACTIVITIES--DISCONTINUED OPERATIONS
-
(1,426
)
(44,153
)
TOTAL CASH PROVIDED BY OPERATING ACTIVITIES
209,784
96,020
340,174
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(286,310
)
(282,621
)
(186,862
)
(Increase) decrease in restricted cash and cash equivalents
3,846
175,899
(142,853
)
Purchases of available-for-sale securities
(95,964
)
(546,822
)
(1,491,329
)
Sales and maturities of available-for-sale securities
191,298
693,424
1,363,803
Investments in unconsolidated affiliates
(5,084
)
(1,058
)
(32,550
)
Proceeds from asset dispositions and other investing activities
3,291
9,943
2,870
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES--CONTINUING
OPERATIONS
(188,923
)
48,765
(486,921
)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES--DISCONTINUED
OPERATIONS
60,671
-
(65,084
)
TOTAL CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
(128,252
)
48,765
(552,005
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt
19,034
46,987
3,423
Payment of debt
(10,061
)
(8,606
)
(8,540
)
Purchase of treasury shares
(2,898
)
(10,092
)
(15,715
)
Cash contribution from The Babcock & Wilcox Company
-
-
100,000
Distributions to NCI
(20,135
)
(2,524
)
-
Debt issuance costs and other financing activities
267
(4,476
)
(3,076
)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES--CONTINUING
OPERATIONS
(13,793
)
21,289
76,092
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES--DISCONTINUED
OPERATIONS
-
1,426
(109,600
)
TOTAL CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
(13,793
)
22,715
(33,508
)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH
1,554
(109
)
(80
)
TRANSFER OF CASH TO THE BABCOCK & WILCOX COMPANY
-
-
(250,388
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
69,293
167,391
(495,807
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
570,854
403,463
899,270
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
640,147
$
570,854
$
403,463
McDermott International, Inc. Investors,
Analysts and Financial Media: Steven D. Oldham, 281-870-5147 Vice
President, Treasury and Investor Relations soldham@mcdermott.com or Trade
and General Media: Louise Denly, 281-870-5025 Director,
Corporate Communications ldenly@mcdermott.com
Press Release $MDR McDermott International Inc.
EPS of $0.17; Strong Performance in Asia Pacific
Fourth quarter 2012 bookings and recent awards provide improved revenue visibility for 2013
HOUSTON--(BUSINESS WIRE)-- McDermott International, Inc. (NYSE: MDR) (“McDermott” or the “Company”) today reported net income of $40.5 million, or $0.17 per diluted share, for the 2012 fourth quarter. The results of the 2012 fourth quarter compare to income from continuing operations of $9.3 million, or $0.04 per diluted share, in the corresponding period of 2011. Weighted average common shares outstanding on a fully diluted basis were approximately 237.8 million and 236.9 million in the quarters ended December 31, 2012 and 2011, respectively.
McDermott’s revenues were $996.0 million for the 2012 fourth quarter, an increase of 22 percent compared to $816.2 million in the corresponding period of 2011. The year-over-year increase was primarily due to a 36 percent increase in revenues in the Asia Pacific segment as a result of increased marine activity on a subsea project, coupled with increased revenues in the Middle East and Atlantic segments.
The Company’s operating income in the 2012 fourth quarter was $77.3 million, an increase of 146 percent compared to $31.4 million in the 2011 fourth quarter. Results in the fourth quarter 2011 included approximately $66 million in pretax and after-tax charges primarily related to loss projects in Mexico and Brazil. The fourth quarter 2012 results were negatively affected by an aggregate of approximately $32 million of project losses and increased costs on certain projects, including approximately $23 million in the Asia Pacific segment as a result of incremental costs associated with anticipated productivity and project delays on one subsea project, which is expected to complete in late 2013. The Atlantic segment also was impacted by increased cost estimates relating to two fabrication projects totaling approximately $9 million, due to lower than expected productivity, which are expected to complete in mid-2013.
The Company’s other income for the fourth quarter of 2012 was $8.7 million, an improvement of $4.8 million compared to other income of $3.9 million in the fourth quarter of 2011, primarily due to higher foreign currency gains.
At December 31, 2012, the Company’s backlog was $5.1 billion, compared to $3.9 billion and $5.3 billion at December 31, 2011 and September 30, 2012, respectively. Of the December 31, 2012 backlog, approximately $545 million is from six projects currently in a loss position, primarily relating to the recently commenced project in the Asia Pacific segment and a five-year charter in Brazil, where future revenues are expected to equal costs when recognized. In addition, the backlog includes approximately $162 million for one project under deferred profit recognition.
