McDermott Announces Third Quarter 2025 Results

Results Reflect Strong Operational Performance
Revenue of $7.4 billion YTD
Backlog Reaches $17.5 billion

HOUSTON, Nov. 10, 2025 /PRNewswire/ -- McDermott International, Ltd ("McDermott" or the "Company") today announced financial results for the third quarter 2025.

For the three and nine months ended September 30, 2025, revenue was $2.7 billion and $7.4 billion respectively; adjusted EBITDA was $152 million and $319 million; and cash flow used in operating activities was $146 million and $32 million. Backlog at the end of the third quarter was $17.5 billion.

"We delivered another quarter of solid operational execution, disciplined cost control, and healthy backlog growth," said Michael McKelvy, Chair and Chief Executive Officer of McDermott. "As energy markets evolve, we believe McDermott remains well-positioned to deliver reliable performance and create long-term value through our integrated solutions and strong project execution."

The Company's financial statements, supplemental information (including non-GAAP to GAAP reconciliations) and conference call recording are 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 communication which are forward-looking, and provide other than historical information, involve risks, contingencies, and uncertainties that may impact McDermott's actual results of operations. Those forward-looking statements include, among other things, statements about:  new orders, backlog, and target opportunity pipeline, to the extent these may be viewed as indicators of future revenues or profitability.  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 and other creditors 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. This communication reflects management's views 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.  McDermott posts certain financial, operational and other information on its public website from time to time.  While McDermott may issue a press release alerting stakeholders of such information being posted, McDermott is under no obligation to do so. 

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