Technology

McDermott Announces Second Quarter 2026 Results

Published

3 months ago

August 19, 2026

Strong Results Outperform 2026 Annual Business Plan
Positive Net Income of $41 million Achieved
Revenue of $2.3 billion
TTM Adjusted EBITDA Reaches $519 million

HOUSTON, Aug. 19, 2026 /PRNewswire/ — McDermott International, Ltd (“McDermott” or the “Company”) today announced financial results for the second quarter 2026.

For the three months ended June 30, 2026, revenue was $2.3 billion; adjusted EBITDA was $143 million; and cash flow used in operating activities was $76 million. Net income reached $41 million during the quarter. Backlog at quarter end was $15.8 billion. Trailing twelve months adjusted EBITDA was $519 million.

“Our strong performance during the quarter reflects the continued execution of our strategy and the disciplined delivery of our commitments to stakeholders. Positive net income, strong project delivery and successful awards demonstrate our ability to execute and the effectiveness of our strategy,” said Michael McKelvy, Chief Executive Officer and Chair of the Board of McDermott. “We also advanced the refinancing of our credit facilities, a testament to the confidence our lenders and investors have in our performance and long-term outlook. These achievements reinforce our confidence in McDermott’s ability to drive long-term growth and create enduring value for our stakeholders.”

For the rights offering (“offering”) announced on June 30, 2026, the subscription period concluded August 17, 2026, at 4:59 pm Eastern Time. Preliminary reports reflect that approximately 97% of rights for Class A ordinary shares were exercised. The Company expects to close the offering and issue shares purchased concurrently with the closing of the proposed refinancing transaction, which is expected to close in the third quarter 2026.

The Company will host its second quarter 2026 earnings conference call on Friday, August 21, 2026, at 9:00 a.m. CDT. Participants may join the call by dialing 773-799-3971 and providing the conference passcode 9132830.

The Company’s financial statements, supplemental information (including non-GAAP to GAAP reconciliations) and conference call recording will be available on its website at www.mcdermott.com/investors.

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 press release 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 backlog, to the extent backlog may be viewed as an indicator of future revenues, and the expected timing to close the offering and proposed refinancing transaction. 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.

Investor Contact:
Kevin Leader
Vice President, Treasurer
+1 281 870 5695
Kevin.leader@mcdermott.com

Media Contact:
Reba Reid
+1 281 588 5636
RReid@McDermott.com

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SOURCE McDermott International, Ltd

Technology

KeyStone Solutions Wins 2026 MSP 501 Vanguard Award for Innovation

Published

3 hours ago

November 8, 2026

KeyStone Solutions, a managed IT and cybersecurity provider based in Cleveland, Tennessee, has won the 2026 MSP 501 Vanguard Award from Channel Partners and MSP Summit. The award recognizes managed service providers at the forefront of technology and service innovation.

CLEVELAND, Nov. 8, 2026 /PRNewswire-PRWeb/ — KeyStone Solutions, LLC has won the 2026 MSP 501 Vanguard Award from Channel Partners and MSP Summit. The award was presented Sept. 30 at the MSP 501 Gala during the MSP Summit in Orlando, Fla.

“Our team has done tremendous work over the last year to modernize and automate our service delivery.” Preston West, CEO, KeyStone Solutions

The MSP 501 Special Awards are application-based. A panel of industry leaders, including top global MSPs, analysts and past award recipients, judges each entry.

The Vanguard Award goes to a company at the forefront of technology and service innovation in the managed services channel, including AI, cybersecurity and cloud. Winners use original thinking to meet clients’ needs and to drive their own financial success.

“We are honored to be recognized. Our team has done tremendous work over the last year to modernize and automate our service delivery. I couldn’t be prouder of their hard work and their focus on the customer experience,” said Preston West, CEO of KeyStone Solutions.

“To qualify for the Vanguard award, companies had to document what they have done in terms of innovative and original thinking in meeting clients’ needs and how this has contributed to the company’s overall financial success,” said Dave Raffo, MSP 501 editor who oversees the awards process. “These are among the most innovative MSPs in the world.”

“The MSP 501 Special Awards represent the pinnacle of achievement in the managed services industry, recognizing organizations and individuals who have demonstrated extraordinary leadership, innovation, and impact,” said Robert DeMarzo, VP Content, Informa Channels, which conducts the MSP 501 survey each year.

About KeyStone Solutions, LLC

KeyStone Solutions is a managed IT and cybersecurity company based in Cleveland, Tennessee. Since 2006, KeyStone has worked as the IT department for hundreds of small and mid-sized businesses, with customers headquartered in 15 states. Its ITTaaS® (IT Team as a Service) offering delivers help desk support and cybersecurity, with optional vCISO and GRC services, and the company now provides AI services. KeyStone holds a SOC 2 Type II report and is a Microsoft 365 Solutions Partner. Learn more at keystone.solutions.

