Q1 2026 McDermott International Ltd Earnings Call Transcript

May 19, 2026 / 02:00 PM GMT

Transcript

Key Points

Positve

McDermott International Ltd (MCDIF) secured $1.4 billion in new awards during the quarter, contributing to a total backlog of $17.6 billion.
The company achieved first LNG on Train 1 of the Golden Pass LNG project in the United States, marking a significant milestone.
McDermott's financial performance exceeded expectations, with revenue of $2.4 billion compared to the planned $1.9 billion.
The company reported an adjusted EBITDA of $117 million, surpassing the planned $99 million, due to higher asset utilization and progress improvements.
McDermott's safety culture and operational resilience were highlighted, with significant safe work hours achieved across multiple projects.

Negative

Geopolitical tensions in the Middle East caused operational disruptions, impacting project schedules and resulting in approximately $75 million in costs.
Supply chain disruptions, particularly related to logistics and transportation, posed challenges, although mitigation measures were implemented.
The temporary closure of the Strait of Hormuz affected material availability, requiring alternative logistics solutions.
The company is still working on refinancing its capital structure, which remains a concern for investors.
Operational activities in the Middle East faced headwinds, with fabrication activities temporarily suspended and marine operations disrupted.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MCDIF.PK - McDermott International Ltd
Q1 2026 McDermott International Ltd Earnings Call
May 19, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by, and welcome to McDermott's first quarter 2026 earnings call. At this time, all participants are in listenelli mode. Following executive remarks, the call will be open for questions. Today's call is being recorded. If you object, you may disconnect. I will now turn the call over to Kevin Leader, McDermott's Vice President and Treasurer. Please go ahead.

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Unidentified_2 [2]
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Thank you for joining us, and welcome to our first quarter 2026 earnings call.

I am joined today by McDermott's Chief Executive

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