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McDermott Announces Second Quarter 2026 Results

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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

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Real Estate Expert Matt Nuzie Explains Buying and Selling a Home at the Same Time

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The article explains how homeowners can plan their finances, decide whether to buy or sell first, and coordinate closing dates when moving from one home to the next.

TRUMBULL, Conn., Nov. 9, 2026 /PRNewswire/ —

KEY HIGHLIGHTS 

Selling a current home first brings financial certainty, while buying first offers more flexibility with the move. Mortgage options and home sale contingencies often determine how homeowners can manage two transactions at once. Building a cushion into closing dates and setting aside extra savings helps homeowners handle delays without added pressure. 

How can homeowners manage buying and selling a home at the same time? A HelloNation article provides the answer, featuring insights from Matt Nuzie, Real Estate Expert with REMAX Right Choice in Trumbull, Connecticut. The newly published article explains how financial planning, mortgage options, and closing dates affect both sides of the move. 

Should You Buy or Sell Your Home First? 

The article explains that selling your current home first gives homeowners certainty. Once the sale closes, they know exactly what they have for a down payment and a price range. 

Selling first also removes the risk of carrying two homes. The trade-off is that homeowners may need temporary housing, storage, or two moves. 

Buying a new home first lets homeowners move on their own schedule. The article notes that it can mean covering two mortgage payments, property taxes, insurance, and utilities, so a conversation with a lender should come before any offer. 

How Do Mortgage Options Affect Buying and Selling? 

According to the article, mortgage options often decide the order. Some buyers need the equity from their current home for a down payment, while others qualify for financing that lets them buy before selling. 

Matt Nuzie recommends reviewing income, savings, and the current mortgage with a lender before touring homes.  A home sale contingency makes a purchase dependent on selling the buyer’s current home. It offers protection, but many sellers prefer offers without one when they have several to choose from. 

Why Are Closing Dates Important? 

Matt Nuzie notes that scheduling both closings close together lets homeowners move directly from one home to the next. 

Closings can be delayed for ordinary reasons, such as a lender’s request for documents or an inspection issue, so building in some breathing room is wise. 

A rent-back agreement can let sellers stay in the home for an agreed period after closing. Short-term temporary housing is another option when the dates don’t line up. 

How Can Homeowners Prepare for Unexpected Costs? 

The article recommends starting early on cleaning, small repairs, and listing photos, since they often take longer than expected. 

Moving, storage, repairs, and temporary housing can add up quickly, so setting aside extra savings helps. 

Matt Nuzie also emphasizes keeping the real estate agent, lender, and attorney informed of deadlines, and reading contract terms closely before signing. 

How to Buy and Sell a Home at the Same Time features insights from Matt Nuzie, Real Estate Expert of Trumbull, Connecticut, in HelloNation. 

FREQUENTLY ASKED QUESTIONS 

Is It Better to Buy or Sell a Home First? 

According to Matt Nuzie, it depends on your finances, your moving plans, and the local real estate market. Selling first brings financial certainty, while buying first offers more flexibility with the move. 

What Is a Home Sale Contingency? 

Matt Nuzie explains through insights featured in the article that a home sale contingency makes a purchase dependent on selling an existing home. It offers protection, though many sellers prefer offers without one. 

Can You Close on Two Homes at the Same Time? 

The article explains that homeowners can schedule both closings close together. Financing or inspection delays can still shift the timing, so some cushion is wise. 

What Happens if Closing Dates Do Not Match? 

Based on insights from Matt Nuzie, Real Estate Expert of Trumbull, Connecticut, homeowners may consider a rent-back agreement or short-term temporary housing. Both can provide extra time between transactions. 

Matt Nuzie is a REALTOR® with REMAX Right Choice, 105 Technology Drive, Trumbull, CT 06611. Each Office Independently Owned and Operated. 

About HelloNation

HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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SOURCE HelloNation

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UTulsa launches Access to Excellence Scholarship Fund with $4M Asbjornson family commitment

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TULSA, Okla., Nov. 9, 2026 /PRNewswire/ — The University of Tulsa has launched the Access to Excellence Scholarship Fund, a philanthropic initiative to help more students pursue a UTulsa education, with an additional $4 million commitment from the Asbjornson Foundation providing significant early support.

The fund builds on the university’s Access to Excellence tuition initiative and its commitment to put an exceptional private education within reach. In August, the university announced it would cap undergraduate tuition and required fees at $25,000 a year in fall 2027, making UTulsa the most affordable private research university in America’s heartland.

“This extraordinary investment by the Asbjornson family embodies what Access to Excellence means at a Top 75 private research institution and exemplifies the commitment of the Golden Hurricane community to pay it forward,” said President Stacy Leeds. “We are removing financial barriers while preserving everything that makes a University of Tulsa education exceptional. The Asbjornsons understand that unlocking higher education can transform not only a student’s future but also the future of Tulsa and our region. We are deeply grateful for their continued leadership.”

The Asbjornson Foundation’s generous gift will focus on transfer student aid:

A $1.3 million expendable fund will immediately provide scholarships for current transfer students whose annual tuition and fees exceed $25,000.A $2.7 million endowed fund will support undergraduate transfers studying engineering, computer science, data science, artificial intelligence, finance and entrepreneurship. Preference will be given to Tulsa Community College Honors Scholars, followed by other TCC transfer students and then qualified Tulsa-area students transferring from other accredited institutions.

“If students are concerned about taking on too much debt, they will be reluctant to pursue rigorous studies and challenging career paths. To ensure Tulsa’s economic success, we need Tulsa students to fulfill their potential,” said Scott Asbjornson (B.S.B.A. ’91, MBA ’95). “I hope others in our philanthropic community will join my family in supporting these deserving students.”

The scholarships are designed to cover recipients’ remaining tuition, fees, books and course materials after other aid is applied, eliminating the need for student loans to attend the university – excluding room, board and other non-mandatory fees.

“Our hope is that this investment removes barriers for talented students and creates opportunities for them to learn, explore and grow in ways that prepare them to lead with purpose,” Asbjornson said.

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SOURCE The University of Tulsa

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Lafayette Square Institute and the Center for USA Lending Launch Federal Credit Lab Platform

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Federal Credit Lab provides publicly available data visualizations and analysis on the allocation of federal credit across the U.S. economy. 

WASHINGTON, Nov. 9, 2026 /PRNewswire/ — Today, