Middle East activity to thank for ‘exceptional’ 2017, McDermott says

David Dickson, president and CEO of McDermott
David Dickson, president and CEO of McDermott

Oil service company McDermott said an uplift in activity in the Middle East was behind its “exceptional” results in 2017.

“Solid operational performance” was another reason given for McDermott’s strong showing.

Full-year revenues for 2017 were $2.98billion, up from $2.63billion for 2016. Net income totalled $178.5million, compared to $34.1million in 2016.

A spokesman for the firm said: “The increase from the prior year was primarily due to increased activity in the Middle East, which was partially offset by lower activity in the Americas, Europe and Africa and Asia.”

Key projects included Saudi Aramco’s LTA II Lump Sum, Marjan power system replacement and Inpex’s Ichthys development.

McDermott chief executive David Dickson said the company made “great progress” in each of its regions and highlighted its re-entry in the North Sea through Maersk Oil’s Tyra project.

He added:  “Our strong order intake in the fourth quarter gave McDermott a solid backlog heading into a new year, and we have continued the momentum with our recent announcement of the 13 Jackets Award from Saudi Aramco in the first quarter of 2018.”