McDermott posts Q2 profits of $92.6 million

US-based contractor records highest net profits since Q2 of 2008

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The US-based oil and gas contractor McDermott International has reported net profits of $92.6 million for the second quarter of 2009.

While the company’s profits are down from US$177.5 million for the corresponding period of 2008 the results were still met with optimism by McDermott’s CEO, John A. Fees.

“McDermott delivered solid results in the 2009 second quarter and produced the highest level of quarterly income since the second quarter of 2008,” Fees said.

“While the markets we serve lack conviction due to worldwide economic conditions, the Company’s bidding activity remains good, particularly in oil and gas, our liquidity improved sequentially to over $1 billion, and McDermott’s backlog remains strong,” he added.

McDermott’s revenues in the second quarter of 2009 were down to $1,565 million, compared to $1,792.6 million in the corresponding period of 2008.

McDermott blamed the decrease in consolidated revenues on lower level of activity in the Power Generation Systems segment, partially offset by increased revenues in the Government Operations segment.
 

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