- Strong Results Outperform 2026 Annual Business Plan
- Positive Net Income of $41 million Achieved
- Revenue of $2.3 billion
- TTM Adjusted EBITDA Reaches $519 million
McDermott International has announced financial results for the second quarter 2026.
For the three months ended June 30, 2026, revenue was $2.3 billion; adjusted EBITDA was $143 million; and cash flow used in operating activities was $76 million. Net income reached $41 million during the quarter. Backlog at quarter end was $15.8 billion. Trailing twelve months adjusted EBITDA was $519 million.
'Our strong performance during the quarter reflects the continued execution of our strategy and the disciplined delivery of our commitments to stakeholders. Positive net income, strong project delivery and successful awards demonstrate our ability to execute and the effectiveness of our strategy,' said Michael McKelvy, Chief Executive Officer and Chair of the Board of McDermott. 'We also advanced the refinancing of our credit facilities, a testament to the confidence our lenders and investors have in our performance and long-term outlook. These achievements reinforce our confidence in McDermott's ability to drive long-term growth and create enduring value for our stakeholders.'
For the rights offering announced on June 30, 2026, the subscription period concluded August 17, 2026, at 4:59 pm Eastern Time. Preliminary reports reflect that approximately 97% of rights for Class A ordinary shares were exercised. The Company expects to close the offering and issue shares purchased concurrently with the closing of the proposed refinancing transaction, which is expected to close in the third quarter 2026.
The Company will host its second quarter 2026 earnings conference call on Friday, August 21, 2026, at 9:00 a.m. CDT. Participants may join the call by dialing 773-799-3971 and providing the conference passcode 9132830.
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.
Source: McDermott
