Exhibit 99.1
McDermott Reports Second Quarter 2010 Results; Net Income of $76.0 Million, $0.32 Per Fully Diluted Share
Results above include The Babcock & Wilcox Company which was spun-off 7/30/2010 and approximately $66.2 million of spin-related transaction costs
Excluding B&W and Transaction Costs, McDermott reported Net Income of $81.3 million, $0.35 per share; Grew Backlog to Highest Level in 4 Quarters
HOUSTON--(BUSINESS WIRE)--August 9, 2010--McDermott International, Inc. (NYSE: MDR) (“McDermott” or the “Company”) today reported net income of $76.0 million, or $0.32 per diluted share, for the 2010 second quarter on consolidated revenues of $1.3 billion. The results of the 2010 second quarter compare to net income of $92.6 million, or $0.40 per diluted share, on revenues of $1.6 billion in the corresponding period of 2009. Both periods include the results of The Babcock & Wilcox Company (“B&W”), which was spun-off to McDermott shareholders on July 30, 2010. Additionally, the 2010 second quarter net income included approximately $66.2 million in after-tax expenses related to the spin-off ($0.28 per diluted share). Weighted average common shares outstanding on a fully diluted basis were approximately 234.4 million and 233.1 million in the quarters ended June 30, 2010 and June 30, 2009, respectively.
With McDermott’s spin-off of B&W now complete, the past results of B&W, as well as the costs of the spin-off, will be accounted for as discontinued operations in McDermott’s future reporting periods. As a result, the remainder of this release will reference McDermott’s continuing operations as reflected in the unaudited pro forma financial statements, included in the tables below and filed with the U.S. Securities and Exchange Commission on Forms 8-K and 8-K/A, which adjust McDermott’s consolidated results for the spin-off of B&W and the related costs.
On this pro forma basis, McDermott’s net income was $81.3 million, or $0.35 per diluted share, for the second quarter of 2010 on consolidated revenues of $645.1 million. The results of the 2010 second quarter compare to pro forma net income of $34.4 million, or $0.15 per diluted share, on revenues of $832.9 million in the corresponding period of 2009. The year-over-year decrease in revenues was due to reduced level of activities primarily in the Middle East and Asia Pacific regions.
The Company’s pro forma operating income was $102.7 million in the 2010 second quarter, compared to $55.7 million in the 2009 second quarter. The year-over-year increase in the 2010 second quarter, as compared to the corresponding period of 2009, was due to improved project performance, primarily in our Middle East operations.
“McDermott’s performance in the second quarter of 2010 was an excellent beginning as the Company moves forward post-spin,” said Stephen M. Johnson, President and Chief Executive Officer of McDermott. “During the quarter, we recognized about $720 million of new bookings, which grew backlog sequentially to $4.3 billion. The Company’s operating margins for the quarter were exceptional at nearly 16% and the pro forma balance sheet provides a strong foundation to pursue growth. Our new leadership team is excited about our long-term prospects as an engineering and construction company exclusively focused on the offshore oil and gas industry.”
The Company’s other expense for the second quarter of 2010 was $2.3 million, compared to other income of $2.2 million in the second quarter of 2009. The $4.5 million negative variance was primarily due to the write-off of unamortized debt issuance costs, lower interest income combined with higher interest expense, and the amortization of fees associated with new credit facilities.
At June 30, 2010, the Company’s pro forma backlog was $4.3 billion, compared to $4.2 billion and $4.7 billion at March 31, 2010 and June 30, 2009, respectively.
Balance Sheet Summary
McDermott has included a pro forma balance sheet which reflects the accounts of the Company excluding B&W. As of June 30, 2010, as adjusted, McDermott had total assets of $2.3 billion. Included in this amount was approximately $764.3 million of cash, cash equivalents and investments. Net working capital, calculated as current assets less current liabilities, was $383.2 million. Additionally, shareholders’ equity was approximately $1.4 billion, or 62% of total assets, with total debt of $55.8 million.
Upcoming Investor Events
McDermott plans to attend two upcoming investor conferences later this week. On August 11, 2010, members of McDermott’s senior management will participate in UBS’ E&C 1X1 Conference in Chicago. The following day, August 12, 2010, McDermott will participate in Jefferies’ Industrials Conference in New York City, with Steve Johnson presenting at 2:00 pm ET.
The presentations to be used during both of these meetings will be available for a limited time over the internet at www.mcdermott.com in the investor relations section on the morning of the respective events. In addition, Mr. Johnson’s presentation on August 12, 2010 will be webcast live, and a replay will be available for a limited time, at www.mcdermott.com.
