Mcdermott International Ltd · OTC:MCDIF
Mcdermott International — Corporate Update (April 2026)
16 slides from Mcdermott International's corporate update, Apr 10, 2026
Slide 1: 2026 Annual Business Plan
2026 Annual Business Plan April 10, 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. These forward-looking statements include, among other things, statements about for
Slide 3: Driving operational and financial transformation for long-term growth since 2022
Driving operational and financial transformation for long-term growth since 2022… ▪ Adjusted EBITDA of $428 million for 2025 and strong operating cashflow of $340 million, ahead of the prior business plan (“PrB”) ▪ New orders of $10.4 billion in 2025, demonstrating continued customer confidence in o
Slide 4: From turnaround to growth: scaling performance and shareholder value into 2026 and beyond
From turnaround to growth: scaling performance and shareholder value into 2026 and beyond ▪ Continued focus on selective bidding, project execution, cost management, and customer engagement resulting in improvement of backlog health, with newer backlog at much improved profit margin, and risk manage
Slide 5: ABP'26 Executive Summary
$ in millions ABP’26 Executive Summary 10,360 8,896 9,955 Highlights 8,009 CY’25 8,751 8,901 8,412 7,951 CY’26 CY’26 648 701 520 CY’27 428 ▪ Approximately 94% revenue is driven by booked projects; revenue is lower CY’28 than in 2025 due to unusually high, non-recurring revenue from certain hybrid pr
Slide 6: Hydrocarbon supercycle and accelerating transition to clean energy driving growth opportunities
Hydrocarbon supercycle and accelerating transition to clean energy are driving strong growth opportunities for our business in 2026 2025 ended with ~$18.2 billion of backlog; 2026 outlook is positive with major 2026 New Orders $8.7 billion project awards across all business lines We believe that the
Slide 7: 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 $ in billions Managed Risk Conventional LS 6% 18% 32% 37% 40% CY’23A 34% 41% 26% $18B 22% 57% 68% 16% 6% CY’24A 38% 46% 16% $18B CY’25A 42% 40% 18% $18B 44% 1%
Slide 8: Focus continues to be on growth of healthy backlog while improving legacy portfolio
Focus continues to be on growth of healthy backlog while progressing and improving our legacy portfolio Q4’25 Actual Backlog $18.2 billion ▪ With the change in executive leadership in Q1’22, there was a 7% focus on selective bidding and customer engagement. This drove the build up of the new healthy
Slide 9: Liquidity remains tight in the near term due to delays in UCO settlements
Liquidity remains tight in the near term due to delays in UCO settlements; stabilization expected by 2H’26 as settlements conclude and new awards materialize $ in millions GAC - ABP’26 Covenant Quarterly Receipts Covenant Step up 1,200 2,460 2,500 2,310 2,293 1,100 2,072 2,120 2,128 2,064 2,109 2,03
Slide 10: Net working capital expected to stabilize over time
Net working capital expected to stabilize over time, supported by UCO settlements and improved profitability from newer portfolio and new awards $ in millions WIP + AR Others AP & Accrued Liabilities DPO 1,436 1,535 1,425 1,086 827 533 375 261 277 25 18 19 19 (18) (17) 190 (16) 225 (30) (29) 86 83 8
Slide 11: LC constraints persist; future refinancing expected to provide path to stability
LC constraints persist; future refinancing expected to provide a clear path to stability and growth $ in billions Secured LCs 1.67 1.50 1.50 1.50 1.50 1.44 1.40 1.42 1.43 1.36 1.35 1.35 1.35 1.35 1.35 1.33 1.34 1.34 1.34 1.32 1.25 Current Capacity Projected needs 1.00 Dec’25 Mar’26 Jun’26 Sep’26 Dec
Slide 12: Appendix
Appendix 12
Slide 13: ABP'26 by quarter Vs PrB
ABP’26 by quarter Vs PrB ABP PrB Delta Highlights $ in millions Q1'26 Q2'26 Q3'26 Q4'26 CY'26 CY'26 CY'26 1. 1 Revenue levels consistent across the year, marginally Revenue 1,946 2,051 1,859 2,095 7,951 1 7,541 410 higher than PrB Gross Profit 124 168 163 174 629 630 (1) Operating Income 55 95 85 11
Slide 14: 2026: Profitability and cash flow changes from prior budget
2026: Profitability and cash flow changes from prior budget Adjusted EBITDA $ in millions (3) (11) 32 (10) 512 520 ABP’25 Adj EBITDA1 Net Impact of changes Lower asset utilization Improvements on Other changes ABP’26 Adj EBITDA in prospective awards backlog projects CFOA 85 325 240 ABP’25 1 Progress
Slide 15: Balance sheet
Balance sheet $ in millions Highlights Assets Q4’25A Q1'26F Q2'26F Q3'26F Q4'26F Q1'27F Q2'27F Q3'27F Q4'27F CY'28F ▪ Cash balance is projected to Cash, cash equivalents and restricted cash 1,081 799 742 966 1,253 1,212 1,283 1,300 1,360 1,631 improve in the forecast period Current assets 3,844 3,49
Slide 16: Cash flow statement
Cash flow statement $ in millions Q1’26F Q2’26F Q3’26F Q4’26F CY’26F Q1’27F Q2’27F Q3’27F Q4’27F CY’27F CY’28F Highlights + Net Income (loss) (20) 0 (1) 1 19 (2) 9 41 70 72 2 192 253 1 1. Net income turning positive DD&A 23 16 18 20 76 17 22 23 24 86 78 during Q4’26F Intangible Amortization 14 14 14
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