Mcdermott International Ltd · OTC:MCDIF
Mcdermott International — Q1 2025 Earnings Presentation
16 slides from Mcdermott International's earnings presentation, May 2025
Slide 1: Q1 2025 Supplemental Information
Q1 2025 Supplemental Information May 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
. 4 QHSES UPDATE MCDERMOTT,
Slide 4: Global HSES Performance
Global HSES Performance • PERFORMANCE SUMMARY 15 recordable incidents were reported, including 2 fatalities, 1 LTI, 3 RWCs, and 9 MTCs. TRIR is at 0.10 As of March 31, 2025 (target 0.11) |COMBINED| • 2 High Potential Incidents (HIPOs) recorded as of March. Root cause analyses have been completed, an
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 $1,835 $2,203 $2,350 $87 $2,133 $1,341 $56 $1,024 $35 Q1’24 Q4’24 Q1’25 Q1’24 Q4’24 Q1’25 Q1’24 Q4’24 Q1’25 Non-JV CFOA Net Working Capital3 Cash Balance2 $280 $858 $777 $703 $315 $571 $470 $313 $186 $189 $(55) $(54) $(1,573) $
Slide 7: Financial Summary: Q1'25 Vs. Annual Business Plan 2025 ("ABP'25")
Financial Summary: Q1’25 Vs. Annual Business Plan 2025 (“ABP’25”) $ in millions Q1'25 Q1'25 Highlights Actuals ABP'25 Delta New orders 1,835 205 1,630 Revenue 2,133 1,552 581 • New orders mainly driven by change orders on Woodfibre LNG project Gross profit 68 60 8 • Higher revenue driven by progress
Slide 8: Financial Summary: Q1'25 Vs. Q4'24
Financial Summary: Q1’25 Vs. Q4’24 $ in millions Q1'25 Q4'24 Highlights Actuals Actuals Delta New orders 1,835 1,341 494 • New orders in Q1’25 driven by Woodfibre LNG change orders, while in Q4’24 Revenue 2,133 2,350 (217) new orders were driven by change orders on TenneT HVDC and Golden Pass Gross
Slide 9: Backlog at $17.4 billion as of March 31, 2025
Backlog at $17.4 billion as of March 31, 2025 $ in millions Total Backlog 1,2 By Business Line Legacy Vs New Portfolio 3 $17,449 $2,182 (13%) TY’27 & Beyond $7,905 $6,643 $7,772 (38%) (45%) 17.4 billion 17.4 billion $10,806 TY’26 $4,998 $7,495 (62%) (43%) TY’25 $4,546 Low Carbon Solutions New portfo
Slide 10: Net Working Capital Trend
Net Working Capital Trend $ in millions WIP AR Others AP & Accrued Liabilities CBISS NWC 490 208 241 409 39 1,028 993 806 825 721 122 114 141 52 65 (2,667) (2,804) (2,792) (2,923) (3,150) (243) (225) (1,980) (1,573) (200) (1,600) (1,747) (1,851) Cash balance 703 678 681 858 777 Q1’24 Q2’24 Q3’24 Q4’
Slide 11: Q1'25 Utilization
Q1’25 Utilization UNALLOCATED FABRICATION CONSTRUCTION VESSELS DIRECT OPERATING (Wkhr 000s) (Wkhr 000s) (Days) EXPENSES (in millions) 141% 180% 73% $(3) Actual: 5,986 Actual: 2,695 Actual: 280 Standard: 4,250 Standard: 1,500 Standard: 381 Q4’24 162% 254% 121% $(7) • Lower fabrication activity as com
Slide 12: Financial Appendix
7 FINANCIAL APPENDIX MCDERMOTT,
Slide 13: 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 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 amortization, interest expense, net, accretion of
Slide 14: Additional Disclosures: Non-GAAP Reconciliations
Additional Disclosures: Non-GAAP Reconciliations $ in millions Three months Three months Free Cash Flow1,3 ended ended Mar 31, 2025 Dec 31, 2024 1. All amounts have been rounded to the nearest million. Individual line items may not sum to totals as a result of rounding Cash Flow from Operating Activ
Slide 15: Financial results - Reconciliation to Financial Statement
Financial results - Reconciliation to Financial Statement As reported in McDermott US GAAP financial statements Discontinued As reported in the Continuing Operations - Supplemental Deck Q4’24 Operations CBISS Total MDR Results Revenue 2,213 137 2,350 Gross Profit 18 29 47
Slide 16: McDermott
MCDERMOTT,
McDermott International — Q1 2025 Earnings Presentation on 6ix