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Axcelis Announces Financial Results for Second Quarter 2026

Published

2 months ago

on

Q2 2026 Highlights:

Revenue of $215.2 millionGAAP Gross Margin of 42.4%, and Non-GAAP Gross Margin of 42.7%GAAP Operating Margin of 9.4% and Non-GAAP Operating Margin of 14.7%GAAP Diluted Earnings Per Share of $0.75, and Non-GAAP Diluted Earnings Per Share of $1.06

BEVERLY, Mass., Aug. 6, 2026 /PRNewswire/ — Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter ended June 30, 2026.

President and CEO Russell Low commented, “We executed well in the second quarter, delivering results that exceeded our forecasts driven by stronger system shipments and higher CS&I volume.” Low continued, “Demand in the Memory market remains robust, and we are also benefitting from positive momentum in our Power market. In General Mature, we are encouraged by improving engagement and utilization trends as customers respond to growing end-demand in data center, industrial and automotive segments. As a result, we now expect to deliver year-over-year revenue growth in 2026, with momentum carrying through to 2027. We are focused on satisfying the remaining conditions to complete our pending merger with Veeco and look forward to closing the transaction in the second half of 2026.”

Senior Vice President and Interim CFO David Ryzhik stated, “Axcelis delivered better than expected revenue and operating income in our second quarter, reflecting the attractive operating leverage in our business.” Ryzhik concluded, “With improving systems demand in our markets and continued strength in our CS&I aftermarket business, we anticipate that Axcelis’ financial performance will continue to improve over the balance of 2026.”

Results Summary

(In thousands, except per share amounts and percentages)

Three months ended June 30,

2026

2025

Revenue

$

215,175

$

194,544

Gross margin

42.4 %

44.9 %

Operating margin

9.4 %

14.9 %

Net income

$

23,291

$

31,376

Diluted earnings per share

$

0.75

$

0.98

Non-GAAP Results

Three months ended June 30,

2026

2025

Non-GAAP gross margin

42.7 %

45.2 %

Non-GAAP operating margin

14.7 %

17.7 %

Adjusted EBITDA

$

35,972

$

38,872

Non-GAAP net income

$

32,968

$

36,013

Non-GAAP diluted earnings per share

$

1.06

$

1.13

Business Outlook
For the third quarter ending September 30, 2026, Axcelis expects revenues of approximately $230 million, GAAP earnings per diluted share of approximately $0.76, and non-GAAP earnings per share of approximately $1.11.

Please refer to Third Quarter 2026 Outlook under the “Notes on our Non-GAAP Financial Information” section of this document for detail relating to the computation of non-GAAP earnings per diluted share as well as the Safe Harbor Statement section of this document.

Second Quarter 2026 Conference Call
The Company will host a call to discuss the results for the second quarter 2026 today at 8:30 a.m. ET. The call will be available via webcast that can be accessed through the Investors page of Axcelis’ website at www.axcelis.com, or by registering as a participant here:
https://register-conf.media-server.com/register/BIf61211144e3b4baeb4c13ba3b1f529fa
Webcast replays will be available for 30 days following the call.

Use of Non-GAAP Financial Results
This press release includes financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“non-GAAP financial measures”). These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP income tax provision, Adjusted EBITDA, non-GAAP net income, and non-GAAP diluted earnings per share, and reflect adjustments for the impact of share-based compensation expense, certain items related to restructuring and severance charges and any associated adjustments and transaction and integration costs associated with the merger agreement with Veeco Instruments announced on October 1, 2025.

Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

For further information regarding these non-GAAP financial measures, please refer to the tables presenting reconciliations of our non-GAAP results to our GAAP results and the “Notes on Our Non-GAAP Financial Information” at the end of this press release.

Safe Harbor Statement
This press release contains, and the conference call will contain, forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management’s current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions, including with respect to the imposition of tariffs on our products or components of our products, could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 45 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

CONTACTS:

Investor Relations Contact:
David Ryzhik
Senior Vice President and Interim CFO
Telephone: (978) 787-2352
Email: David.Ryzhik@axcelis.com

Press/Media Relations Contact:
Maureen Hart
Senior Director, Corporate & Marketing Communications
Telephone: (978) 787-4266
Email: Maureen.Hart@axcelis.com

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three months ended 

Six months ended

June 30,

June 30,

2026

2025

2026

2025

Revenue:

