McDermott International said its revenue more than doubled in the second quarter, boosted by strong revenue recognition from the $34 billion Inpex Ichthys LNG project in Australia.
The company’s second quarter revenue spiked to $1.05 billion, an increase of $570.5 million compared to the same period a year ago.
“Revenues for the second quarter were positively impacted by strong revenue recognition at the Inpex Ichthys project, Brunei Shell Petroleum project and three Middle East projects,” the company said in a statement..
McDermott reported second quarter net income of $11.5 million, compared to a net loss of $7.4 million in the prior-year quarter.
“The Ichthys project achieved all the agreed-upon milestones during the quarter, remaining on schedule and profitable,” the company said.
McDermott’s construction support vessel 108 arrived infield at the end of the second quarter and commenced its extensive marine campaign, it added.
LNG World News Staff; Image: McDermott