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

Finance

Saudi SABIC Q1 Profit Falls 1.8 % On Product Prices

Profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical firms, slipped 1.8 percent in the first quarter of this year as lower

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Sonar Winch
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: 0.1015 sec (10 req/sec)