McDermott records loss, warns of 2001 earnings
Saturday, February 24 2001 - 04:30 AM WIB
American energy services and construction company McDermott International Inc reported on Friday a net loss of US$25.5 million for the fourth quarter of the year, as against a loss of $23.2 million in the year-earlier period.
The drop came largely because of lower income from its marine construction business, the company said in the financial statement obtained by Petromindo.Com
The New Orleans-based company also warned that its net results were likely "below break even, reflecting continued low marine construction volume.".
The company projected in November last year that the volume of its marine construction work in the fourt quarter of last year and the first quarter of this year was expected to be 20 percent below the volume reported in the third quarter of last year following the completion of the 650-kilometer gas pipeline connecting the West Natuna area in the South China Sea to Singapore.
"Under these conditions, it is not likely that the marine construction segment will generate sufficient revenues to cover its costs in either the December 2000 quarter of March 2001 quarter," the company said in the financial statement released in November last year. (Bodega)