US engineering giant McDermott has delivered “exceptional” third quarter results driven by the ‘One McDermott Way’.
The consistency programme, which drives focus across the firm’s global operations, was cited as one of the biggest reasons behind solid growth.
The firms Q3 revenues increased to $958million, up from $558million reported last year.
Incomes before provision for taxes for the quarter amounted to $115million, up from $30million last quarter.
David Dickson, president and chief executive officer of McDermott, said; “I am extremely pleased to announce our exceptional third quarter results.
“The One McDermott Way continues to drive excellence in project execution throughout the company and led to increasing profitability in the third quarter.
“This quarter, we had many operational accomplishments, including: near completion of the largest subsea project in the world, Inpex Ichthys, with successful completion of the mooring and hook-up of the FPSO facility and installation of the flexible risers; significant progress on the Pemex Abkatun-A2 and BP Angelin projects in our Altamira facility; and a flawless dual lift with the DB 27 and DB 30 on the Marjan power system project.
McDermott also announced two letters of award yesterday; one in the Middle East and an award for KG-D6, a significant subsea installation project, from Reliance Industries in India.
Third quarter 2017 earnings attributable to McDermott stockholders, computed in accordance with US generally accepted accounting principles (“GAAP”), were $94.7 million, or $0.33 per fully diluted share, compared to $16.1 million, or $0.06 per fully diluted share, for the prior-year third quarter.
As of September 30, the company’s backlog was $2.4 billion, compared to $3.3 billion at June 30, 2017.
Of the backlog, 85% was related to offshore operations and 15% was related to subsea operations.
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