Mcdermott International Ltd · OTC:MCDIF
Mcdermott International — Q2 2026 Earnings Presentation
19 slides from Mcdermott International's earnings presentation, Aug 18, 2026
Slide 1: Q2 2026 Supplemental Information
Q2 2026 Supplemental Information August 18, 2026
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
MCDERMOTT, 7 QHSES UPDATE
Slide 4: Global HSES Performance
Global HSES Performance 0.06 Fatality and Permanent Impairment Incident Rate (FPIR) Trend Month Trend Rolling Trend As of June 30, 2026 0.04 0.02 0.01 | COMBI NED | 0.00 July '25 Aug '25 Sept '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 Mar '26 Apr '26 May '26 Jun '26 FPI-Free Days 0.06 Lost Time Inc
Slide 5: Financial Update
7 FINANCIAL UPDATE MCDERMOTT,
Slide 6: CY'26 Financial Highlights
CY’26 Financial Highlights $ in millions New Orders1 Revenue Adj. EBITDA2 $3,760 $2,506 $2,361 $143 $2,329 $113 $117 $1,774 $610 Q2’25 Q1’26 Q2’26 Q2’25 Q1’26 Q2’26 Q2’25 Q1’26 Q2’26 Non-JV CFOA3 Net Working Capital2 Cash Balance4 $917 $939 $152 $850 $567 $550 $457 $231 $265 $270 $119 $124 $123 $(76
Slide 7: Financial Summary: Q2'26 Vs. Annual Business Plan 2026 ("ABP'26")
Financial Summary: Q2’26 Vs. Annual Business Plan 2026 (“ABP’26”) $ in millions Q2'26 Q2'26 Actuals ABP'26 Delta Highlights New orders 610 1,384 (774) • New orders driven by change orders across the portfolio, mainly Golden Pass Revenue 2,329 2,051 278 • Higher revenue driven by change orders across
Slide 8: Financial Summary: YTD Vs. ABP'26
Financial Summary: YTD Vs. ABP’26 $ in millions YTD YTD Highlights Actuals ABP’26 Delta New orders 2,383 1,567 816 • New orders driven by change orders across the portfolio, mainly Golden Pass and Woodfibre LNG Revenue 4,690 3,997 693 Gross profit • Higher revenue driven by change orders across the
Slide 9: Financial Summary: Q2'26 Vs. Q1'26
Financial Summary: Q2’26 Vs. Q1’26 $ in millions Q2’26 Q1’26 Actuals Actuals Delta Highlights New orders 610 1,774 (1,164) • New orders in Q2’26 driven by change orders mainly on Golden Pass, while in Q1’26, new orders were driven by change orders on both Golden Pass and Revenue 2,329 2,361 (32) Woo
Slide 10: Backlog at $15.8 billion as of June 30, 2026
Backlog at $15.8 billion as of June 30, 2026 $ in millions Total Backlog 1,2,3 By Business Line Legacy Vs New Portfolio 4 $15,844 $1,659 $2,182 (10%) (13%) $4,826 TY’28 & Beyond $6,593 (30%) $7,772 (45%) $8,067 15.8 billion 15.8 billion (51%) $6,118 (39%) $10,050 $967 (63%) TY’27 $6,087 (6%) TY’26 $
Slide 11: Revenue and backlog mix continue to reflect positive changes in strategy
Revenue and backlog mix continue to reflect positive changes in strategy Revenue Stratification Backlog by Contract Type % of Total Revenue USD Billions YTD 6% 43% 51% Q2’26 43% 39% 9% 9% $15.8B Loss Projects Projects PGP < 5% Projects PGP > 8% Hybrid Middle East Fixed Fixed renegotiated • Revenue m
Slide 12: Net Working Capital Trend
Net Working Capital Trend $ in millions WIP AR Others AP & Accrued Liabilities 132 283 175 1,002 737 1,304 1,209 1,109 664 810 261 276 355 44 22 (3,561) (3,660) (3,519) (3,902) (3,827) (2,116) (1,880) (1,826) (2,205) (2,059) Jun’25 Sep’25 Dec’25 Mar’26 Jun’26 Ending Cash 917 748 1,081 939 850 Reconc
Slide 13: Q2'26 Utilization
Q2’26 Utilization UNALLOCATED DIRECT OPERATING FABRICATION CONSTRUCTION VESSELS EXPENSES (Wkhr 000s) (Wkhr 000s) (Days) (in millions) 126% 278% 52% $16 Actual: 6,290 Actual: 4,173 Actual: 209 Standard: 5,000 Standard: 1,500 Standard: 400 Q1’26 96% 276% 97% $(17) • Fabrication activity in Q2’26 impro
Slide 14: Commercial Update
1 COMMERCIAL UPDATE MCDERMOTT,
Slide 15: Commercial Pipeline
Commercial Pipeline Pipeline Data ($B) 2-YEAR ROLLING PIPELINE VIEW BY BUSINESS LINE AND GEOGRAPHY (1) Targeted Opportunity Pipeline by Business Line Targeted Opportunity Pipeline by Geography 19% 27% ~$137B 2-Year Rolling Pipeline ~$130B 2-Year Pipeline ◘ Robust Middle East offshore pipeline levera
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-Jun-26 31-Mar
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 Jun 30, 2026 Mar 31, 2026 Cash Flow from Operating Activ
Slide 19: MCDERMOTT,
MCDERMOTT,
McDermott International — Q2 2026 Earnings Presentation on 6ix