Mcdermott International Ltd · OTC:MCDIF
Mcdermott International — Q3 2025 Earnings Presentation
19 slides from Mcdermott International's earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Supplemental Information
Q3 2025 Supplemental Information November 5, 2025
Slide 2: Disclosures
Disclosures Forward-Looking Statements McDermott cautions that statements in this presentation which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact actual results of operations of McDermott. Those forward-looking sta
Slide 3: QHSES Update
7 QHSES UPDATE MCDERMOTT,
Slide 4: Global HSES Performance
Global HSES Performance As of September 30, 2025 KEY UPDATES |COMBINED| HSES PERFORMANCE • 47 recordable incidents were reported year-to-date, including 3 fatalities and 1 LTI, 11 RWCs and 32 MTCs. FAT = 3 • The Total Recordable Incident Rate (TRIR) is 0.10, FPI-Free LTI-Free Recordable-Free Days 58
Slide 5: Financial Update
7 FINANCIAL UPDATE MCDERMOTT,
Slide 6: CY'25 Financial Highlights
CY’25 Financial Highlights $ in millions New Orders Revenue Adj. EBITDA1 $4,967 $2,732 $151 $2,506 $3,760 $2,193 $113 $92 $1,539 Q3’24 Q2’25 Q3’25 Q3’24 Q2’25 Q3’25 Q3’24 Q2’25 Q3’25 Non-JV CFOA Net Working Capital1 Cash Balance2 $917 $152 $748 $681 $567 $34 $357 $424 $267 $231 $197 $57 $119 $127 $(
Slide 7: Financial Summary: Q3'25 Vs. Annual Business Plan 2025 (ABP'25)
Financial Summary: Q3’25 Vs. Annual Business Plan 2025 (ABP’25) $ in millions Highlights Q3'25 Q3'25 Actuals ABP'25 Delta New orders 1,539 2,734 (1,195) • New orders mainly driven by Block H gas field expansion project, change orders on Revenue Golden Pass, Woodfibre LNG and various others across th
Slide 8: Financial Summary: Year to date (YTD) Vs. ABP'25
Financial Summary: Year to date (YTD) Vs. ABP’25 $ in millions Highlights YTD YTD Actuals ABP’25 Delta New orders • New orders mainly driven by Block H gas field expansion project, Golden Pass Trains 7,134 7,225 (91) 2 and 3 scope re-assigned from another contractor, additional change orders and Rev
Slide 9: Financial Summary: Q3'25 Vs. Q2'25
Financial Summary: Q3’25 Vs. Q2’25 $ in millions Q3'25 Q2'25 Actuals Actuals Delta Highlights New orders 1,539 3,760 (2,221) Revenue 2,732 2,506 226 • New orders in Q3’25 driven by Block H gas field expansion project, change Gross profit 175 136 39 orders on Golden Pass, Woodfibre LNG and various ot
Slide 10: Backlog at $17.5 billion as of September 30, 2025
Backlog at $17.5 billion as of September 30, 2025 $ in millions Total Backlog 1,2 By Business Line Legacy Vs New Portfolio 3 $17,509 $1,762 $2,182 (10%) (13%) TY’27 & Beyond $8,479 $5,402 (31%) $7,772 (45%) 17.5 billion $9,378 17.5 billion $6,369 (54%) (36%) $10,457 TY’26 (60%) $1,650 $6,630 (9%) TY
Slide 11: Net Working Capital Trend
Net Working Capital Trend $ in millions WIP AR Others AP & Accrued Liabilities CBISS NWC 208 1,002 241 737 39 1,028 993 721 664 810 141 52 65 44 22 (2,923) (2,792) (3,150) (3,561) (3,660) (200) (1,980) (1,747) (1,851) (2,116) (1,826) Sep’24 Dec’24 Mar’25 Jun’25 Sep’25 Cash balance 681 858 777 917 74
Slide 12: Q3'25 Utilization
Q3’25 Utilization UNALLOCATED DIRECT OPERATING FABRICATION CONSTRUCTION VESSELS EXPENSES (Wkhr 000s) (Wkhr 000s) (Days) (in millions) 94% 268% 127% $(24) Actual: 3,987 Actual: 4,013 Actual: 482 Standard: 4,250 Standard: 1,500 Standard: 381 Q2’25 107% 241% 79% $1 • Lower fabrication activity as compa
Slide 13: Commercial Update
7 COMMERCIAL UPDATE MCDERMOTT,
Slide 14: 2025 Target Opportunity Pipeline: $12 billion
2025 Target Opportunity Pipeline: $12 billion 2025 Pipeline Data ($M) 78,879 -40.4% Low Carbon Solutions Offshore-Middle East Subsea & Floating Facilities 52,237 -40.4% 47,040 33,022 -63.5% 31,152 12,051 Prior Q3 Prior Q3 Prior Q3 Period Update Period Update Period Update Opportunity Target Opportun
Slide 15: 2026 Target Opportunity Pipeline: $70 billion
2026 Target Opportunity Pipeline: $70 billion 2026 Pipeline Data ($M) Low Carbon Solutions -18.6% Offshore-Middle East 155,622 Subsea & Floating Facilities 126,723 -18.6% -22.1% 103,061 90,423 83,923 70,482 Prior Q3 Prior Q3 Prior Q3 Period Update Period Update Period Update Opportunity Remaining Re
Slide 16: Financial Appendix
7 FINANCIAL APPENDIX MCDERMOTT,
Slide 17: Additional Disclosures: Non-GAAP Reconciliations
Additional Disclosures: Non-GAAP Reconciliations $ in millions Adjusted EBITDA Three months Three months Three months Three months Three months 1. We define EBITDA as net income plus depreciation and ended ended ended ended ended amortization, interest expense, net, accretion of and 30-Sep-25 30-Jun
Slide 18: Additional Disclosures: Non-GAAP Reconciliations
Additional Disclosures: Non-GAAP Reconciliations $ in millions Free Cash Flow1,3 Three months Three months 1. All amounts have been rounded to the nearest million. Individual ended ended line items may not sum to totals as a result of rounding Sep 30, 2025 Jun 30, 2025 Cash Flow from Operating Activ
Slide 19: MCDERMOTT,
MCDERMOTT,
McDermott International — Q3 2025 Earnings Presentation on 6ix