Product

$

200,488

$

183,402

$

388,497

$

366,226

Services

14,687

11,142

25,634

20,881

Total revenue

215,175

194,544

414,131

387,107

Cost of revenue:

Product

106,998

95,462

212,734

189,962

Services

16,988

11,739

29,627

21,034

Total cost of revenue

123,986

107,201

242,361

210,996

Gross profit

91,189

87,343

171,770

176,111

Operating expenses:

Research and development

28,977

27,064

57,493

54,192

Sales and marketing

19,554

15,003

36,908

30,127

General and administrative

22,377

16,311

49,138

33,668

Total operating expenses

70,908

58,378

143,539

117,987

Income from operations

20,281

28,965

28,231

58,124

Other income (expense):

Interest income

4,575

5,481

9,037

11,082

Interest expense

(1,263)

(1,355)

(2,554)

(2,722)

Other, net

1,755

1,906

1,259

1,597

Total other income

5,067

6,032

7,742

9,957

Income before income taxes

25,348

34,997

35,973

68,081

Income tax provision

2,057

3,621

3,468

8,126

Net income

$

23,291

$

31,376

$

32,505

$

59,955

Net income per share:

Basic

$

0.76

$

0.99

$

1.06

$

1.87

Diluted

$

0.75

$

0.98

$

1.05

$

1.87

Shares used in computing net income per share:

Basic weighted average shares of common stock

30,805

31,847

30,764

32,051

Diluted weighted average shares of common stock

31,134

31,882

31,084

32,103

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

June 30,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$

154,996

$

145,451

Short-term investments

247,220

228,802

Accounts receivable, net

154,149

168,479

Inventories, net

338,174

329,010

Prepaid income taxes

4,863

4,658

Prepaid expenses and other current assets

80,369

66,802

Total current assets

979,771

943,202

Property, plant and equipment, net

58,022

56,146

Operating lease assets

27,568

28,927

Finance lease assets, net

13,516

14,154

Long-term restricted cash

10,633

10,627

Deferred income taxes

78,815

79,895

Long-term investments

174,829

182,396

Other assets

43,684

46,004

Total assets

$

1,386,838

$

1,361,351

Current liabilities:

Accounts payable

$

58,807

$

42,309

Accrued compensation

20,010

34,233

Warranty

9,634

9,516

Income Taxes

2,833

11,383

Deferred revenue

81,679

65,494

Current portion of finance lease obligation

1,722

1,575

Other current liabilities

25,416

33,150

Total current liabilities

200,101

197,660

Long-term finance lease obligation

39,845

40,754

Long-term deferred revenue

36,863

43,445

Other long-term liabilities

44,208

44,815

Total liabilities

321,017

326,674

Stockholders’ equity:

Common stock, $0.001 par value, 75,000 shares authorized; 30,881 shares issued and
outstanding at June 30, 2026; 30,717 shares issued and outstanding at December 31, 2025

31

31

Additional paid-in capital

536,152

533,309

Retained earnings

536,044

503,539

Accumulated other comprehensive loss

(6,406)

(2,202)

Total stockholders’ equity

1,065,821

1,034,677

Total liabilities and stockholders’ equity

$

1,386,838

$

1,361,351

 

Axcelis Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

2026

2025

2026

2025

Cash flows from operating activities

Net income

$

23,291

$

31,376

$

32,505

$

59,955

Adjustments to reconcile net income to net cash provided by operating
activities:

Depreciation and amortization

4,439

4,515

8,875

8,824

Stock-based compensation expense

6,425

5,421

11,324

10,324

Other

(645)

(9,335)

3,160

(11,017)

Change in other assets and liabilities, net

(15,137)

7,750

(19,352)

11,436

Net cash provided by operating activities

18,373

39,727

36,512

79,522

Cash flows from investing activities

Expenditures for property, plant and equipment and capitalized software

(3,554)

(1,985)

(5,393)

(6,945)

Other changes in investing activities, net

(2,543)

(2,628)

(11,343)

42,801

Net cash (used in) provided by investing activities

(6,097)

(4,613)

(16,736)

35,856

Cash flows from financing activities

Repurchase of common stock

(244)

(45,337)

(244)

(63,515)

Other changes from financing activities, net

(7,608)

(1,650)

(9,005)

(3,582)

Net cash used in financing activities

(7,852)

(46,987)

(9,249)

(67,097)

Effect of exchange rate changes on cash and cash equivalents

(252)

1,643

(976)

1,935

Net increase (decrease) in cash, cash equivalents and restricted cash

4,172

(10,230)

9,551

50,216

Cash, cash equivalents and restricted cash at beginning of period

161,457

191,510

156,078

131,064

Cash, cash equivalents and restricted cash at end of period

$

165,629

$

181,280

$

165,629

$

181,280

 

Axcelis Technologies, Inc. 

