McDermott International sales up

McDermott International reported sales for the first quarter of US$ 1.49 billion, up +3% on the US$ 1.45 billion recorded 12 months previously. Pre-tax profits for the quarter fell -25.6% to US$ 121 million, down from US$ 163 million reported for the same period in 2008.

The order backlog in the first quarter fell -1.9% to US$ 10 billion, down from US$ 10.2 billion 12 months previously.

"Considering the uncertainty in the global economy I am pleased with the first quarter results," said CEO John Fees. "The company's backlog is near record levels at US$ 10 billion and we will see the end of problematic pipeline projects later this year.

"The company has work to do, and short term challenges still exist, but I am confident McDermott is suitably positioned and progressing well in what's a difficult environment," said Mr Fees.