McDermott International, Inc. -- Moody's Says McDermott's Strong Order Intake is Credit Positive

New York, July 28, 2016 -- Moody's Investors Service said McDermott International, Inc. (B1 stable) reported second quarter financial results on July 26, 2016 and disclosed that it booked $1.2 billion in orders during the quarter ended June 2016. The strong order intake raised its backlog to $4.4 billion with $2.4 billion of that backlog expected to be executed in 2017. That is an increase of $900 million versus the 2017 backlog reported at the end of March 2016 and establishes a solid base of revenues despite the weak spending environment for oil & gas exploration and production.

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