McDermott Posts $41M Net Income on $2.3B Revenue in Q2 2026…

Event summary

McDermott reported Q2 2026 revenue of $2.3B, adjusted EBITDA of $143M, and net income of $41M.
Backlog stood at $15.8B at quarter-end, with TTM adjusted EBITDA reaching $519M.
97% of rights for Class A ordinary shares were exercised in the rights offering.
Refinancing of credit facilities expected to close in Q3 2026.

The big picture

McDermott's strong Q2 2026 results reflect disciplined project execution and strategic refinancing efforts. The energy infrastructure sector continues to demand reliable engineering and construction solutions, positioning McDermott to capitalize on long-term growth opportunities. The company's ability to maintain positive net income and secure high participation in its rights offering signals investor confidence in its long-term outlook.

What we're watching

Execution Risk: How McDermott will convert its $15.8B backlog into revenue amid project execution challenges.
Capital Structure: Whether the refinancing will improve McDermott's financial flexibility and reduce debt burdens.
Market Confidence: The pace at which investor confidence translates into sustained growth and shareholder value.