Energy services firm McDermott fell to a loss of £60.3m in the start of 2019 amid a series of restructuring and transactional costs.
The company’s pre-tax deficit for the first quarter was down from a profit of £42.5million in the same period in 2018.
Management said the loss was largely due to restructuring, integration and transaction costs of £56.5m, including costs for starting a new efficiency programme which involves integrating parts of the business with new technologies.
McDermott said this offset an “otherwise sound performance” across the business, which would have shown a net income of £2.3m.
Revenues from the Europe, Africa, Russia and Caspian (EARC) were £114.5m, mainly driven by work in the Tyra project for Total in the Danish North Sea.
Chief executive David Dickson said: “The net loss of $(70) million was largely the result of $73 million of restructuring, integration and transaction costs, which also impacted operating income, offsetting otherwise sound performance across our operating segments and a sequential-quarter reduction in selling, general and administrative expenses.”