OTHER INFORMATION
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 and major energy companies. Operating in more than 20 countries across the Atlantic, Middle East and Asia Pacific, the Company’s integrated resources include more than 16,000 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 the Company’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, and the pursuit of growth. 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 and our inability to successfully execute on contracts in backlog. 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 and 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.
Conference Call to Discuss Second Quarter 2010 Earnings Release
Date: Tuesday, August 10, 2010, at 10:00 a.m. ET (9:00 a.m. CT)
Live Webcast: Investor Relations section of Web site at www.mcdermott.com
Replay: Available for 2 weeks in the investor relations section of www.mcdermott.com
McDERMOTT INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except share and per share amounts) | ||||||||||||||||
Revenues | $ | 1,333,562 | $ | 1,564,999 | $ | 2,515,492 | $ | 3,058,262 | ||||||||
Costs and Expenses: | ||||||||||||||||
Cost of operations | 1,006,733 | 1,275,058 | 1,941,584 | 2,503,680 | ||||||||||||
Gains on asset disposals – net | (165 | ) | (1,897 | ) | (2,258 | ) | (656 | ) | ||||||||
Costs to spin-off B&W | 66,218 | - | 90,420 | - | ||||||||||||
Selling, general and administrative expenses | 154,203 | 153,195 | 297,953 | 294,589 | ||||||||||||
Total Costs and Expenses | 1,226,989 | 1,426,356 | 2,327,699 | 2,797,613 | ||||||||||||
Equity in Income of Investees | 16,719 | 9,097 | 27,307 | 18,297 | ||||||||||||
Operating Income | 123,292 | 147,740 | 215,100 | 278,946 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest income (expense) – net | (3,333 | ) | 4,987 | (3,034 | ) | 6,844 | ||||||||||
Other income (expense) – net | (4,494 | ) | (10,201 | ) | (8,711 | ) | (20,971 | ) | ||||||||
Total Other Income (Expense) | (7,827 | ) | (5,214 | ) | (11,745 | ) | (14,127 | ) | ||||||||
Income before Provision for Income Taxes | 115,465 | 142,526 | 203,355 | 264,819 | ||||||||||||
Provision for Income Taxes | 33,872 | 44,645 | 53,544 | 88,523 | ||||||||||||
Net Income | 81,593 | 97,881 | 149,811 | 176,296 | ||||||||||||
Less: Net Income Attributable to Noncontrolling Interest | (5,559 | ) | (5,326 | ) | (13,836 | ) | (6,049 | ) | ||||||||
Net Income Attributable to McDermott International, Inc. | $ | 76,034 | $ | 92,555 | $ | 135,975 | $ | 170,247 | ||||||||
Earnings per Share: | ||||||||||||||||
Basic: | ||||||||||||||||
Net Income Attributable to McDermott International, Inc. | $ | 0.33 | $ | 0.40 | $ | 0.59 | $ | 0.74 | ||||||||
Diluted: | ||||||||||||||||
Net Income Attributable to McDermott International, Inc. | $ | 0.32 | $ | 0.40 | $ | 0.58 | $ | 0.73 | ||||||||
Shares used in the computation of earnings per share: | ||||||||||||||||
Basic | 231,847,145 | 229,273,441 | 231,335,723 | 228,794,113 | ||||||||||||
Diluted | 234,423,546 | 233,105,949 | 234,588,291 | 232,846,098 |
McDERMOTT INTERNATIONAL, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||
For the Three Months Ended June 30, 2010 | |||||||||||||||
As Reported | Pro Forma | Pro Forma | |||||||||||||
(In thousands) | |||||||||||||||
Revenues | $ | 1,333,562 | $ | (688,496 | ) | $ | 645,066 | ||||||||
Costs and Expenses: | |||||||||||||||
Cost of operations | 1,006,733 | (518,369 | ) | 488,364 | |||||||||||
Gains on asset disposals and impairments – net | (165 | ) | (61 | ) | (226 | ) | |||||||||
Costs to spin-off B&W | 66,218 | (66,218 | ) | - | |||||||||||
Selling, general and administrative expenses | 154,203 | (100,664 | ) | 53,539 | |||||||||||
Total Costs and Expenses | 1,226,989 | (685,312 | ) | 541,677 | |||||||||||
