Posted on May 23, 2026
HOUSTON, May 18, 2026 /PRNewswire/ — McDermott International, Ltd (“McDermott” or the “Company”) today announced financial results for the first quarter 2026.
For the three months ended March 31, 2026, revenue was $2.4 billion; adjusted EBITDA was $117 million; and cash flow used in operating activities was $126 million. Backlog at quarter end was $17.6 billion. Trailing twelve months adjusted EBITDA was $489 million.
“Our first-quarter performance exceeded our expectations, driven by strong project execution, improving backlog quality and continued operating discipline across the portfolio,” said Michael McKelvy, Chief Executive Officer and Chair of the Board of McDermott. “While we are closely monitoring developments in the Middle East and conditions remain fluid, our operations in the region continue. We remain focused on sustaining this momentum and delivering the 2026 plan with the same discipline and execution excellence demonstrated to date.”
The company will host its first quarter 2026 earnings conference call on Wednesday, May 20, 2026, at 8:00 a.m. CDT.
Participants may join the call by dialing 773-799-3971 and providing the conference passcode 7630169.
The company’s financial statements, supplemental information (including non-GAAP to GAAP reconciliations) and conference call recording will be available on its website at www.mcdermott.com/investors.
About McDermott
McDermott is a premier, fully integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 30 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
