American engineering firm McDermott has reported a “strong start” to 2017 with increased profitability and cash flow.
The Houston company’s first quarter earnings for 2017 were $21.9 million compared to a net loss of $2.2 million for the same period last year.
Operating income for the first quarter of 2017 was $56.0 million, or an operating margin of 10.8%, compared to $36.0 million, or an operating margin of 4.9%, for the first quarter of 2016
Order intake in the first quarter of 2017 totaled $96 million.
Initial financial year guidance remained unchanged at $3.2billion.
Operating income was updated to $265billion, up from initial guidance of $225billion.
Other highlights including a strategic memorandum of understanding with with Saudi Aramco and the acquisition and sale leaseback of deepwater pipelay and construction vessel Amazon.
Recommended for you