“There were a number of positives during the quarter as fourth quarter bookings, combined with awards received in the first quarter 2013, maintained a strong backlog and improved revenue visibility for the coming year,” said Stephen M. Johnson, Chairman of the Board, President and Chief Executive Officer of McDermott. “We expect to recognize $2.6 billion in revenue in 2013 from our existing backlog and recent awards. With this revenue, combined with additional short-term work that we typically accrue throughout the year, we expect to see total revenues in the range of $3 billion in 2013. With increased bidding activity and the company’s continued balance sheet strength, we believe McDermott is well positioned to meet the growing customer demand in each of our market segments.”
Balance Sheet Summary
As of December 31, 2012, McDermott reported total assets of approximately $3.3 billion. Included in this amount was $704.3 million of cash and cash equivalents, restricted cash and investments. Net working capital, calculated as current assets less current liabilities, was $676.8 million. Additionally, total equity was $2.0 billion, or approximately 61% of total assets, with total debt of $102.7 million.
Full-year 2012 Overview
For the year ended December 31, 2012, McDermott reported revenues of $3.6 billion, with operating income of $319.3 million and net income of $206.7 million, or $0.87 per fully diluted share. Operating income for 2012 in the Asia Pacific segment benefited significantly from lower expected costs to complete the marine campaign on an engineering, procurement, construction and installation project, which is expected to complete in early 2013. These gains were partially offset by project losses across each segment totaling approximately $52.0 million.
OTHER INFORMATION
Conference Call
McDermott has scheduled a conference call and webcast related to its fourth quarter and full year 2012 results on Friday, March 1, 2013, at 9:00 a.m. U.S. Central Standard Time. Interested parties may listen over the Internet through a link posted in the Investor Relations section of the Company's website. The replay will also be available on the Company's website following the end of the live call.
About the Company
McDermott is a leading engineering, procurement, construction and installation (“EPCI”) company focused on executing complex offshore oil and gas projects worldwide. Providing fully integrated EPCI services for upstream field developments, the Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning. McDermott’s customers include national, major integrated and other energy companies. Operating in approximately 20 countries across the Atlantic, Middle East and Asia Pacific, the Company’s integrated resources include approximately 14,000 employees and a diversified fleet of marine vessels, fabrication facilities and engineering offices. McDermott has served the energy industry since 1923. To learn more, please visit McDermott’s website on the Internet 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 and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include statements about backlog, to the extent backlog may be viewed as an indicator of future revenues, McDermott’s improved revenue visibility for 2013, including our expectation for total revenue in the range of $3 billion in 2013, our expectation that McDermott will recognize $2.6 billion in revenue in 2013 from existing backlog and recent awards, the expected timing for completion of certain projects, McDermott’s increased bidding activity and continued balance sheet strength, and our belief that McDermott is well positioned to meet growing customer demand in each of our market segments. 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 uncertainties and risks, including 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, changes in the scope or timing of contracts, and contract cancellations, change orders and other modifications. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. 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, 2012. 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.
McDERMOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
December 31,
December 31,
-
-
-
-
-
Less: net income attributable to noncontrolling interests
McDERMOTT INTERNATIONAL, INC.
EARNINGS PER SHARE COMPUTATION
December 31,
December 31,
-
-
-
SUPPLEMENTARY DATA
December 31,
December 31,
McDERMOTT INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except
share and per share
amounts)
Accounts receivable--trade, net
Accounts receivable--other
(833,385
)
(857,012
)
Common stock, par value $1.00 per share, authorized 400,000,000 shares; issued and outstanding 243,442,156 and 242,416,424 shares at December 31, 2012 and December 31, 2011, respectively
Treasury stock, at cost, 7,574,903 and 7,359,983 shares at December 31, 2012 and December 31, 2011, respectively
(98,725
)
(95,827
)
(94,413
)
(102,030
)
Stockholders’ Equity--McDermott International, Inc.
McDERMOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2010
-
(5,920
)
(152,840
)
(151,157
)
NET CASH PROVIDED BY OPERATING ACTIVITIES--CONTINUING OPERATIONS
NET CASH USED IN OPERATING ACTIVITIES--DISCONTINUED OPERATIONS
-
(95,964
)
(5,084
)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES--CONTINUING OPERATIONS
(188,923
)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES--DISCONTINUED OPERATIONS
-
-
-
-
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES--CONTINUING OPERATIONS
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES--DISCONTINUED OPERATIONS
-
-
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McDermott International, Inc.
Investors, Analysts and Financial Media:
Steven D. Oldham, 281-870-5147
Vice President, Treasury and Investor Relations
soldham@mcdermott.com
or
Trade and General Media:
Louise Denly, 281-870-5025
Director, Corporate Communications
ldenly@mcdermott.com
Source: McDermott International, Inc.