Equity in Income (Loss) of Investees | 16,719 | (17,435 | ) | (716 | ) | ||||||||||
Operating Income | 123,292 | (20,619 | ) | 102,673 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income (expense) – net | (3,333 | ) | 1,553 | (1,780 | ) | ||||||||||
Other expense – net | (4,494 | ) | 3,945 | (549 | ) | ||||||||||
Total Other Income (Expense) | (7,827 | ) | 5,498 | (2,329 | ) | ||||||||||
Income before Provision for Income Taxes | 115,465 | (15,121 | ) | 100,344 | |||||||||||
Provision for Income Taxes | 33,872 | (20,341 | ) | 13,531 | |||||||||||
Net Income | 81,593 | 5,220 | 86,813 | ||||||||||||
Less: Net Income Attributable to Noncontrolling Interest | (5,559 | ) | 72 | (5,487 | ) | ||||||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 76,034 | $ | 5,292 | $ | 81,326 | |||||||||
Earnings per Share: | |||||||||||||||
Basic: | |||||||||||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 0.33 | $ | 0.35 | |||||||||||
Diluted: | |||||||||||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 0.32 | $ | 0.35 | |||||||||||
Shares used in the computation of Earnings per Share: | |||||||||||||||
Basic | 231,847,145 | 231,847,145 | |||||||||||||
Diluted | 234,423,546 | 234,423,546 |
McDERMOTT INTERNATIONAL, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||
For the Three Months Ended June 30, 2009 | ||||||||||||||
As Reported | Pro Forma | Pro Forma | ||||||||||||
(In thousands) | ||||||||||||||
Revenues | $ | 1,564,999 | $ | (732,069 | ) | $ | 832,930 | |||||||
Costs and Expenses: | ||||||||||||||
Cost of operations | 1,275,058 | (553,489 | ) | 721,569 | ||||||||||
Gains on asset disposals and impairments – net | (1,897 | ) | 30 | (1,867 | ) | |||||||||
Selling, general and administrative expenses | 153,195 | (96,745 | ) | 56,450 | ||||||||||
Total Costs and Expenses | 1,426,356 | (650,204 | ) | 776,152 | ||||||||||
Equity in Income (Loss) of Investees | 9,097 | (10,153 | ) | (1,056 | ) | |||||||||
Operating Income | 147,740 | (92,018 | ) | 55,722 | ||||||||||
Other Income (Expense): | ||||||||||||||
Interest income (expense) – net | 4,987 | (112 | ) | 4,875 | ||||||||||
Other expense – net | (10,201 | ) | 7,503 | (2,698 | ) | |||||||||
Total Other Income (Expense) | (5,214 | ) | 7,391 | 2,177 | ||||||||||
Income before Provision for Income Taxes | 142,526 | (84,627 | ) | 57,899 | ||||||||||
Provision for Income Taxes | 44,645 | (26,408 | ) | 18,237 | ||||||||||
Net Income | 97,881 | (58,219 | ) | 39,662 | ||||||||||
Less: Net Income Attributable to Noncontrolling Interest | (5,326 | ) | 43 | (5,283 | ) | |||||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 92,555 | $ | (58,176 | ) | $ | 34,379 | |||||||
Earnings per Share: | ||||||||||||||
Basic: | ||||||||||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 0.40 | $ | 0.15 | ||||||||||
Diluted: | ||||||||||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 0.40 | $ | 0.15 | ||||||||||
Shares used in the computation of Earnings per Share: | ||||||||||||||
Basic | 229,273,441 | 229,273,441 | ||||||||||||
Diluted | 233,105,949 | 233,105,949 |
McDERMOTT INTERNATIONAL, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||
For the Six Months Ended June 30, 2010 | ||||||||||||||
As Reported | Pro Forma | Pro Forma | ||||||||||||
(In thousands) | ||||||||||||||
Revenues | $ | 2,515,492 | $ | (1,350,884 | ) | $ | 1,164,608 | |||||||
Costs and Expenses: | ||||||||||||||
Cost of operations | 1,941,584 | (1,063,320 | ) | 878,264 | ||||||||||
Gains on asset disposals and impairments – net | (2,258 | ) | (48 | ) | (2,306 | ) | ||||||||
Costs to spin-off B&W | 90,420 | (90,420 | ) | - | ||||||||||
Selling, general and administrative expenses | 297,953 | (192,129 | ) | 105,824 | ||||||||||
