McDermott International, Inc. Thursday reported a $50 million net loss for the quarter ended March 31, 2014.
Net results fell from a $21 million profit last year for the same period.
Its operating loss for the quarter was $42 million.
McDermott reported first quarter revenues of $604 million, a decrease of 25% percent compared to revenues of $807 million in the same period in 2013.
McDermott’s shares were down more than 5% mid-day Thursday on the New York Stock Exchange.
David Dickson, president and CEO of McDermott said, “With the support and confidence of our lenders and investors, we completed our new financing arrangements in April; we improved focus on business accountability and customer relationships; and we completed our remaining first-of-a-kind projects in Malaysia and Brazil.”
As of March 31, 2014, McDermott’s backlog was $4.4 billion, compared to $4.8 billion at December 31, 2013.
About 42% of the backlog related to offshore operations and 58% related to subsea operations, McDermott said.