Mcdermott International Ltd · OTC:MCDIF
Mcdermott International — Q1 2026 Earnings Presentation
17 slides from Mcdermott International's earnings presentation, May 15, 2026
Slide 1: Q1 2026 Supplemental Information
Q1 2026 Supplemental Information May 15, 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: Safety Performance
4 SAFETY PERFORMANCE MCDERMOTT,
Slide 4: Global HSES Performance
Global HSES Performance 0.06 Fatality and Permanent Impairment Incident Rate (FPIR) Trend Month Trend Rolling Trend As of March 31, 2026 0.04 0.02 0.003 0.00 |COMBINED | Apr '25 May ' 25 Jun '25 July '25 Aug '25 Sept '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 Mar '26 FPI-Free Days 0.06 Lost Time In
Slide 5: Financial Update
7 FINANCIAL UPDATE MCDERMOTT,
Slide 6: CY'26 Financial Highlights
CY’26 Financial Highlights $ in millions New Orders Revenue Adj. EBITDA1 $3,226 $2,584 $117 $2,361 $108 $2,133 $1,835 $1,774 $56 Q1’25 Q4’25 Q1’26 Q1’25 Q4’25 Q1’26 Q1’25 Q4’25 Q1’26 Non-JV CFOA Net Working Capital1 Cash Balance2 $1,081 $352 $939 $777 $731 $550 $470 $189 $231 $265 $118 $119 $124 $(5
Slide 7: Financial Summary: Q1'26 vs. Annual Business Plan 2026
Financial Summary: Q1’26 Vs. Annual Business Plan 2026 (“ABP’26”) $ in millions Q1'26 Q1'26 Actuals ABP'26 Delta Highlights New orders 1,774 183 1,591 Revenue 2,361 1,946 415 • New orders mainly driven by change orders on Golden Pass, Woodfibre LNG and Gross profit 133 123 10 various others across t
Slide 8: Financial Summary: Q1'26 vs. Q4'25
Financial Summary: Q1’26 Vs. Q4’25 $ in millions Q1'26 Q4'25 Actuals Actuals Delta Highlights New orders 1,774 3,226 (1,452) Revenue 2,361 2,584 (223) • New orders in Q1’26 driven by Woodfibre LNG and Golden Pass change orders, Gross profit while Q4’25 new orders were driven by awards of Petronas Ca
Slide 9: Backlog at $17.6 billion as of March 31, 2026
Backlog at $17.6 billion as of March 31, 2026 $ in millions Total Backlog 1,2 By Business Line Legacy Vs New Portfolio 3 $17,562 $1,969 $2,182 (11%) (13%) TY’28 & Beyond $6,427 $5,382 (31%) $7,772 (45%) $8,893 17.6 billion 17.6 billion (51%) $6,700 TY’27 $5,768 (38%) $1,061 $11,119 (63%) (6%) TY’26
Slide 10: Net Working Capital Trend
Net Working Capital Trend $ in millions WIP AR Others AP & Accrued Liabilities 132 283 1,002 241 737 1,304 1,209 993 664 810 65 44 261 276 22 (3,150) (3,561) (3,660) (3,902) (3,827) (1,851) (2,116) (1,826) (2,205) (2,059) Mar’25 Jun’25 Sep’25 Dec’25 Mar’26 Ending Cash 777 917 748 1,081 939 1) Reconc
Slide 11: Q1'26 Utilization
Q1’26 Utilization UNALLOCATED DIRECT OPERATING FABRICATION CONSTRUCTION VESSELS EXPENSES (Wkhr 000s) (Wkhr 000s) (Days) (in millions) 96% 276% 97% $(17) Actual: 4,804 Actual: 4,142 Actual: 389 Standard: 5,000 Standard: 1,500 Standard: 400 Q4’25 94% 263% 135% $(42) • Fabrication activity lower than s
Slide 12: Commercial Update
1 COMMERCIAL UPDATE MCDERMOTT,
Slide 13: Commercial Pipeline
Commercial Pipeline Pipeline Data ($B) 2-YEAR ROLLING PIPELINE VIEW BY BUSINESS LINE AND GEOGRAPHY (1) Targeted Opportunity Pipeline by Business Line Targeted Opportunity Pipeline by Geography 23% 28% ~$130B 2-Year Rolling Pipeline ~$123B ◘ Robust Middle East offshore pipeline leveraging our executi
Slide 14: Financial Appendix
7 FINANCIAL APPENDIX MCDERMOTT,
Slide 15: 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 dividends on red
Slide 16: 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 Mar 31, 2026 Dec 31, 2025 Cash Flow from Operating Activ
Slide 17: McDermott
MCDERMOTT,
McDermott International — Q1 2026 Earnings Presentation on 6ix