McDermott Reports March 2002 Quarter Results

Tuesday, April 30, 2002
McDermott International, Inc. reported a net loss of $.6 million or a $.01 per share loss (basic and diluted) for the first quarter of 2002, compared to a net loss of $4.4 million or $.07 per share loss (basic and diluted) for the first quarter of 2001. The results for the first quarter of 2001 have been restated to reflect the Hudson Products Company subsidiary as a discontinued operation under Statement of Financial Accounting Standards No. 144 ("FASB 144"). While not qualifying for such treatment under FASB 144, we have also included our McDermott Engineers & Constructors (Canada) LTD. subsidiary, which we sold in October of 2001, as a discontinued operation to provide a more meaningful quarter to quarter comparison. The company had revenues of $399.2 million in the first quarter of 2002 compared to revenues of $268.4 million in the first quarter of 2001. The backlog, totaling $3.2 billion at March 2002, increased sequentially from December 2001 by over $300 million and by greater than $900 million from March of 2001. "Despite the increased revenues in our marine construction services segment and the absence of goodwill amortization expense in the current quarter, we experienced cost overruns on a first of a kind spar project at J. Ray McDermott and increased pension expense at corporate, resulting in an operating loss for the quarter," said Bruce Wilkinson, chairman of the board and chief executive officer. "Clearly our focus is to capitalize on the experiences we gained on the Medusa EPIC spar project in executing our future EPIC spar projects."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports korea Herald.   A

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.0713 sec (14 req/sec)