As I indicated, we're quite pleased with the first quarter 2012 in many respects. McDermott reported net income from continuing operations of $59.3 million with earnings per share of $0.25. I've always said not to read too much into any one quarter, but it's a lot better saying this when we delivered solid results like this period.While I don't intend to spend much time on it, I do want to update you on the Atlantic loss projects that impacted the last 2 sequential quarters. Both the PEMEX and Brazilian charter contracts continue to progress and go well. The Agile project has performed well or better than expected. On the PEMEX job, we changed the logistics somewhat and made a decision to release our contracted dynamically positioned vessel and then to perform all the remaining work with our own DB16 vessel. This change results in the contract taking a little longer to wrap up and an additional project charge this quarter of about $5 million, but this amount should be offset through increased utilization benefits through the second quarter.
McDermott International's CEO Discusses Q1 2012 Results - Earnings Call Transcript
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.