McDermott’s revenues in the first quarter of 2008 were $1.45 billion, a 6.4% increase, compared to $1.36 billion in the corresponding period of 2007. Operating income was $157.1 million in the first quarter of 2008, compared to $192.5 million in the same quarter of 2007.
At March 31, 2008, McDermott’s consolidated backlog was $10.2 billion, compared to $7.9 billion and $9.8 billion at March 31, 2007 and December 31, 2007, respectively.
Weighted average common shares outstanding on a fully diluted basis were approximately 230.1 million and 228.4 million in the quarters ended March 31, 2008 and March 31, 2007, respectively.
Bruce Wilkinson, chairman and CEO of McDermott, said: Despite a disruptive first quarter for Offshore Oil & Gas Construction, the outlook for all of our business segments remains strong for 2008 as we execute our record backlog and continue robust bidding activity. Each of the energy markets we serve has significant needs, and with our record of safe and timely execution, McDermott is well-positioned in the marketplace.
