Houston-based engineering, procurement, construction and installation company McDermott posted higher quarterly profit and revenues boosted by increased activity.
The company in a report on Tuesday posted a net income of $36.4 million for the second quarter of 2017 as opposed to $20.7 million profit for the prior-year second quarter.
Further according to the report, the company’s revenues for the quarter were $788.7 million, an increase of $82.1 million compared to revenues of $706.6 million for the prior-year second quarter.
According to McDermott, the key projects driving revenue for the second quarter of 2017 were the Saudi Aramco LTA II, ONGC Vashishta and Saudi Aramco Marjan power system replacement projects. The increase from the prior-year second quarter was primarily due to increased fabrication and marine activity across the portfolio of projects.
As of June 30, 2017, the company’s backlog was $3.3 billion where approximately 85% is related to offshore operations and approximately 15% to subsea operations. This compares to $3.9 billion backlog at March 31, 2017. Order intake in the second quarter of 2017 totaled $188 million.
Offshore Energy Today Staff