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Last €5.04 EUR
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As of 3:52 AM 06/2/15 All times are local (Market data is delayed by at least 15 minutes).

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06/19/14 - €6.32
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mcdermott intl inc (MIQ) Details

McDermott International, Inc. operates as an engineering, procurement, construction, and installation company worldwide. The company operates through three segments: Asia Pacific, Americas, and the Middle East. It focuses on designing and executing offshore oil and gas projects. The company delivers fixed and floating production facilities, pipeline installations, and subsea systems from concept to commissioning. Its operations include fabrication and installation of fixed and floating structures; and the installation of pipelines and subsea systems, as well as 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.

13,800 Employees
Last Reported Date: 03/2/15
Founded in 1923

mcdermott intl inc (MIQ) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $850.0K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $168.2K
Senior Vice President, General Counsel and Co...
Total Annual Compensation: $527.8K
Senior Vice President of Commercial
Total Annual Compensation: $456.3K
Senior Vice President of Project Support
Total Annual Compensation: $400.0K
Compensation as of Fiscal Year 2014.

mcdermott intl inc (MIQ) Key Developments

McDermott International Inc. Wins Large Brownfield Contract by Saudi Aramco for the Engineering, Procurement, Construction and Installation of Twelve Jackets for Offshore Oil and Gas Fields in Saudi Arabian Waters

McDermott International Inc. announced that it has been awarded a large brownfield contract by Saudi Aramco for the engineering, procurement, construction and installation (EPCI) of twelve jackets for offshore oil and gas fields in Saudi Arabian waters. Work is scheduled for completion by the end of the first quarter of 2016 and will be included in McDermot's second quarter 2015 backlog. This is the second award McDermott has received in 2015 from Saudi Aramco and represents work scope bid under an existing Long-Term Agreement. In March 2015, the client awarded McDermott a brownfield contract for a power supply system replacement that utilizes McDermott's full EPCI expertise. Engineering and procurement is expected to be performed by McDermott's teams in Dubai, U.A.E., and Al Khobar, Saudi Arabia. The jackets are scheduled for fabrication by McDermott's Dubai, U.A.E.-based fabrication facility. Vessels from the McDermott global fleet are scheduled to undertake the installation work.

McDermott International Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides CapEx Guidance for 2015

McDermott International Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported revenues of $550,463,000 against $603,811,000 a year ago. Operating Income was $6,565,000 against operating loss of $38,209,000 a year ago. Net loss was $12,048,000 against $45,984,000 a year ago. Net loss attributable to the company was $14,507,000 or $0.06 per basic and diluted share against $46,520,000 or $0.20 per basic and diluted share a year ago. Loss before provision for income taxes and non-controlling interests was $7,179,000 against $42,495,000 a year ago. Capital expenditures were $23,972,000 against $37,893,000 a year ago. Total cash used in operating activities was $18,539,000 against $22,328,000 a year ago. Purchase of property, plant and equipment was $23,972,000 against $37,893,000 a year ago. Revenues 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. Operating income was positively impacted by favorable changes in cost estimates and revenue recovery, due to an ongoing focus on execution and improved customer relationships. During the fourth quarter conference call, the company provided 2015 CapEx guidance of $275 million to $295 million, which was comprised of the remaining CapEx expected on its 2 vessels, the DLV2000 and the CSV 108 as well as maintenance and project CapEx of $20 million to $40 million per year. However, the timing on delivery of the DLV2000 is expected to move to later in the fourth quarter of 2015. The company also expects a small portion of the DLV2000 CapEx to move into early 2016 to cover sea trials and other commissioning activities. As a result, the company expects the CapEx spend for the year to be on the lower end of its fourth quarter call guidance. With the CSV 108 recently completed, the remaining capital expenditures to complete the vessels during 2015 are expected to be $216 million. The run rate for maintenance and other project-related expenditures should be in the range of $20 million to $40 million. In addition to those figures, the company expects approximately $25 million of capitalized interest to be reported as capital expenditures in 2015.

McDermott International Wins Large Contract Amendment for Kuwait Offshore Platform

McDermott International announced that it has received a 'large contract amendment' from Al-Khafji Joint Operations for a platform in the Hout field that is 26 miles east of Al-Khafji in the divided zone between Kuwait and the Kingdom of Saudi Arabia. Work is expected to take place through second quarter of 2017 and has been included in backlog of the engineering, procurement, construction and installation services company's backlog in the first quarter of 2015. The scope includes engineering. procurement, construction and installation for one new platform and two bridges with a total weight of approximately 3,300 tons, including significant modifications at the existing complex. The company didn't provide financial terms of the contract.


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