McDermott Announces Fourth Quarter and Full Year 2025 Results

Results Reflect Strong Operational Performance and Outperformance of 2025 Guidance
Revenue of $10.0 billion for the year
Backlog Reaches $18.2 billion

HOUSTON, April 7, 2026 /PRNewswire/ — McDermott International, Ltd (“McDermott” or the “Company”) today announced financial results for the fourth quarter and full year 2025.

For the three and twelve months ended December 31, 2025, revenue was $2.6 billion and $10 billion, respectively; adjusted EBITDA was $108 million and $428 million; and cash flow generated from operating activities was $372 million and $340 million. Backlog at year end was $18.2 billion.

“We exceeded our expectations for the year through strong project execution and consistent operational performance. Backlog quality improved and greater operating discipline was achieved across the portfolio,” said Michael McKelvy, Chief Executive Officer and Chair of the Board of McDermott. “We are closely monitoring developments in the Middle East. While conditions remain fluid, our operations in the region continue, and we are confident in our ability to navigate the environment effectively. Looking ahead, we are focused on sustaining this momentum and delivering the 2026 plan with the same discipline and execution excellence.”

The company will host its fourth quarter and full year 2025 earnings conference call on Thursday, April 9, 2026, at 9:00 a.m. CDT.

Participants may join the call by dialing 773-799-3971 and providing the conference passcode 9558540.

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]

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SOURCE McDermott International, Ltd