Total Costs and Expenses | 2,327,699 | (1,345,917 | ) | 981,782 | ||||||||||
Equity in Income (Loss) of Investees | 27,307 | (31,454 | ) | (4,147 | ) | |||||||||
Operating Income | 215,100 | (36,421 | ) | 178,679 | ||||||||||
Other Income (Expense): | ||||||||||||||
Interest income (expense) – net | (3,034 | ) | 1,582 | (1,452 | ) | |||||||||
Other expense – net | (8,711 | ) | 7,035 | (1,676 | ) | |||||||||
Total Other Income (Expense) | (11,745 | ) | 8,617 | (3,128 | ) | |||||||||
Income before Provision for Income Taxes | 203,355 | (27,804 | ) | 175,551 | ||||||||||
Provision for Income Taxes | 53,544 | (26,662 | ) | 26,882 | ||||||||||
Net Income | 149,811 | (1,142 | ) | 148,669 | ||||||||||
Less: Net Income Attributable to Noncontrolling Interest | (13,836 | ) | 85 | (13,751 | ) | |||||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 135,975 | $ | (1,057 | ) | $ | 134,918 | |||||||
Earnings per Share: | ||||||||||||||
Basic: | ||||||||||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 0.59 | $ | 0.58 | ||||||||||
Diluted: | ||||||||||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 0.58 | $ | 0.58 | ||||||||||
Shares used in the computation of Earnings per Share: | ||||||||||||||
Basic | 231,335,723 | 231,335,723 | ||||||||||||
Diluted | 234,588,291 | 234,588,291 |
McDERMOTT INTERNATIONAL, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME | |||||||||||||
For the Six Months Ended June 30, 2009 | |||||||||||||
As Reported | Pro Forma | Pro Forma | |||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 3,058,262 | $ | (1,517,122 | ) | $ | 1,541,140 | ||||||
Costs and Expenses: | |||||||||||||
Cost of operations | 2,503,680 | (1,164,403 | ) | 1,339,277 | |||||||||
Gains on asset disposals and impairments – net | (656 | ) | (177 | ) | (833 | ) | |||||||
Selling, general and administrative expenses | 294,589 | (184,412 | ) | 110,177 | |||||||||
Total Costs and Expenses | 2,797,613 | (1,348,992 | ) | 1,448,621 | |||||||||
Equity in Income (Loss) of Investees | 18,297 | (20,498 | ) | (2,201 | ) | ||||||||
Operating Income | 278,946 | (188,628 | ) | 90,318 | |||||||||
Other Income (Expense): | |||||||||||||
Interest income (expense) – net | 6,844 | (789 | ) | 6,055 | |||||||||
Other expense – net | (20,971 | ) | 9,543 | (11,428 | ) | ||||||||
Total Other Income (Expense) | (14,127 | ) | 8,754 | (5,373 | ) | ||||||||
Income before Provision for Income Taxes | 264,819 | (179,874 | ) | 84,945 | |||||||||
Provision for Income Taxes | 88,523 | (61,618 | ) | 26,905 | |||||||||
Net Income | 176,296 | (118,256 | ) | 58,040 | |||||||||
Less: Net Income attributable to Noncontrolling Interest | (6,049 | ) | 95 |
| (5,954 | ) | |||||||
Net Income Attributable to McDermott Intl, Inc. | $ | 170,247 | $ | (118,161 | ) | $ | 52,086 | ||||||
Earnings per Share: | |||||||||||||
Basic: | |||||||||||||
Net Income Attributable to McDermott Intl, Inc | $ | 0.74 | $ | 0.23 | |||||||||
Diluted: | |||||||||||||
Net Income Attributable to McDermott Intl, Inc | $ | 0.73 | $ | 0.22 | |||||||||
Shares used in the computation of Earnings per Share: | |||||||||||||
Basic | 228,794,113 | 228,794,113 | |||||||||||
Diluted | 232,846,098 | 232,846,098 |
McDERMOTT INTERNATIONAL, INC. SUPPLEMENTAL PRO FORMA INFORMATION | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||
(Unaudited); (In thousands) | |||||||||||||
EQUITY IN INCOME (LOSS) OF INVESTEES (1) | (716 | ) | (1,056 | ) | (4,147 | ) | (2,201 | ) | |||||
GAIN/(LOSS) ON SALE OF ASSETS (1) | 226 | 1,867 | 2,306 | 833 | |||||||||
PENSION EXPENSE (1) | 1,958 | 2,180 | 3,910 | 4,368 | |||||||||
DEPRECIATION & AMORTIZATION (1) | 20,369 | 20,214 | 40,419 | 39,973 | |||||||||
CAPITAL EXPENDITURES | 47,514 | 47,774 | 95,059 | 89,133 | |||||||||
BACKLOG | 4,265,714 | 4,688,467 | 4,265,714 | 4,688,467 | |||||||||
