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3/8/2010 - J. RAY CARRIES MCDERMOTT IN Q4 2009 |
| McDermott International reported Q4 2009 revenue of $1.46 billion, down from $1.66 billion in Q4 2008. The company’s operating income was $122.8 million for Q4 2009, up from $89.7 million in Q4 2008. The company’s Offshore Oil & Gas Construction segment, J. Ray McDermott, reported Q4 2009 revenue of $770.6 million, down from Q4 2008 revenue of $848.3 million. The segment’s income for Q4 2009 was $97.6 million, up from $14.9 million in Q4 2008.
“We are pleased with our results for the final quarter of 2009. These results highlight the resiliency of our businesses in what still remains a challenging economic environment. Despite about $150 million of our Offshore Oil & Gas Construction segment’s revenues coming from zero margin projects, this segment delivered strong segment income, exceeding our expectations,” said John A. Fees, Chief Executive Officer of McDermott.
The company notes that increased revenues in the Middle East were more than offset by reduced levels in other regions. Major areas contributing to J. Ray’s Q4 2009 segment income include the Middle East and Asia Pacific regions.
At December 31, 2009, J. Ray’s backlog was $3.4 billion, compared to backlog of $4.5 billion at Dec. 31, 2008. Fees states, “Bookings and beginning new work will really determine J. Ray’s top line for the year, but which awards we win and when the work begins is always a tough element to predict. All in, the fourth quarter was an outstanding one for the segment. We’re very pleased with the full year results, particularly considering where we started.” |
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