Mcdermott International Ltd · OTC:MCDIF
Mcdermott International — Q2 2025 Earnings Presentation
16 slides from Mcdermott International's earnings presentation, August 2025
Slide 1: Q2 2025 Supplemental Information
Q2 2025 Supplemental Information August 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. Although we believe that the expectations reflected in those forward-looking statem
Slide 3: QHSES Update
1 OHSES | UPDATE MCDERMOTT, 3
Slide 4: Global HSES Performance
Global HSES Performance PERFORMANCE SUMMARY As of June 30, 2025 • A total of 37 recordable incidents were reported, comprising: 2 fatalities, 1 Lost Time Incident (LTI), 10 Restricted Work Cases |COMBINED| • (RWCs) and 24 Medical Treatment Cases (MTCs) The Total Recordable Incident Rate (TRIR) stand
Slide 5: Financial Update
7 FINANCIAL UPDATE MCDERMOTT, 5
Slide 6: CY’25 Financial Highlights
CY’25 Financial Highlights $ in millions New Orders Revenue Adj. EBITDA1 $3,760 $2,506 $113 $2,165 $2,133 $98 $1,835 $56 $1,049 Q2’24 Q1’25 Q2’25 Q2’24 Q1’25 Q2’25 Q2’24 Q1’25 Q2’25 Non-JV CFOA Net Working Capital Cash Balance2 $917 $152 $777 $678 $567 $297 $470 $297 $189 $231 $(11) $(1,600) $84 $11
Slide 7: Financial Summary: Q2’25 Vs. Annual Business Plan 2025 (“ABP’25”)
Financial Summary: Q2’25 Vs. Annual Business Plan 2025 (“ABP’25”) $ in millions Q2'25 Q2'25 Highlights Actuals ABP'25 Delta New orders 3,760 4,287 (527) • New orders mainly driven by Golden Pass Trains 2 and 3 scope re-assigned from Revenue 2,506 1,494 1,012 another contractor Gross profit 136 116 2
Slide 8: Financial Summary: YTD Vs. ABP’25
Financial Summary: YTD Vs. ABP’25 $ in millions YTD YTD Highlights Actuals ABP’25 Delta New orders 5,595 4,491 1,104 • New Orders mainly driven by Golden Pass Trains 2 and 3 scope re-assigned from Revenue 4,639 3,045 1,594 another contractor, additional change orders and work scope on Woodfibre LNG
Slide 9: Financial Summary: Q2’25 Vs. Q1’25
Financial Summary: Q2’25 Vs. Q1’25 $ in millions Q2'25 Q1'25 Highlights Actuals Actuals Delta New orders 3,760 1,835 1,925 • New orders in Q2’25 driven by Golden Pass Trains 2 and 3 scope re-assigned Revenue 2,506 2,133 373 from another contractor while in Q1’25, new orders were driven by change Gro
Slide 10: Backlog at $18.7 billion as of June 30, 2025
Backlog at $18.7 billion as of June 30, 2025 $ in millions Total Backlog 1,2 By Business Line Legacy Vs New Portfolio 3 $18,702 $1,871 $2,182 (10%) (13%) $8,587 TY’27 & Beyond $5,719 (31%) $7,772 (45%) 18.7 billion $9,844 18.7 billion $6,987 (53%) $10,920 (37%) (58%) TY’26 $6,570 $2,063 (11%) TY’25
Slide 11: Net Working Capital Trend
Net Working Capital Trend $ in millions WIP AR Others AP & Accrued Liabilities CBISS NWC 490 208 241 737 39 1,028 993 825 721 664 114 141 52 65 44 (2,804) (2,923) (2,792) (3,150) (3,561) (225) (200) (1,980) (1,600) (1,747) (1,851) (2,116) Jun’24 Sep’24 Dec’24 Mar’25 Jun’25 Cash balance 678 681 858 7
Slide 12: Q2’25 Utilization
Q2’25 Utilization UNALLOCATED DIRECT OPERATING FABRICATION CONSTRUCTION VESSELS EXPENSES (Wkhr 000s) (Wkhr 000s) (Days) (in millions) 107% 241% 79% $1 Actual: 4,553 Actual: 3,611 Actual: 300 Standard: 4,250 Standard: 1,500 Standard: 381 Q1’25 141% 180% 73% $(3) • Lower Fabrication activity as compar
Slide 13: Financial Appendix
7 FINANCIAL APPENDIX MCDERMOTT,
Slide 14: Additional Disclosures: Non-GAAP Reconciliations
Additional Disclosures: Non-GAAP Reconciliations $ in millions Adjusted EBITDA Three months Three months Three months Three months ended ended ended ended 1. We define EBITDA as net income plus depreciation and amortization, interest expense, net, accretion of and 30-Jun-25 31-Mar-25 31-Dec-24 30-Se
Slide 15: 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 Jun 30, 2025 Mar 31, 2025 Cash Flow from Operating Activ
Slide 16: McDermott
MCDERMOTT,
McDermott International — Q2 2025 Earnings Presentation on 6ix