McDermott Announces First Quarter 2026 Results

Strong Results Outperform 2026 Annual Business Plan 
Revenue of $2.4 billion for the quarter
TTM adjusted EBITDA reaches $489 million

HOUSTON, May 18, 2026 /PRNewswire/ -- McDermott International, Ltd ("McDermott" or the "Company") today announced financial results for the first quarter 2026.

For the three months ended March 31, 2026, revenue was $2.4 billion; adjusted EBITDA was $117 million; and cash flow used in operating activities was $126 million. Backlog at quarter end was $17.6 billion. Trailing twelve months adjusted EBITDA was $489 million.

"Our first-quarter performance exceeded our expectations, driven by strong project execution, improving backlog quality and continued operating discipline across the portfolio," said Michael McKelvy, Chief Executive Officer and Chair of the Board of McDermott. "While we are closely monitoring developments in the Middle East and conditions remain fluid, our operations in the region continue. We remain focused on sustaining this momentum and delivering the 2026 plan with the same discipline and execution excellence demonstrated to date."

The company will host its first quarter 2026 earnings conference call on Wednesday, May 20, 2026, at 8:00 a.m. CDT.

Participants may join the call by dialing 773-799-3971 and providing the conference passcode 7630169.

The company's financial statements, supplemental information (including non-GAAP to GAAP reconciliations) and conference call recording will be available on its website at www.mcdermott.com/investors.

About McDermott
McDermott is a premier, fully integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 30 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

Forward-Looking Statements
McDermott cautions that statements in this press release which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues, and our 2026 plan. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Investor Contact: 
Kevin Leader 
Vice President, Treasurer
+1 (281) 870-5695
[email protected]

Media Contact: 
Reba Reid
+1 281 588 5636 
[email protected]

SOURCE McDermott International, Ltd