About Channel Partners, MSP Summit and the MSP 501

Channel Partners Conference & Expo and MSP Summit serve the global community of technology advisors, managed service providers, channel partners and technology suppliers, and run the MSP 501, which honors the world’s top-performing managed service providers. Learn more at themspsummit.com.

Media Contact

Richard King, KeyStone Solutions, 1 4234646424, rking@keystone.solutions, www.keystone.solutions

Dave Raffo, Informa, david.raffo@informa.com, informa.com

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SOURCE KeyStone Solutions

Technology

Putting Young Innovators Center Stage: Leaders In Future Tech+ Wraps with ¥526 Million in Investment Intentions and 31 Enterprise Landings

Published

8 hours ago

November 8, 2026

NANJING, China, Nov. 8, 2026 /PRNewswire/ — On November 7, the grand finale of Leaders In Future Tech+ — a documentary sci-tech innovation program jointly produced by China Media Group, the Ministry of Education, and the Nanjing Municipal People’s Government — aired as the Youth Innovation Carnival.

Since its October 3 premiere, the program traveled to 10 cities across China, selecting 100 teams of young innovators with an average age of just 28 from nearly 500 applicants. Fifteen finalists advanced to the finale, presenting breakthroughs spanning AI chips, optical interconnect, biomedicine, smart agriculture, and more.

To date, the program has facilitated ¥526 million in investment intentions covering 34 participating enterprises, and helped 31 companies reach landing agreements with 11 districts and counties of Nanjing.

At the carnival, the “Leaders In Future Tech+ Little Giant Transformation Plan” was launched, with 13 enterprises selected in the first batch to receive a five-module service system guiding them toward specialized, high-end development.

Behind these numbers is a media-driven innovation model: closed-door investment meetings were turned into open, transparent dialogues, connecting young innovators directly with venture capital firms, academicians, industry experts, and local governments — with the focus not on short-term commercial maturity, but on long-term growth potential.

The finale also showed how technology serves everyday life: non-invasive brain-computer interface demonstrations, low-cost bone-repair materials, and ultra-low-cost fresh-keeping cards that reduce agricultural loss — each a footnote to innovation with human warmth.

With Season One concluded, Season Two recruitment is now open to innovation teams nationwide via China Media Group’s official channels and the Yangshipin app (CMG Mobile). As the program’s message goes: put young innovators at center stage — and hand the future to innovation.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/putting-young-innovators-center-stage-leaders-in-future-tech-wraps-with-526-million-in-investment-intentions-and-31-enterprise-landings-302932710.html

SOURCE China Media Group

Technology

GSMA MWC26 Doha opens with call to align on global industry standards and close MENA’s connectivity gap

Published

9 hours ago

November 8, 2026

Operators, technology leaders, policymakers and innovators gather in Doha today for three days of exhibition, collaboration and debate on the future of connectivity across the Middle East and North Africa

DOHA, Qatar, Nov. 8, 2026 /PRNewswire/ — MWC26 Doha, held in partnership with Qatar’s Ministry of Communications and Information Technology (MCIT), opened today at Doha Exhibition and Convention Centre (DECC), bringing together connectivity ecosystem to shape the next phase of growth for a mobile economy forecast to add $470 billion to the Middle East and North Africa by 2030.

MWC26 Doha officially opened today, in presence of His Excellency Sheikh Saoud bin Abdulrahman bin Hassan bin Ali Al Thani, Deputy Prime Minister and Minister of State for Defence Affairs. His Excellency Mr. Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology, State of Qatar delivered a welcome address.

In his opening remarks, H.E. Mr. Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology, said: “The second edition of MWC Doha takes place at a time when the requirements of telecommunications infrastructure are undergoing fundamental change. As artificial intelligence advances towards executing tasks through intelligent agents, the need for more resilient networks and advanced computing capabilities continues to grow. At the same time, global challenges underscore the importance of diversifying connectivity routes and ensuring service continuity.”

GSMA Director General Vivek Badrinath and ITU Secretary-General Doreen Bogdan-Martin took to the stage for a fireside chat. Mr Badrinath set out the key priorities shaping the region’s connected future, with a continued commitment to global standards keeping networks and services interoperable across markets, as well as a renewed push to extend connectivity to populations that remain offline in MENA.

Vivek Badrinath, Director General, GSMA, said: “Progress only counts if everyone shares in it. That means two things: global standards that keep networks, services and devices working across borders, and a concerted effort to connect the people who are still offline. Over the next three days, MWC Doha, alongside its co-location with ITU’s PP-26, will bring together the policy makers, innovators and industry leaders setting these standards and building these networks, to help make this vision a reality. As the ITU Plenipotentiary continues, we are confident that the enhanced dialog which our co-location has allowed will feed into the important conversations taking place.”

SOURCE GSMA