Schedule Reconciling Selected Non-GAAP Financial Measures

(In thousands, except per share amounts)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

GAAP gross Profit

$

91,189

$

87,343

$

171,770

$

176,111

Restructuring1

—

—

—

226

Stock-based compensation

755

569

1,197

922

Non-GAAP gross profit

$

91,944

$

87,912

$

172,967

$

177,259

Non-GAAP gross margin

42.7 %

45.2 %

41.8 %

45.8 %

GAAP operating expense

$

70,908

$

58,378

$

143,539

$

117,987

Transaction and integration2

(4,827)

—

(15,225)

(481)

Bad debt expense

—

—

(65)

—

Restructuring1

—

29

—

(894)

Stock-based compensation

(5,670)

(4,852)

(10,127)

(9,402)

Non-GAAP operating expense

$

60,411

$

53,555

$

118,122

$

107,210

GAAP operating income

$

20,281

$

28,965

$

28,231

$

58,124

Transaction and integration2

4,827

—

15,225

481

Bad debt expense

—

—

65

—

Restructuring1

—

(29)

—

1,120

Stock-based compensation

6,425

5,421

11,324

10,324

Non-GAAP operating income

$

31,533

$

34,357

$

54,845

$

70,049

Non-GAAP operating margin

14.7 %

17.7 %

13.2 %

18.1 %

GAAP income tax provision

$

2,057

$

3,621

$

3,468

$

8,126

Income tax effect of non-GAAP
adjustments3 

1,575

755

3,726

1,670

Non-GAAP income tax provision

$

3,632

$

4,376

$

7,194

$

9,796

GAAP net income

$

23,291

$

31,376

$

32,505

$

59,955

Transaction and integration2

4,827

—

15,225

481

Bad debt expense

—

—

65

—

Restructuring1

—

(29)

—

1,120

Stock-based compensation

6,425

5,421

11,324

10,324

Income tax effect of non-GAAP
adjustments3 

(1,575)

(755)

(3,726)

(1,670)

Non-GAAP net income

$

32,968

$

36,013

$

55,393

$

70,210

GAAP diluted EPS

$

0.75

$

0.98

$

1.05

$

1.87

Transaction and integration2

0.16

—

0.49

.01

Bad debt expense

—

—

—

—

Restructuring1

—

—

—

0.03

Stock-based compensation

0.21

0.17

0.36

0.32

Income tax effect of non-GAAP
adjustments3 

(0.05)

(0.02)

(0.12)

(0.05)

Non-GAAP diluted EPS

$

1.06

$

1.13

$

1.78

$

2.19

Note 1:

Restructuring and other costs primarily related to early retirement programs and severance costs, due to global cost-saving initiatives.

Note 2:

Transaction and integration costs include expenses associated with the merger agreement with Veeco Instruments, announced on October 1, 2025. Transaction and integration costs for the six months ended June 30, 2025 include $481,000 of expenses that were not reflected as a GAAP to Non-GAAP reconciliation line item when the Company reported second quarter 2025 results, given that they occurred prior to transaction announcement on October 1, 2025.

Note 3:

Impact of taxes from non-GAAP adjustments, uses adjusted tax rate of 14%.

Figures may not sum due to rounding.

 

Axcelis Technologies, Inc.

Reconciliation of Net Income to Adjusted EBITDA

(In thousands, except percentages)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net Income

$

23,291

$

31,376

$

32,505

$

59,955

Other (income)/expense

(5,067)

(6,032)

(7,742)

(9,957)

Income tax provision

2,057

3,621

3,468

8,126

Depreciation & amortization

4,439

4,515

8,875

8,824

Subtotal

24,720

33,480

37,106

66,948

Transaction and integration1

4,827

—

15,225

481

Bad debt expense

—

—

65

—

Restructuring2

—

(29)

—

1,120

Stock-based compensation

6,425

5,421

11,324

10,324

Adjusted EBITDA

$

35,972

$

38,872

$

63,720

$

78,873

Adjusted EBITDA margin

16.7 %

20.0 %

15.4 %

20.4 %

Note 1:

Transaction and integration costs for the six months ended June 30, 2025 include $481,000 of expenses that were not reflected as a GAAP to Non-GAAP reconciliation line item when the Company reported second quarter 2025 results, given that they occurred prior to transaction announcement on October 1, 2025.

Note 2:

Restructuring and other costs primarily related to early retirement programs and severance costs, due to global cost-saving initiatives.

 

Axcelis Technologies, Inc.

Third Quarter 2026 Outlook

GAAP to Non-GAAP Diluted Earnings Per Share

Three months ended

September 30, 2026

GAAP diluted EPS

$

0.76

Transaction and Integration1

0.19

Stock-based compensation

0.21

Income tax effect of non-GAAP adjustments2

(0.06)

Non-GAAP diluted EPS

$

1.11

Note 1:

Transaction and Integration costs include expenses associated with the merger agreement with Veeco Instruments, announced on October 1, 2025.

Note 2:

Impact of taxes from non-GAAP adjustments, uses adjusted tax rate of 14%.

Figures may not sum due to rounding.

 

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SOURCE Axcelis Technologies, Inc.

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FutureSports to create world’s first broad-based indexes on MLB team performance

Published

52 minutes ago

on

September 21, 2026

By

Exclusive agreement paves the way for CME FSPI baseball futures

CHICAGO, Sept. 21, 2026 /PRNewswire/ — FutureSports, the independent index administrator transforming professional and college sports statistics into rules-based, benchmark financial indexes, today announced an agreement with Major League Baseball (MLB) to create first-of-their-kind indexes on baseball team performance. Under the agreement, MLB will provide FutureSports with Official League Data that the company will use to create new broad-based CME FutureSports Performance Indexes (FSPI) on each of the 30 MLB clubs.

The agreement paves the way for CME Group to list weekly, monthly and quarterly cash-settled futures contracts, pending regulatory review, based on the CME FSPI MLB benchmarks.

CME FSPI are designed to systematically measure the cumulative performance of teams in prominent sports leagues. The play-by-play benchmark indexes will provide hedging vehicles and investment opportunities.

Rhett Dinsdale, Co-Founder of FutureSports, said: “We’re thrilled to collaborate with MLB to create indexes on America’s beloved sport. The business of baseball has grown significantly over the years, and we aim to provide a new way for the industry participants to hedge their capital exposures.”     

FutureSports and CME Group are committed to maintaining the highest standards of integrity and transparency. CME FSPI are administered using transparent, rules-based methodologies derived from Official League Data, helping ensure that index values are determined objectively and independently. FutureSports and CME Group will work with MLB on integrity matters related to CME FSPI baseball futures contracts, establishing a framework to share information in a manner consistent with applicable law. MLB will have no involvement in the determination, calculation or governance of the indexes, which are the purview of FutureSports.

FutureSports and the National Hockey League (NHL) previously announced the creation of CME FSPI based on hockey team performance, and CME Group intends to launch futures contracts on the indexes on Sept. 28, pending regulatory review.

About FutureSports

Under development since 2022 and launched in 2026, Chicago-based FutureSports has created a proprietary index methodology for measuring on-field, on-ice and on-court performance for a range of professional sporting teams and athletes. Partnering with many of the most recognizable sports leagues and financial market participants, FutureSports transforms live, play-by-play statistical data into rules-based, benchmark indexes that may be referenced by exchange-listed financial products. The indexes are designed to serve the same benchmarking function as the leading equity, commodity and fixed income indexes utilized every day across major global exchanges to track performance and hedge risk in the financial markets. FutureSports administers the indexes independently, with formal governance, oversight and methodology change procedures designed to align with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks. For more information, visit www.futuresports.com.

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A New Episode of Advancements to Broadcast on Saturday, September 26 at 8:00 p.m. ET

Published

52 minutes ago

on

September 21, 2026

By

Discover how new technologies, tools, and approaches are addressing some of the greatest challenges facing society today.

JUPITER, Fla., Sept. 21, 2026 /PRNewswire/ — An upcoming episode of Advancements with Ted Danson is scheduled to broadcast on Saturday, September 26, 2026, at 8:00 pm ET. Tune in to Bloomberg Television to watch.

Across four featured segments, the program examines how organizations are responding to growing demands for infrastructure, sustainability, continuous healthcare, and more adaptable industrial systems. The episode opens with a look at the evolution of construction and megaproject delivery. As demand grows for semiconductor fabrication facilities, clean energy projects, advanced manufacturing, transportation, and other infrastructure, the construction industry faces pressure to deliver projects faster and at greater scale. Watch to discover how artificial intelligence, automation, project data, and other technologies are being applied to the construction industry and are empowering a new generation of skilled craft professionals, engineers, and project managers.

The program then turns to the challenge of making food packaging more recyclable. Packaging represents roughly one-third of municipal solid waste in the United States, while food packaging presents its own challenges, because of contamination, complex materials, and recycling systems that are not always equipped to process them. The segment examines how packaging design can influence recyclability. Industry experts explore approaches involving recyclable P.E.T. packaging, pad-less tray designs, and clearer consumer disposal information designed to support better recycling outcomes and a more circular materials economy.

Healthcare is the focus of the third segment, which examines the movement from episodic care toward more continuous care. While American healthcare provides highly advanced acute and specialty services, care is frequently organized around individual encounters, such as hospitalizations, physician visits, tests, and follow-ups. Learn about the clinical “white space” between those encounters and how remote monitoring, clinical intelligence, communication, and human decision-making can work together to provide greater visibility into a patient’s health journey. The segment will share how continuous specialty care can extend beyond traditional healthcare settings and into the home and will include patient stories illustrating the potential impact of earlier intervention and ongoing support.

The episode concludes with an examination of modernizing industrial control systems. Learn why the demands of AI, advanced analytics, and cybersecurity are changing what manufacturers need from their automation systems. The show will educate about the limitations of traditional closed control architectures, including vendor lock-in and interoperability challenges, as it introduces Open Process Automation (OPA) as an approach based upon open, standards-based architectures. Viewers will see how the technology can allow hardware and software from different suppliers to work together, giving manufacturers greater flexibility to upgrade and adapt their systems over time.

This episode examines how industries are adapting established systems to meet rapidly changing demands. From construction sites and food packaging facilities to patients’ homes and industrial plants, emerging technologies are being used alongside new operating models and human expertise to improve how complex systems function,” said Dustin Schwarz, programming director for the Advancements series.

Featured segments in this episode include Bechtel, Lucid Corp, Streamcare Group, and Collaborative Systems Integration (CSI).

About Advancements:
Advancements is an information-based educational television series that explores recent developments taking place across several industries and economies. With a focus on some of the major innovations responsible for global progress today, the award-winning series goes behind-the-scenes to discover and share how technology and innovation continue to drive the world forward.

For more information, please visit
www.AdvancementsTV.com
or call 866-496-4065.

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McDermott Completes Refinancing; Strengthens Capital Structure for Continued Growth

Published

52 minutes ago

on

September 21, 2026

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Refinancing includes completion of $500 million equity rights offering, $550 million Nordic bond issuance and new long-term Letter of Credit facility

HOUSTON, Sept. 21, 2026 /PRNewswire/ — McDermott International, Ltd (“McDermott” or the “Company”) today announced the successful completion of its comprehensive refinancing transaction, including a backstopped $500 million equity financing, a $550 million senior secured Nordic bond issuance and a new long-term letter of credit and guarantee facility.

The refinancing builds upon the Company’s strong operational and financial performance, including consistent project execution and disciplined bidding. This platform for long-term growth positions McDermott to execute its high-quality global backlog, pursue disciplined growth opportunities and advance its long-term strategy.

“This refinancing reflects the continued support and confidence our shareholders, lenders and bond investors have shown in our strategy, performance and future,” said Michael McKelvy, McDermott Chief Executive Officer and Chair of the Board of Directors. “We believe the successful completion of this transaction positions McDermott with the financial foundation to continue building on the momentum we’ve established through strong project delivery and a relentless focus on serving our customers.”

The completed refinancing consists of:

$500 million equity financing through a rights offering to existing shareholders, which was 97% subscribed by Class A ordinary shareholders and completed by the related backstop commitments,A $550 million senior secured bond issuance in the Nordic market due in 2031,A new long-term letter of credit and guarantee facility, andA revolving credit facility.

Collectively, these transactions are designed to extend McDermott’s maturity profile, further deleverage the balance sheet and provide long-term financing certainty.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 30 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits achieved through the completion of the refinancing. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

Global Media Relations
Reba Reid
+1 281 588 5636
RReid@McDermott.com

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SOURCE McDermott International, Ltd

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