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May 18, 2026 12:30 PM

McDermott Announces First Quarter 2026 Results

Strong Results Outperform 2026 Annual Business Plan Revenue of $2.4 billion for the quarterTTM 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 ...

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