This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

McDermott International's CEO Discusses Q1 2012 Results - Earnings Call Transcript

In addition to the INPEX project, we also received another sizable subsea order in the Asia Pacific region, which we expect will utilize our new North Ocean 105. This is the SeCaP project, a deepwater job in over 4,000 feet of water installing pipe and pipe flow lines, risers, umbilicals and umbilical packages. There are a number of firsts on this job, and as such, we'll utilize our deferred profit recognition policy. Virtually all the revenues are expected in 2012 anyway, so following this approach should have minimal impact on 2012.

The other notable award was the KJO Hout project, which is an EPCI award in the neutral zone between Saudi Arabia and Kuwait. The scope includes a jacket, deck-associated pipelines and some brownfield demolition work.

Additionally, we had about $130 million of bookings this quarter come through change orders, scope increases and settlements. Over the last 4 quarters, we've averaged about $235 million per quarter from this type of bookings, so the first quarter was somewhat below the recent average. However, we more than made up for it in new awards, predominantly in the Asia Pacific segment.

Read the rest of this transcript for free on seekingalpha.com

4 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs