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RIYADH, Saudi Arabia, May 20, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today it signed another memorandum of understanding (MOU) with Saudi Aramco to expand and develop the company’s physical and human capital within Saudi Arabia as part of Aramco’s In-Kingdom Total Value Add (IKTVA) initiative. The MOU was signed as part of the first ever Saudi-U.S. CEO Forum. McDermott was the only engineering, construction, procurement, and installation (EPCI) services contractor attending the summit along with other major U.S. business leaders. The forum was organized to coincide with U.S. President Donald Trump’s visit to Saudi Arabia. At the forum, Saudi ministers and CEOs from major U.S. companies met to discuss expanding business between the U.S. and Saudi Arabia. The MOU demonstrates McDermott’s support of Saudi Arabia’s Vision 2030 and Aramco’s IKTVA program. The Company has committed to a nine-initiative plan to increase its contribution to the country’s localization efforts and aid Saudi Aramco in meeting its 2021 objectives. McDermott plans to increase the number of Saudi nationals in its Middle East workforce to 40 percent by 2030. “Today’s announcement enhances our deep-rooted relationship with Saudi Aramco, our largest customer, and further demonstrates our commitment to Saudi Arabia and its vision,” said David Dickson, President and Chief Executive Officer of McDermott. “As part of our global strategy to enhance our capabilities and deepen customer relationships, this MOU strengthens our long-term plans to transition our Middle East operations to Saudi Arabia, which we believe positions us competitively in the regional market." McDermott’s nine-initiative plan expands the Company’s local supply chain, develops full-scale fabrication and marine facilities and moves area operations to Saudi Arabia and provides career training and development opportunities for highly-skilled Saudi nationals. “These initiatives underpin our long-term goal to significantly grow our business not just in Saudi Arabia, but regionally,” said Linh Austin, McDermott’s Vice President, Middle East and Caspian. “This also builds on our recent efforts to increase Saudi Arabian-based fabrication and engineering through the opening of our new yard in Dammam and office in Al Khobar, as well as locally-sourced procurement.” McDermott believes the potential value of the MOU is approximately $2.8 billion USD and will create up to 2,000 jobs over the next several years. Saudi Aramco launched the IKTVA program in 2015 to expand Saudi Arabian-based business operations to help drive domestic value creation and maximize long-term economic growth, diversification, job creation and workforce development to support a rapidly changing local economy. McDermott has extensive experience offshore Saudi Arabia, having worked in the region for more than 50 years. About McDermott McDermott is a leading provider of integrated engineering, procurement, construction and installation (“EPCI”), front-end engineering and design (“FEED”) and module fabrication services for upstream field developments worldwide. McDermott delivers fixed and floating production facilities, pipelines, installations and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons.  Our customers include national and major energy companies.  Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 13,500 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver.  McDermott has served the energy industry since 1923, and shares of its common stock are listed on the New York Stock Exchange. To learn more, visit our website at www.mcdermott.com. Forward-Looking Statement In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about:  McDermott’s commitments to Saudi Arabia’s Vision 2030 and IKTVA program; the details regarding the transactions contemplated by the MOU; the expected benefits to be derived from the MOU; our beliefs with respect to competitive positioning in the Middle East market; the number of Saudi nationals that will comprise McDermott’s Middle East workforce; the expected timing and results of implementing McDermott’s IKTVA plan; and McDermott’s beliefs with respect to the potential value and job creation resulting from the MOU.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct.  Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: our inability to successfully execute on our IKTVA plan, adverse changes in the markets in which we operate or credit markets, the effects of competition, actions of third parties and changes in conditions and other factors affecting our industry.  If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2016 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.


News Article | May 24, 2017
Site: globenewswire.com

Main decisions of the Combined General Meeting of May 23, 2017 The Combined General Shareholders' Meeting of BOURBON SA Corporation was held on May 23, 2017 in Paris and chaired by Mr. Jacques de Chateauvieux. All resolutions were approved and, in particular: The Board of Directors, as a result, comprises ten members including four women, three members of foreign nationality and five independent members. The Board's membership thus provides a complementary range of experiences and cultures. Focus on the shareholders' approval of the distribution of a dividend of €0.25 per share in cash or shares Shareholders will be able to make their choice between June 8 and June 30, 2017 included, by addressing their request to their financial intermediary. The issue price of the new shares for the payment in shares is €9,08 after application of the maximum discount of 10%. The shares will trade ex-dividend on June 8, 2017, and the dividend will be paid in cash or shares on July 17, 2017. In the coming few days, the full results of the votes on resolutions, the full transcript and the presentation will be available on http://www.bourbonoffshore.com/en/2017-combined-annual-shareholders-meeting Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of more than 9,300 skilled employees. Through its 37 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety. BOURBON provides two operating Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy. In 2016, BOURBON'S revenue came to €1,102.6 million and the company operated a fleet of 514 vessels as of December 31, 2016. Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment B.


News Article | May 24, 2017
Site: globenewswire.com

Parmi les leaders du marché des services maritimes à l'offshore pétrolier et gazier, BOURBON propose aux industriels les plus exigeants de ce secteur une vaste gamme de services maritimes de surface et sous-marins, sur les champs pétroliers, gaziers et éoliens offshore. Cette palette de prestations de services repose sur une gamme étendue de navires de dernière génération et sur 9 300 professionnels compétents. Le groupe offre ainsi, via ses 37 filiales opérationnelles, un service de proximité au plus près des clients et des opérations en garantissant, partout dans le monde, le plus haut standard de qualité de service, en toute sécurité. BOURBON regroupe deux activités (Marine Services et Subsea Services) et assure la protection du littoral français pour la Marine nationale. En 2016, BOURBON a réalisé un chiffre d'affaires de 1 102,6 millions d'euros et opérait au 31 décembre 2016 une flotte de 514 navires. Classé par ICB (Industry Classification Benchmark) dans le secteur « Services Pétroliers », BOURBON est coté sur Euronext Paris, Compartiment B.


News Article | April 28, 2017
Site: marketersmedia.com

Wiseguyreports.Com Adds “Subsea Pumps -Market Demand, Growth, Opportunities and Analysis of Top Key Player Forecast To 2022” To Its Research Database Global Subsea Pumps market competition by top manufacturers/players, with Subsea Pumps sales volume, Price (USD/Unit), revenue (Million USD) and market share for each manufacturer/player; the top players including Geographically, this report split global into several key Regions, with sales (K Units), revenue (Million USD), market share and growth rate of Subsea Pumps for these regions, from 2012 to 2022 (forecast), covering On the basis of product, this report displays the sales volume (K Units), revenue (Million USD), product price (USD/Unit), market share and growth rate of each type, primarily split into Centrifugal Helico-Axial Hybrid Pump Twin Screw Co-Axial ESP On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, sales volume, market share and growth rate of Subsea Pumps for each application, including Subsea Boosting Subsea Separation Subsea Injection Gas Compression Global Subsea Pumps Sales Market Report 2017 1 Subsea Pumps Market Overview 1.1 Product Overview and Scope of Subsea Pumps 1.2 Classification of Subsea Pumps by Product Category 1.2.1 Global Subsea Pumps Market Size (Sales) Comparison by Type (2012-2022) 1.2.2 Global Subsea Pumps Market Size (Sales) Market Share by Type (Product Category) in 2016 1.2.3 Centrifugal 1.2.4 Helico-Axial 1.2.5 Hybrid Pump 1.2.6 Twin Screw 1.2.7 Co-Axial 1.2.8 ESP 1.3 Global Subsea Pumps Market by Application/End Users 1.3.1 Global Subsea Pumps Sales (Volume) and Market Share Comparison by Application (2012-2022) 1.3.2 Subsea Boosting 1.3.3 Subsea Separation 1.3.4 Subsea Injection 1.3.5 Gas Compression 1.4 Global Subsea Pumps Market by Region 1.4.1 Global Subsea Pumps Market Size (Value) Comparison by Region (2012-2022) 1.4.2 United States Subsea Pumps Status and Prospect (2012-2022) 1.4.3 China Subsea Pumps Status and Prospect (2012-2022) 1.4.4 Europe Subsea Pumps Status and Prospect (2012-2022) 1.4.5 Japan Subsea Pumps Status and Prospect (2012-2022) 1.4.6 Southeast Asia Subsea Pumps Status and Prospect (2012-2022) 1.4.7 India Subsea Pumps Status and Prospect (2012-2022) 1.5 Global Market Size (Value and Volume) of Subsea Pumps (2012-2022) 1.5.1 Global Subsea Pumps Sales and Growth Rate (2012-2022) 1.5.2 Global Subsea Pumps Revenue and Growth Rate (2012-2022) 9 Global Subsea Pumps Players/Suppliers Profiles and Sales Data 9.1 Aker Solutions 9.1.1 Company Basic Information, Manufacturing Base and Competitors 9.1.2 Subsea Pumps Product Category, Application and Specification 9.1.2.1 Product A 9.1.2.2 Product B 9.1.3 Aker Solutions Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.1.4 Main Business/Business Overview 9.2 Baker Hughes Incorporated 9.2.1 Company Basic Information, Manufacturing Base and Competitors 9.2.2 Subsea Pumps Product Category, Application and Specification 9.2.2.1 Product A 9.2.2.2 Product B 9.2.3 Baker Hughes Incorporated Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.2.4 Main Business/Business Overview 9.3 FMC Technologies 9.3.1 Company Basic Information, Manufacturing Base and Competitors 9.3.2 Subsea Pumps Product Category, Application and Specification 9.3.2.1 Product A 9.3.2.2 Product B 9.3.3 FMC Technologies Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.3.4 Main Business/Business Overview 9.4 General Electric 9.4.1 Company Basic Information, Manufacturing Base and Competitors 9.4.2 Subsea Pumps Product Category, Application and Specification 9.4.2.1 Product A 9.4.2.2 Product B 9.4.3 General Electric Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.4.4 Main Business/Business Overview 9.5 Onesubsea 9.5.1 Company Basic Information, Manufacturing Base and Competitors 9.5.2 Subsea Pumps Product Category, Application and Specification 9.5.2.1 Product A 9.5.2.2 Product B 9.5.3 Onesubsea Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.5.4 Main Business/Business Overview 9.6 Sulzer 9.6.1 Company Basic Information, Manufacturing Base and Competitors 9.6.2 Subsea Pumps Product Category, Application and Specification 9.6.2.1 Product A 9.6.2.2 Product B 9.6.3 Sulzer Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.6.4 Main Business/Business Overview 9.7 SPX Corporation 9.7.1 Company Basic Information, Manufacturing Base and Competitors 9.7.2 Subsea Pumps Product Category, Application and Specification 9.7.2.1 Product A 9.7.2.2 Product B 9.7.3 SPX Corporation Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.7.4 Main Business/Business Overview 9.8 ITT Bornemann 9.8.1 Company Basic Information, Manufacturing Base and Competitors 9.8.2 Subsea Pumps Product Category, Application and Specification 9.8.2.1 Product A 9.8.2.2 Product B 9.8.3 ITT Bornemann Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.8.4 Main Business/Business Overview 9.9 Flowserve Corporation 9.9.1 Company Basic Information, Manufacturing Base and Competitors 9.9.2 Subsea Pumps Product Category, Application and Specification 9.9.2.1 Product A 9.9.2.2 Product B 9.9.3 Flowserve Corporation Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.9.4 Main Business/Business Overview 9.10 Leistritz Pumpen 9.10.1 Company Basic Information, Manufacturing Base and Competitors 9.10.2 Subsea Pumps Product Category, Application and Specification 9.10.2.1 Product A 9.10.2.2 Product B 9.10.3 Leistritz Pumpen Subsea Pumps Sales, Revenue, Price and Gross Margin (2012-2017) 9.10.4 Main Business/Business Overview 9.11 Framo For more information, please visit https://www.wiseguyreports.com/sample-request/1080694-global-subsea-pumps-sales-market-report-2017


News Article | May 8, 2017
Site: www.prnewswire.com

HOUSTON, May 8, 2017 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE: OII) announced today that President and Chief Executive Officer Roderick A. Larson will participate on the Subsea Services Trends Panel at the Morgan Stanley Energy Conference in Houston on Tuesday, May 9, 2017.  The panel will not be webcast.  Mr. Larson and other members of management will also meet with institutional investors. The conference handout will be made available after the close of the market on Monday, May 8, 2017, through the Investor Relations section of Oceaneering's website at www.oceaneering.com.


News Article | April 26, 2017
Site: www.prnewswire.com

Adjusted operating income, operating margin, net income (loss), earnings (loss) per share, and EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins) are non-GAAP measures which exclude the impacts of certain identified items.  Reconciliations to the corresponding GAAP measures are shown in the tables titled Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and EBITDA Margins, Adjusted Operating Income and Margins by Segment, and Adjusted EBITDA and Margins by Segment.  These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information. Operating results for the first quarter of 2017 were $10.9 million lower than the immediately preceding quarter on an adjusted basis, due to higher Unallocated Expenses, seasonality, and lower activity levels in Subsea Projects.  The primary cause of our net discrete tax expense was the result of a new accounting standard associated with share-based compensation. M. Kevin McEvoy, Chief Executive Officer of Oceaneering, stated, "Our first quarter operating results were slightly better than our expectations.  Again, we are pleased that each of our operating segments generated positive results and, overall, maintained positive EBITDA and free cash flow. "Compared to the adjusted fourth quarter of 2016, first quarter Remotely Operated Vehicle ("ROV") operating income was down on 13% lower revenue, resulting from 10% fewer days on hire and a 4% reduction in revenue per day on hire; our fleet utilization was 46%.  For the first quarter, ROV EBITDA margin of 37% was slightly better than the 35% for the immediately preceding quarter. "During the quarter, we put two ROVs into service, both for vessel-based work; thereby ending the quarter with 282 work-class vehicles.  We believe that, as of the end of March, we maintained 53% drill support market share of the 151 contracted floating rigs.  Although we endeavor to maintain our drill support market share and place more ROVs on vessels, we need a sizable increase in our customers' offshore spending levels for there to be a discernible increase in ROV fleet utilization and profitability. "Sequentially, Subsea Products revenue was flat on increased umbilical throughput offset by lower completion related activities and reduced production enhancement work.  Operating income improved due to cost reduction measures taken in prior periods.  Our Subsea Products backlog at March 31, 2017 was $407 million, compared to our December 31, 2016 backlog of $431 million.  The backlog decline was primarily related to umbilicals.  Our book-to-bill ratio for the first quarter was 0.84, which compared favorably to 0.74 for the trailing twelve months. "Subsea Projects revenue and operating income were down substantially, resulting from reduced U.S. Gulf of Mexico demand and pricing for deepwater vessel and diving services.  Asset Integrity operating income was lower due to seasonality.  Advanced Technologies operating income improved due to increased commercial activities and work for the U.S. Navy.  Unallocated Expenses increased, as expected, from higher estimated incentive plan compensation. "Based on our first quarter results, we continue to expect to be marginally profitable at the operating income line on a consolidated basis.  For the second quarter, we are anticipating quarterly operating income improvements from all of our business segments, except for Subsea Products which we are expecting to be relatively flat.  And today, we announced that the Board maintained our current dividend rate and declared a $0.15 per share dividend to be paid during the second quarter." This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected business, financial performance and prospects of Oceaneering.  More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering's:  belief that it needs a sizable increase in its customers' offshore spending levels for there to be a discernible increase in its ROV fleet utilization and profitability;  expectation to continue to be marginally profitable at the operating income line on a consolidated basis;  and expectations regarding quarterly operating income from its segments in the second quarter of 2017, while providing a dividend to shareholders.  The forward-looking statements included in this release are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements.  Among the factors that could cause actual results to differ materially include backlog, costs, capital expenditures, future earnings, capital allocation strategies, dividend levels, sustainability of dividend levels, liquidity, competitive position, financial flexibility, debt levels, forecasts or expectations regarding business outlook; growth for Oceaneering as a whole and for each of its segments (and for specific products or geographic areas within each segment); factors affecting the level of activity in the oil and gas industry; supply and demand of drilling rigs; oil and natural gas demand and production growth; oil and natural gas prices; fluctuations in currency markets worldwide; the loss of major contracts or alliances; future global economic conditions; and future results of operations.  For a more complete discussion of these risk factors, please see Oceaneering's latest annual report on Form 10-K and quarterly report on Form 10-Q filed with the Securities and Exchange Commission. Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications.  Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.  For more information on Oceaneering, please visit www.oceaneering.com. RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under SEC Regulation G).  We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow.  As a result, these amounts are non-GAAP financial measures.  We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business.  Furthermore, our management uses these measures as measures of the performance of our operations.  We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins and Free Cash Flow, as well as the following by segment:  Adjusted Operating Income and Margins, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margins.  We define EBITDA margin as EBITDA divided by revenue.  Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow.  EBITDA and EBITDA margins, Adjusted EBITDA and Adjusted EBITDA margins, and Adjusted Operating Income and Margins and related information by segment are each non-GAAP financial measures.  We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions).  We have included these disclosures in this press release because EBITDA, EBITDA margins and Free Cash Flow are widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) provide more consistent measures than the unadjusted amounts.  Furthermore, our management uses these measures for purposes of evaluating our financial performance.  Our presentation of EBITDA and EBITDA margins (and the adjusted amounts thereof) and Free Cash Flow may not be comparable to similarly titled measures other companies report.  Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows or any other measure prepared and reported in accordance with GAAP.   The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oceaneering-reports-first-quarter-2017-results-300446634.html


APAC HVDC Transmission System Market Expected to be worth US$ 3,700 Mn by 2026 End Future Market Insights has announced the addition of the "HVDC Transmission System Market: APAC Industry Analysis and Opportunity Assessment 2016- 2026" report to their offering. Valley Cottage, NY, April 22, 2017 --( The Overhead segment by deployment type is forecast to create incremental $ opportunity of more than US$ 800 Mn between 2016 and 2026. By the end of 2026, the Overhead segment is expected to reach a market value of more than US$ 1,000 Mn, increasing at a CAGR of 9.5% during the period of assessment (2016 – 2026). In terms of value, the Overhead segment is projected to be the most attractive segment in the APAC HVDC transmission system market during the forecast period. However, the Subsea segment by deployment type is anticipated to register high Y-o-Y growth rates throughout the forecast period. In terms of value, the Subsea segment is expected to expand at a CAGR of 11.8% during the forecast period. In 2017, the Subsea segment is estimated to reach more than US$ 300 Mn in terms of value. The Underground segment by deployment type is forecast to create incremental $ opportunity of more than US$ 500 Mn between 2016 and 2026. By the end of 2026, the Combination segment by deployment type is expected to reach a value of more than US$ 500 Mn, increasing at a CAGR of 8.9% during the estimated period. This segment is expected to witness steady growth in the APAC HVDC transmission system market over the predicted period. Increasing power supply in remote areas likely to boost the deployment of HVDC transmission systems in the APAC region Deployment of HVDC transmission systems is beneficial for supplying power in remote areas. The deployment of HVDC transmission systems is increasingly becoming popular owing to the fact that undersea HVDC transmission lines can be deployed for connecting remote areas that do not have a power plant. As governments of more countries make efforts to connect underdeveloped areas such as villages to the grid, demand for the deployment of HVDC transmission systems is expected to increase during the predicted period. Request For Sample @ http://www.futuremarketinsights.com/reports/sample/rep-ap-3267 For transmission of electricity over longer distances, HVDC transmission systems are preferred over HVAC transmission systems, owing to the fact that underground AC transmission lines – that stretch over long distances – are not capable of delivering a significant amount of electricity as the electricity gets absorbed by cables. As connecting offshore wind farms to the grid requires transmission over long distances, HVDC transmission systems are ideal. The deployment of HVDC transmission systems is more cost-effective as these systems require fewer transmission lines than HVAC systems, which reduces spending as well as land required for installing transmission systems. Therefore, many utility companies in the APAC region are switching to HVDC transmission systems, thereby contributing to the growth of the Deployment segment of the APAC HVDC transmission system market. Further, with the governments of several countries across the APAC region increasing their spending to build similar connections, the deployment of HVDC transmission systems is expected to witness significant growth over the next few years. Send An Enquiry @ http://www.futuremarketinsights.com/askus/rep-ap-3267 The Subsea segment by deployment type is expected to exhibit relatively high CAGR in the Japan HVDC transmission system market over the forecast period. In terms of value, the Subsea segment by deployment type is projected to be the most attractive segment in the Japan HVDC transmission system market during the forecast period. This segment is anticipated to exhibit a relatively high CAGR in the Japan HVDC transmission system market during the period 2016 – 2026. In terms of value, the Overhead segment by deployment type is forecast to be the most attractive segment in the APEJ HVDC transmission system market during the period of assessment. Browse Full Report @ http://www.futuremarketinsights.com/reports/apac-hvdc-transmissions-system-market Valley Cottage, NY, April 22, 2017 --( PR.com )-- The Overhead segment by deployment is projected to remain dominant in the APAC HVDC transmission system market over the forecast period.The Overhead segment by deployment type is forecast to create incremental $ opportunity of more than US$ 800 Mn between 2016 and 2026. By the end of 2026, the Overhead segment is expected to reach a market value of more than US$ 1,000 Mn, increasing at a CAGR of 9.5% during the period of assessment (2016 – 2026). In terms of value, the Overhead segment is projected to be the most attractive segment in the APAC HVDC transmission system market during the forecast period. However, the Subsea segment by deployment type is anticipated to register high Y-o-Y growth rates throughout the forecast period. In terms of value, the Subsea segment is expected to expand at a CAGR of 11.8% during the forecast period. In 2017, the Subsea segment is estimated to reach more than US$ 300 Mn in terms of value. The Underground segment by deployment type is forecast to create incremental $ opportunity of more than US$ 500 Mn between 2016 and 2026. By the end of 2026, the Combination segment by deployment type is expected to reach a value of more than US$ 500 Mn, increasing at a CAGR of 8.9% during the estimated period. This segment is expected to witness steady growth in the APAC HVDC transmission system market over the predicted period.Increasing power supply in remote areas likely to boost the deployment of HVDC transmission systems in the APAC regionDeployment of HVDC transmission systems is beneficial for supplying power in remote areas. The deployment of HVDC transmission systems is increasingly becoming popular owing to the fact that undersea HVDC transmission lines can be deployed for connecting remote areas that do not have a power plant. As governments of more countries make efforts to connect underdeveloped areas such as villages to the grid, demand for the deployment of HVDC transmission systems is expected to increase during the predicted period.Request For Sample @ http://www.futuremarketinsights.com/reports/sample/rep-ap-3267For transmission of electricity over longer distances, HVDC transmission systems are preferred over HVAC transmission systems, owing to the fact that underground AC transmission lines – that stretch over long distances – are not capable of delivering a significant amount of electricity as the electricity gets absorbed by cables. As connecting offshore wind farms to the grid requires transmission over long distances, HVDC transmission systems are ideal. The deployment of HVDC transmission systems is more cost-effective as these systems require fewer transmission lines than HVAC systems, which reduces spending as well as land required for installing transmission systems. Therefore, many utility companies in the APAC region are switching to HVDC transmission systems, thereby contributing to the growth of the Deployment segment of the APAC HVDC transmission system market. Further, with the governments of several countries across the APAC region increasing their spending to build similar connections, the deployment of HVDC transmission systems is expected to witness significant growth over the next few years.Send An Enquiry @ http://www.futuremarketinsights.com/askus/rep-ap-3267The Subsea segment by deployment type is expected to exhibit relatively high CAGR in the Japan HVDC transmission system market over the forecast period.In terms of value, the Subsea segment by deployment type is projected to be the most attractive segment in the Japan HVDC transmission system market during the forecast period. This segment is anticipated to exhibit a relatively high CAGR in the Japan HVDC transmission system market during the period 2016 – 2026. In terms of value, the Overhead segment by deployment type is forecast to be the most attractive segment in the APEJ HVDC transmission system market during the period of assessment.Browse Full Report @ http://www.futuremarketinsights.com/reports/apac-hvdc-transmissions-system-market Click here to view the list of recent Press Releases from Future Market Insights


News Article | April 27, 2017
Site: www.businesswire.com

HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced first quarter 2017 revenue of $171 million, an increase of $24 million, or 16%, from the fourth quarter 2016. Net loss for the quarter was $16 million, or $0.16 per diluted share, compared to a net loss of $13 million, or $0.14 per diluted share, for the fourth quarter 2016. Excluding $2 million or $0.02 per share of special items, the adjusted net loss was $0.14 per diluted share in the first quarter of 2017 compared to an adjusted net loss $0.16 per diluted share in the fourth quarter 2016. See Tables 1-3 for a reconciliation of GAAP to non-GAAP financial information. New inbound orders in the quarter were $194 million, a 6% increase from the fourth quarter 2016, resulting in a book to bill ratio of 113%. Drilling & Subsea operations focus primarily on manufactured equipment and consumable products for global drilling and subsea contractors. The segment revenue was $62 million, a 13% increase from the fourth quarter 2016, as the increase in the U.S. land rig count contributed to improved sales of drilling consumable products and equipment. Subsea equipment revenue was relatively unchanged sequentially. New inbound orders for the Drilling & Subsea segment in the first quarter were $68 million, a 5% increase from the fourth quarter 2016, resulting in a book to bill ratio of 110%. Completions segment revenue was $42 million, a 21% increase sequentially, as customer spending improved on hydraulic fracturing equipment and downhole products. New inbound orders in the first quarter were $50 million, a 31% increase from the fourth quarter 2016, resulting in a book to bill ratio of 119%. Included in the orders was a significant amount of longer lead time, pumping horsepower equipment. The Completions segment designs and manufactures products for the well construction, completion, stimulation and intervention markets primarily in North America. The Production & Infrastructure segment manufactures U.S. land well site production equipment, desalination refinery equipment, and a wide range of valves for upstream, midstream and downstream oil and gas customers. Production & Infrastructure segment revenue was $68 million, an 18% increase from the fourth quarter 2016, primarily due to improved revenue of our well site production equipment and the acquisition of the Cooper Valve assets during the first quarter. New inbound orders in the first quarter were $75 million, resulting in a book to bill ratio of 112%. During the quarter, orders for valves increased significantly, however, orders for well site production equipment were down compared to the exceptionally high level received in the fourth quarter for delivery throughout 2017. Cris Gaut, Forum’s Chairman and Chief Executive Officer, remarked, "We are pleased with our continued growth in orders, as each of our three segments had a book to bill ratio of at least 110% with particularly strong performance in our Completions segment. "Forum is benefiting from the recovery in the U.S. land drilling and completion activity, which was the primary driver of the revenue growth in each segment during the quarter. Our U.S. land revenue in the first quarter increased 25% sequentially and represented 74% of total company revenue. "Forum’s gross profit increased sequentially $8 million in the first quarter on a $24 million increase in revenue with little to no contribution yet from pricing. As we indicated previously, our SG&A cost increased significantly in the first quarter as we reinstated employee compensation and benefits in anticipation of the recovery that is now underway. The acquisition of Cooper Valves assets and cost required for the ramp up also added to SG&A. "Our financial condition remains strong. We ended the quarter with $205 million of cash on hand and nothing drawn on our bank credit facility. We are well positioned to actively pursue targeted acquisitions. During the quarter, working capital expanded as we ramped up our manufacturing volumes to respond to customer demand. “With Forum’s focus on early cycle, consumable products and activity-based equipment, we should continue to benefit from the U.S. land recovery. "Forum expects diluted loss per share for the second quarter 2017 of $0.12 to $0.09 and revenue growth of 12-15%." Forum’s Board of Directors appointed Mr. Prady Iyyanki as President and Chief Executive Officer, effective May 16, 2017. Mr. Iyyanki currently serves as President and Chief Operating Officer. Mr. C. Christopher Gaut, the current Chairman and Chief Executive Officer, will become Executive Chairman. We have received orders thus far in 2017 for over 250,000 horsepower of J-Mac hydraulic fracturing power ends. Forum was rated #1 by customers in EnergyPoint Research’s most recent Oilfield Products & Servicers Customer Satisfaction Survey in Cementing Equipment. Forum's conference call is scheduled for Friday, April 28, 2017 at 9:00 AM CDT. During the call, the Company intends to discuss first quarter 2017 results. To participate in the earnings conference call, please call 855-757-8876 within North America, or 631-485-4851 outside of North America. The access code is 2505178. The call will also be broadcast through the Investor Relations link on Forum’s website at www.f-e-t.com. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. A replay of the call will be available for two weeks after the call and may be accessed by dialing 855-859-2056 within North America, or 404-537-3406 outside of North America. The access code is 2505178. Forum Energy Technologies is a global oilfield products company, serving the drilling, subsea, completions, production and infrastructure sectors of the oil and natural gas industry. The Company’s products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe. For more information, please visit www.f-e-t.com. Forward Looking Statements and Other Legal Disclosure This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release. These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and gas industry, governmental regulation and taxation of the oil and natural gas industry, the company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company's business, and other important factors that could cause actual results to differ materially from those projected as described in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.


News Article | April 25, 2017
Site: www.prweb.com

Effective April 19, 2017, Mako Oilfield Services, LLC. (MAKO), has acquired Drilling Industry Inspection Services, LLC., (DIIS). DIIS is a leading provider of Third Party Inspection Services. DIIS offers a turn-key package of Inspection services that include, Certified Welding and NACE Inspectors, Marine Riser Inspections/Cleaning Services, Rig Reactivation and Audit Services as well as Upgrade Project Management with a focus on Subsea Well Control Systems. Mr. Mark Provine, current Chief Executive Officer at MAKO, will maintain his role as CEO role over the combined companies and Mr. Steve Lykins will also maintain his role of President. DIIS’ founder, Reg Powell will head this new division as Director of Inspection Services. “The acquisition will further strengthen our position in the Oil & Gas, Petrochemical and Pipeline Industries. Our goal is to offer our customers a turnkey package on their project needs.” stated Reg Powell. “The combination of DIIS’s Third Party Inspection and Mako’s Subsea Tubing and Controls Systems will provide our Customers with a wider array of services from one essential supplier.” The combined companies will be headquartered in Houston, Tx. with satellite offices in Singapore and Aberdeen. “As our industry gains momentum and more rigs are placed back into service, the combination of capabilities offer exciting opportunities for all, including our customers, suppliers and employees,” stated Mr. Mark Provine, CEO. “From day one, we intend to offer access to all of the resources and skills of both companies to our current and future customers.” MAKO OILFIELD SERVICES, founded in January 2017 by a former owner and team members of Total Instrumentation & Controls, (TIC) that sold to Proserv in 2012. MAKO provides high quality products and technical services to the oil, gas and petrochemical industries worldwide. Founded in 2017 and based in Houston, TX, MAKO provides domestic and international professional quality installation and maintenance on the most mission critical control systems and equipment. Whether trouble shooting, repairing equipment, providing upgrades or supporting new construction, MAKO executes with the most experienced Instrument Fitters, Electricians, Welders, Pipefitters, Mechanical Assemblers in the world. For additional information, visit http://www.makooilfield.com. Drilling Industry Inspection Services specializes in Drilling and Well Control Equipment inspection services worldwide. Third-party quality control inspection of fabrication for Welding and NDT, also as well as inspection of bolting and painting of structural steel and piping. DIIS provides Quality Control (QA/QC) inspectors who are qualified inspectors (e.g., CWI & NDT). Founded in 2014. For additional information, visit http://www.diinspection.com.


News Article | April 25, 2017
Site: globenewswire.com

Strong Start to 2017 with Increased Guidance due to Increased Profitability and Cash Flow Strategic MOU with Saudi Aramco Supports Leadership Position in the Middle East Implementation Underway of First-of-its-Kind Software Platform to Deliver Best Industry Solutions for Project Lifecycle Acquisition and Sale Leaseback of Deepwater Pipelay and Construction Vessel Amazon Continued Focus on Company Taking the Lead Safety Culture led to 1-year LTI Free Company Wide Company to Host Conference Call and Webcast Today at 7:30 a.m. Central Time HOUSTON, April 25, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) (“McDermott,” the “Company,” “we” or “us”) today announced financial and operational results for the first quarter ended March 31, 2017. “McDermott saw a profitable and strategic start to 2017 and I am extremely pleased with our first quarter performance.  Excellent project execution and customer alignment led to cost savings, better than anticipated closeouts and customer driven change orders, driving McDermott’s profitability.  Over the past few years, we have worked to stabilize and optimize the business and are now taking long-term strategic steps to transform McDermott for sustainability and growth,” said David Dickson, President and Chief Executive Officer of McDermott.  “During the first quarter, we signed a strategic Memorandum of Understanding (“MOU”) with Saudi Aramco for a land lease at the new maritime facility at Ras Al Khair in Saudi Arabia, which we believe strengthens our leadership position in the Middle East.  We announced the strategic acquisition and sale leaseback of the Amazon vessel to build our ultradeepwater capabilities when upgraded as planned; and we also began implementation of a first-of-its-kind project lifecycle management software platform that will leverage data and analytics to improve efficiency and productivity and create a digital twin to mirror the as-built physical state with a living, up-to-date 3D model.  This new technology will position McDermott as a valued partner for our customers from concept to decommissioning.  Additionally, with continued focus on our Taking the Lead quality and safety culture, we achieved an outstanding full year LTI-free as a company.  While there were limited material contracts awarded in our market during the quarter, we still see a solid revenue pipeline, and these strategic investments help position McDermott for continued success as the market recovers.” First quarter 2017 earnings attributable to McDermott stockholders, computed in accordance with U.S. generally accepted accounting principles (“GAAP”), were $21.9 million, or $0.08 per fully diluted share, compared to a net loss of $2.2 million, or $0.01 per fully diluted share, for the prior-year first quarter.  We generated first quarter 2017 net income of $21.9 million, or $0.08 per fully diluted share, for which there were no adjustments from GAAP, compared to an adjusted net income of $36.3 million, or $0.13 per adjusted fully diluted share, excluding restructuring charges of $6.4 million and impairment charges of $32.3 million, in the prior-year first quarter. The Company reported first quarter 2017 revenues of $519.4 million, a decrease of $209.6 million, compared to revenues of $729.0 million for the prior-year first quarter.  The key projects driving revenue for the first quarter of 2017 were the ONGC Vashishta, Saudi Aramco Long Term Agreement II (“LTA II”), KJO Hout and INPEX Ichthys projects. The decrease from the prior-year first quarter is primarily due to reduced activity on Ichthys as the project progresses through the installation phase. Our operating income for the first quarter of 2017 was $56.0 million, or an operating margin of 10.8%, compared to $36.0 million, or an operating margin of 4.9%, for the first quarter of 2016.  Our operating income for the first quarter of 2017 was $56.0 million, or an operating margin of 10.8%, for which there were no adjustments from GAAP, compared to $74.7 million, or an adjusted operating margin of 10.2%, for the first quarter of 2016, excluding the restructuring charges and impairment mentioned above.  Operating income for the first quarter of 2017 was primarily driven by fabrication and marine activity under the Saudi Aramco LTA II, marine activity on Karan-45 and progress on the Marjan power system replacement, fabrication activity on Yamal and fabrication on Abkatun-A2. These activities were partially offset by a decrease in activity on Ichthys and a decrease in active projects in AEA compared to the same quarter last year. Cash provided by operating activities in the first quarter of 2017 was $48.5 million, a decrease compared to the $59.3 million of cash provided in the first quarter of 2016. The decrease was primarily driven by higher receivable collections from Pemex in the first quarter of 2016 compared to the first quarter of 2017. We report financial results under three reportable segments consisting of (1) the Americas, Europe and Africa (“AEA”), (2) the Middle East (“MEA”) and (3) Asia (“ASA”). We also report certain corporate and other non-operating activities under the heading “Corporate and Other”. Corporate and Other primarily reflects costs that are not allocated to our reportable segments. In the first quarter of 2017, we implemented changes to our financial reporting structure to better align with how we operate the business. Corporate expenses, certain centrally managed initiatives (such as restructuring charges), impairments, year-end mark-to-market (“MTM”) pension actuarial gains and losses, costs not attributable to a particular reportable segment, and unallocated direct operating expenses associated with the underutilization of vessels, fabrication facilities and engineering resources, are no longer apportioned to our reportable segments. Those expenses are now reported under “Corporate and Other”. As of March 31, 2017, the Company’s backlog was $3.9 billion, compared to $4.3 billion at December 31, 2016. Of the March 31, 2017 backlog, approximately 85% was related to offshore operations and approximately 15% was related to subsea operations. Order intake in the first quarter of 2017 totaled $96 million, resulting in a book-to-bill ratio of 0.2x.  At March 31, 2017, the Company had bids outstanding and target projects of approximately $3.1 billion and $12.6 billion, respectively, in its pipeline that it expects will be awarded in the market through June 30, 2018.  In total, the Company’s potential revenue pipeline, including backlog, was $19.6 billion as of March 31, 2017. In the Americas, Europe and Africa (“AEA”) Area, during the first quarter of 2017, detail design and fabrication of the compression platform for the Abkatun-A2 project progressed with the project continuing to advance on schedule.  Front-end engineering and design (“FEED”) and early detailed engineering for a Caribbean gas development continued throughout the quarter and is progressing ahead of plan.  During the quarter, we were awarded the Hess Penn State subsea scope, which includes installation of a rigid pipeline that is scheduled to be fabricated in our Gulfport Spoolbase and reeled onto the NO 105 for installation offshore.  The project scope also includes installation of a 4,500 foot umbilical and four electrical flying leads, fabrication and installation of two pipeline end terminations (“PLETS”) and pipeline pre-commissioning and system start-up support. In our Altamira fabrication yard, upgrades to increase skidway and loadout capabilities are substantially complete, and the blast and paint facility foundations and framing have been installed. These upgrades are on track for completion early in the second quarter of 2017. In the Middle East (“MEA”) Area, fabrication activity increased steadily through the first quarter, with the Jebel Ali and Dammam facilities operating at high levels of utilization.  Regional marine assets continued to operate in Qatar, Saudi Arabia and the Khafji Neutral Zone.  Qatar marine activity was focused on the RasGas Flow Assurance and Looping project, with the umbilical installation scope completed ahead of schedule.  Additionally, the DLV 2000 has now relocated to the Middle East, where she is expected to remain busy on existing contracts for most of 2017.  Installation of the KJO Hout structures was completed during the quarter, with pipeline activity and platform hook up and commissioning still remaining.  Project completion is still expected in the second quarter of 2017.  Engineering and procurement on the Saudi Aramco Lump Sum LTA II project are in the final stages, with focus now transitioning to fabrication.  Progress on the three Saudi Aramco projects awarded in the second quarter of 2016 remains on target.  The Safaniya Phase 5 and 4 Jackets and 3 Observation Platforms projects are in the engineering and procurement phases, with both slightly ahead of the overall planned progress. The Area’s exceptional QHSES performance was maintained through the quarter, now reaching 54 million man hours lost time incident (“LTI”) free. In the Asia (“ASA”) Area, during the first quarter of 2017, the LV 108 carried out subsea construction and pre-commissioning works to prepare for the arrival of the floating facilities on the INPEX Ichthys project.  Also on Ichthys, we continued working collaboratively with INPEX and the supplier to rectify the subsea connector component issue identified in January 2017.  Engineering, procurement and fabrication of the pre-lay structures, in-line tees (“ILTs”) and PLETs for the Woodside Greater Western Flank Phase 2 pipeline project commenced in February, and the project is progressing on schedule.  In India, the ONGC Vashishta project continues to achieve significant progress with the completion of the shallow water section of pipelines and umbilical installation by the DB 30.  The fabrication of pipe stalks for the deepwater pipelay was completed utilizing McDermott’s mobile spoolbase in our consortium partner Larsen & Toubro’s fabrication yard in Kattupalli, along with the first and second loadouts onboard the NO 105.  The NO 105 also completed the installation of the first two deepwater pipeline sections and continues to install the remaining two.  The DB 30 is scheduled to mobilize at the end of April 2017 for the Brunei Shell Petroleum offshore pipelines installation.  In our Batam fabrication yard, fabrication of the modules for the Yamal LNG project is reaching the final completion stage with sailaway scheduled in April 2017.  Also in Batam, the fabrication of 14 jackets for Saudi Aramco is progressing well, with 3 of the 14 jackets complete and sailed on a fast transport vessel to Ras Tanura, Saudi Arabia. In the first quarter of 2017 for Corporate and Other, costs were mainly attributable to selling, general, and administrative costs of $12.9 million and unallocated direct operating expenses of $27.3 million. Unallocated direct operating expenses were primarily driven by the underutilization of marine assets which incurred less than standard activity during the first quarter. These expenses were offset by a gain of $3.4 million on the sale of certain thrusters. The increase in 2017 guidance is mainly attributable to increased profitability and cash flow due to closeouts from excellent project execution in the first quarter of 2017, as well as customer driven change orders awarded this quarter.  While we expect change orders, close-outs and settlements to continue as part of our normal business activities, the period in which they are recognized is largely driven by the finalization of agreements with customers and suppliers and, as a result, is difficult to predict.  We previously reported it was reasonably possible costs on the INPEX Ichthys project could increase by an additional $10 million due to a failure identified in a supplier-provided subsea-pipe connector component, which had previously been installed. However, we have continued to mitigate the $10 million risk and now believe the range of reasonably possible additional costs has decreased to $5 million. Costs forecasted under Corporate and Other include $115 million of unallocated direct operating expenses resulting from the expected underutilization of our marine assets during 2017. Weighted average common shares outstanding on a fully diluted basis were approximately 282.3 million and 239.1 million for the quarters ended March 31, 2017 and 2016, respectively.  Additional shares of 38.0 million related to the Tangible Equity Units (“TEUs”), as well as other potentially dilutive shares, were included in the quarterly dilution calculation for the quarter ended March 31, 2017.  Subsequent to quarter end, on or about April 3, 2017, we delivered 40.8 million shares of our common stock related to the settlement of the TEUs. McDermott has scheduled a conference call and webcast related to its first quarter 2017 results today at 7:30 a.m. U.S. Central Time.  Interested parties may listen over the Internet through a link posted in the Investor Relations section of McDermott’s website. A replay of the webcast will be available for seven days after the call and may be accessed by dialing (855) 859-2056, Passcode 2104294. In addition, a presentation will be available on the Investor Relations section of McDermott’s website that contains supplemental information on McDermott’s financials, operations and 2017 Guidance. McDermott is a leading provider of integrated engineering, procurement, construction and installation (“EPCI”), front-end engineering and design (“FEED”) and module fabrication services for upstream field developments worldwide. McDermott delivers fixed and floating production facilities, pipelines, installations and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons.  Our customers include national and major energy companies.  Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 13,500 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver.  McDermott has served the energy industry since 1923, and shares of its common stock are listed on the New York Stock Exchange. To learn more, please visit our website at www.mcdermott.com This press release includes several “non-GAAP” financial measures as defined under Regulation G of the U.S. Securities Exchange Act of 1934, as amended. We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), but believe that certain non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of those operations. Non-GAAP measures are comprised of the total and diluted per share amounts of adjusted net income (loss) attributable to the Company and adjusted operating income and operating income margin for the Company, in each case excluding the impact of certain identified items.  The excluded items represent items that our management does not consider to be representative of our normal operations.  We believe that total and diluted per share adjusted net income (loss) and adjusted operating income and operating margin are useful measures for investors to review because they provide a consistent measure of the underlying financial results of our ongoing business and, in our management’s view, allows for a supplemental comparison against historical results and expectations for future performance. Furthermore, our management uses adjusted net income (loss) and adjusted operating income as a measure of the performance of our operations for budgeting and forecasting, as well as employee incentive compensation. However, Non-GAAP measures should not be considered as substitutes for operating income, net income or other data prepared and reported in accordance with GAAP and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP. The Forecast non-GAAP measures we have presented in this press release include forecast free cash flow, adjusted free cash flow and EBITDA, in each case excluding the impact of certain identified items. We believe these forward-looking financial measures are within reasonable measure.  We define “free cash flow” as cash flows from operations less capital expenditures.  We believe investors consider free cash flow as an important measure, because it generally represents funds available to pursue opportunities that may enhance shareholder value, such as making acquisitions or other investments.  Our management uses free cash flow for that reason.  Additionally, adjusted free cash flow represents free cash flow plus cash expected as a result of the sale leaseback arrangement for the acquisition of the Amazon vessel.  We define EBITDA as net income plus depreciation and amortization, interest expense, net, and provision for income taxes.  We have included EBITDA disclosures in this press release because EBITDA is widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry.  Our management also uses EBITDA to monitor and compare the financial performance of our operations.  EBITDA does not give effect to the cash that we must use to service our debt or pay our income taxes, and thus does reflect the funds actually available for capital expenditures, dividends or various other purposes.  In addition, our presentation of EBITDA may not be comparable to similarly titled measures in other companies’ reports.   You should not consider EBITDA in isolation from, or as a substitute for, net income or cash flow measures prepared in accordance with U.S. GAAP. Reconciliations of these non-GAAP financial measures and forecast non-GAAP financial measures to the most comparable GAAP measures are provided in the tables set forth at the end of this press release. In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about backlog, bids and change orders outstanding, target projects and revenue pipeline, to the extent these may be viewed as indicators of future revenues or profitability, our beliefs with respect to the expected benefits to be derived from recent strategic activities, including the MOU signed with Saudi Aramco, the planned upgrades to the Amazon and the implementation of the project lifecycle management software platform, the expected scope, execution and timing associated with the projects discussed, the expected timing of upgrades to our Altamira fabrication yard, the expected utilization of the DLV 2000, McDermott’s earnings and other guidance for 2017 and expectations related to the guidance, expectations with respect to change orders, close-outs and settlements,  our expectations with respect to the range of additional costs on the Ichthys project related to the subsea-pipe connector component issue identified in January 2017 and the expected underutilization of our marine assets in 2017. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings.  If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected.  You should not place undue reliance on forward looking statements.  For a more complete discussion of these and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2016 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

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