Mcdermott International Ltd · OTC:MCDIF
Mcdermott International — Q4 2024 Earnings Presentation
17 slides from Mcdermott International's earnings presentation, Mar 28, 2025
Slide 1: Q4 2024 Supplemental Information
Q4 2024 Supplemental Information March 28, 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
QHSES Update 3
Slide 4: Global HSES Performance
Global HSES Performance As of December 31, 2024 PERFORMANCE SUMMARY • In 2024, 55 recordable incidents were reported, including 7 LTIs, 18 RWCs, and 30 MTCs. The year-end TRIR was 0.07 (target was 0.12). |COMBINED| • 8 High Potential Incidents (HIPOs) recorded in 2024. Root cause analyses have been
Slide 5: Financial Results
Financial Results 5
Slide 6: CY'24 Financial Highlights
CY’24 Financial Highlights $ in millions New Orders Revenue Adj. EBITDA1 $4,967 $2,203 $2,165 $2,193 $2,350 $98 $92 $87 $35 $1,024 $1,049 $1,341 Q1’24 Q2’24 Q3’24 Q4’24 Q1’24 Q2’24 Q3’24 Q4’24 Q1’24 Q2’24 Q3’24 Q4’24 Non-JV CFOA Net Working Capital1, 3 Unrestricted Cash Balance2 $280 $858 $628 $594
Slide 7: Financial Summary: Q4'24 Vs. Annual Business Plan 2024
Financial Summary: Q4’24 Vs. Annual Business Plan 2024 (“ABP’24”) $ in millions Q4'24 Q4'24 Highlights Actuals ABP'24 Delta New orders 1,341 1,850 (509) • New orders mainly driven by change orders on our TenneT HVDC projects and the Golden Revenue Pass Train 1 scope re-assigned from another contract
Slide 8: Financial Summary: 2024 Vs. ABP'24
Financial Summary: 2024 Vs. ABP’24 $ in millions 2024 2024 Actuals ABP’24 Delta Highlights New orders 8,381 8,114 267 • New orders include award of ADNOC Umm Shaif LTDP2, QE LNG North Field South Revenue 8,911 7,372 1,539 Offshore Pipelines and Cables Project, Shell Manatee, Phu Quoc Block B Gas Dev
Slide 9: Financial Summary: Q4'24 Vs. Q3'24
Financial Summary: Q4’24 Vs. Q3’24 $ in millions Q4'24 Q3'24 Highlights Actuals Actuals Delta New orders 1,341 4,967 (3,626) • New orders in Q3 include QE LNG North Field South Offshore Pipelines and Cables Revenue 2,350 2,193 157 Project while in Q4 new orders driven by change order on our TenneT H
Slide 10: Backlog at $17.7 billion as of December 31st, 2024
Backlog at $17.7 billion as of December 31st, 2024 $ in millions Total Backlog 1,2 By Business Line $17,746 $2,478 (14%) TY’27 & Beyond $6,580 $7,061 (40%) 17.7 billion TY’26 $4,650 $8,207 (46%) TY’25 $6,516 Low Carbon Solutions Total Backlog Offshore ME Subsea 1) Backlog supported by $1.72 billion
Slide 11: Net Working Capital Trend
Net Working Capital Trend WIP AR Others AP & Accrued Liabilities CBISS NWC $ in millions 490 208 409 197 39 1,028 749 806 825 721 114 122 114 141 52 (2,369) (2,667) (2,804) (2,792) (2,923) (220) (1,529) (243) (225) (1,980) (1,573) (200) (1,600) (1,747) Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 ▪ QoQ NWC1 increa
Slide 12: Q4'24 Utilization
Q4’24 Utilization UNALLOCATED FABRICATION CONSTRUCTION VESSELS DIRECT OPERATING (Wkhr 000s) (Wkhr 000s) (Days) EXPENSES (in millions) 162% 254% 121% $(7) Actual: 8,307 Actual: 2,539 Actual: 469 Standard: 5,125 Standard: 1,000 Standard: 388 1 Q3’24 202% 178% 127% $(2) • Lower fabrication activity as
Slide 13: Financial Appendix
Financial Appendix 13
Slide 14: Additional Disclosures: Non-GAAP Reconciliations
Additional Disclosures: Non-GAAP Reconciliations $ in millions Adjusted EBITDA Three months Three months Three months Three months 1. We define EBITDA as net income plus depreciation and ended ended ended ended amortization, interest expense, net, accretion of and dividends on redeemable preferred s
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 Dec 31, 2024 Sep 30, 2024 Cash Flow from Operating Activ
Slide 16: Financial results - Reconciliation to 10K
Financial results - Reconciliation to 10K $ in millions As reported in 10K Discontinued As reported in the Continuing Operations - Supplemental Deck CY24 Operations CBISS Total MDR Results Revenue 8,212 699 8,911 Gross Profit 152 93 245 16 PRIVATE AND CONFIDENTIAL. DO NOT DISTRIBUTE.
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