(1) Included in Segment Income Above |
McDERMOTT INTERNATIONAL, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET | |||||||||
As of June 30, 2010 | |||||||||
As Reported | Pro Forma | Pro Forma | |||||||
(In thousands) | |||||||||
ASSETS | |||||||||
Current Assets: | |||||||||
Cash and cash equivalents | $ | 777,554 | $ | 240,347 | $ | 537,207 | |||
Restricted cash and cash equivalents | 150,708 | 19,196 | 131,512 | ||||||
Accounts receivable – trade, net | 568,515 | 323,697 | 244,818 | ||||||
Accounts and notes receivable – unconsolidated affiliates | 13,657 | 7,941 | 5,716 | ||||||
Accounts receivable – other | 64,829 | 42,317 | 22,512 | ||||||
Contracts in progress | 351,923 | 288,154 | 63,769 | ||||||
Inventories | 100,636 | 97,863 | 2,773 | ||||||
Deferred income taxes | 90,702 | 84,343 | 6,359 | ||||||
Other current assets | 99,890 | 48,345 | 51,545 | ||||||
Total Current Assets | 2,218,414 | 1,152,203 | 1,066,211 | ||||||
Property, Plant and Equipment | 2,691,060 | 948,915 | 1,742,145 | ||||||
Less accumulated depreciation | 1,312,985 | 524,839 | 788,146 | ||||||
Net Property, Plant and Equipment | 1,378,075 | 424,076 | 953,999 | ||||||
Investments | 168,195 | 72,600 | 95,595 | ||||||
Goodwill | 334,649 | 279,904 | 54,745 | ||||||
Deferred Income Taxes | 242,826 | 242,826 | - | ||||||
Investments in Unconsolidated Affiliates | 101,228 | 86,770 | 14,458 | ||||||
Other Assets | 271,262 | 147,443 | 123,819 | ||||||
TOTAL | $ 4,714,649 | $ | 2,405,822 | $ | 2,308,827 |
McDERMOTT INTERNATIONAL, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||||||
As of June 30, 2010 | ||||||||||||
As Reported | Pro Forma | Pro Forma | ||||||||||
(In thousands) | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Notes payable and current maturities of long-term debt | $ | 15,067 | $ | 7,525 | $ | 7,542 | ||||||
Accounts payable | 425,170 | 187,407 | 237,763 | |||||||||
Accrued contract costs | 86,599 | 445 | 86,154 | |||||||||
Accrued employee benefits | 146,147 | 95,109 | 51,038 | |||||||||
Accrued pension liability – current portion | 130,914 | 123,770 | 7,144 | |||||||||
Accrued liabilities – other | 162,052 | 73,111 | 88,941 | |||||||||
Advance billings on contracts | 595,410 | 439,312 | 156,098 | |||||||||
Accrued warranty expense | 117,213 | 114,780 | 2,433 | |||||||||
Income taxes payable | 59,617 | 2,074 | 57,543 | |||||||||
Total Current Liabilities | 1,738,189 | 1,043,533 | 694,656 | |||||||||
Long-Term Debt | 49,218 | 953 | 48,265 | |||||||||
Accumulated Postretirement Benefit Obligation | 105,270 | 105,136 | 134 | |||||||||
Self-Insurance | 91,247 | 55,487 | 35,760 | |||||||||
Pension Liability | 547,031 | 525,392 | 21,639 | |||||||||
Other Liabilities | 152,413 | 90,216 | 62,197 | |||||||||
Commitments and Contingencies | ||||||||||||
Equity | ||||||||||||
Common stock par value | 239,264 | - | 239,264 | |||||||||
Capital in excess of par value | 1,343,787 | - | 1,343,787 | |||||||||
Retained earnings | 1,087,622 | 1,017,058 | 70,564 | |||||||||
Treasury stock | (83,284 | ) | - | (83,284 | ) | |||||||
Accumulated other comprehensive loss | (598,441 | ) | (432,454 | ) | (165,987 | ) | ||||||
Stockholders’ Equity – McDermott Intl, Inc. | 1,988,948 | 584,604 | 1,404,344 | |||||||||
Noncontrolling interest | 42,333 | 501 | 41,832 | |||||||||
Total Equity | 2,031,281 | 585,105 | 1,446,176 | |||||||||
TOTAL | $ | 4,714,649 | $ | 2,405,822 | $ | 2,308,827 |
CONTACT:
McDermott International, Inc.
Investors, Analysts and Financial Media:
Vice President
Jay Roueche, 281-870-5462
jroueche@mcdermott.com
or
Director
Robby Bellamy, 281-870-5165
rbellamy@mcdermott.com
or
Trade and General Media:
Director, Corporate Communications
Louise Denly, 281-870-5025
ldenly@mcdermott.com