Mcdermott International Ltd · OTC:MCDIF
Mcdermott International — Q4 2025 Earnings Presentation
19 slides from Mcdermott International's earnings presentation, Apr 7, 2026
Slide 1: Q4 2025 Supplemental Information
Q4 2025 Supplemental Information April 7, 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 Fatality and Permanent Impairment Incident Rate (FPIR) Trend As of December 31, 2025 0.06 Month Trend Rolling Trend 0.04 0.02 0.01 0.00 |COMBINED | FAT = 3 Jan '25 Feb '25 Mar '25 Apr '25 May ' 25 Jun '25 July '25 Aug '25 Sept '25 Oct '25 Nov '25 Dec '25 FPI-Free Days 0.06 Lo
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 $3,760 $2,732 $2,584 $151 $3,226 $2,506 $2,133 $113 $108 $1,835 $1,539 $56 Q1’25 Q2’25 Q3’25 Q4’25 Q1’25 Q2’25 Q3’25 Q4’25 Q1’25 Q2’25 Q3’25 Q4’25 Non-JV CFOA Net Working Capital1 Cash Balance2 $1,081 $352 $917 $777 $748 $731 $
Slide 7: Financial Summary: Q4'25 Vs. Annual Business Plan 2025 ("ABP'25")
Financial Summary: Q4’25 Vs. Annual Business Plan 2025 (“ABP’25”) $ in millions Q4'25 Q4'25 Highlights Actuals ABP'25 Delta New orders 3,226 662 2,564 • New orders mainly driven by awards of Petronas Carigali Brunei Ltd. EPCI, Nasr-115 Revenue 2,584 2,080 504 Expansion Project, and various change or
Slide 8: Financial Summary: 2025 Vs. ABP'25
Financial Summary: 2025 Vs. ABP’25 $ in millions 2025 2025 Highlights Actuals ABP’25 Delta New orders 10,360 7,887 2,473 • New orders mainly driven by award of Petronas Carigali Brunei Ltd. EPCI, Nasr-115 Revenue 9,955 7,007 2,948 Expansion Project, Block H gas field expansion project, Golden Pass T
Slide 9: Financial Summary: Q4'25 Vs. Q3'25
Financial Summary: Q4’25 Vs. Q3’25 $ in millions Q4'25 Q3'25 Highlights Actuals Actuals Delta New orders 3,226 1,539 1,687 • New orders in Q4’25 driven by new awards of Petronas Carigali Brunei Ltd. Revenue 2,584 2,732 (148) EPCI, Nasr-115 Expansion Project. while in Q3’25, new orders were driven by
Slide 10: Backlog at $18.2 billion as of December 31, 2025
Backlog at $18.2 billion as of December 31, 2025 $ in millions Total Backlog 1,2 By Business Line Legacy Vs New Portfolio 3 $18,151 $2,307 $2,182 (13%) (13%) $4,793 TY’28 & Beyond $5,868 (26%) $7,772 $8,627 (45%) 18.2 billion (48%) 18.2 billion TY’27 $4,808 $1,311 $7,217 (7%) $12,047 (40%) (66%) TY’
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 CY’25 13% 44% 6% 37% CY’25 42% 40% 18% $18.2B Loss Projects Backlog Projects PGP 5% - 8% Hybrid Middle East Fixed Backlog Projects PGP < 5% Backlog
Slide 12: Net Working Capital Trend
Net Working Capital Trend $ in millions WIP AR Others AP & Accrued Liabilities 132 1,002 241 737 1,304 39 993 721 664 810 261 52 65 44 22 (2,792) (3,150) (3,561) (3,660) (3,902) (1,980) (1,851) (2,116) (1,826) (2,205) Dec’24 Mar’25 Jun’25 Sep’25 Dec’25 Cash Balance 858 777 917 748 1,081 1) Reconcili
Slide 13: Q4'25 Utilization
Q4’25 Utilization UNALLOCATED DIRECT OPERATING FABRICATION CONSTRUCTION VESSELS EXPENSES (Wkhr 000s) (Wkhr 000s) (Days) (in millions) 94% 263% 135% $(42) Actual: 3,977 Actual: 3.942 Actual: 516 Standard: 4,250 Standard: 1,500 Standard: 381 Q3’25 94% 268% 127% $(24) • Fabrication activity lower than
Slide 14: Commercial Update
1 COMMERCIAL UPDATE MCDERMOTT,
Slide 15: Commercial Pipeline
Commercial Pipeline Pipeline Data ($B) 2-YEAR ROLLING PIPELINE VIEW BY BUSINESS LINE AND GEOGRAPHY (1) Targeted Opportunity Pipeline by Business Line Targeted Opportunity Pipeline by Geography 21% 32% ~$123B 2-Year Pipeline ◘ Robust Middle East offshore pipeline leveraging our execution capabilities
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 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 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 Dec 31, 2025 Sep 30, 2025 Cash Flow from Operating Activ
Slide 19: MCDERMOTT,
MCDERMOTT,
McDermott International — Q4 2025 Earnings Presentation on 6ix