McDermott Profit Falls 22%

Wednesday, May 14, 2008

Revenue increased 6 percent to $1.45b from $1.36b a year earlier, as higher offshore oil and gas construction and government revenue offset lower power generation systems revenue.

The company said it posted a $68.3m drop in income in its offshore oil and gas construction segment, mainly due to a high-level of unproductive offshore working days for major construction vessels during the 2008 first quarter, because of poor weather conditions and reduced activities in the Caspian region.

McDermott said offshore oil and gas revenue rose to $645.9 from $550.3m as fewer activities in the Caspian region were offset by added work in the Middle East and Asia Pacific regions. Power generation sales slipped to $616.3m from $655.4m due to less work on new fossil utility steam systems and retrofits of existing facilities.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

Pier Damaged at Port Canaveral

Undergoing Repairs While Coast Guard Investigates   The U.S. Coast Guard is investigating a weekend incident that caused pier damage and scattered concrete debris in the harbor on Sunday.

APM Terminals to Sell Container Terminal in Virginia

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said it would sell a big U.S. container terminal to infrastructure investor Alinda Capital

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2026 sec (5 req/sec)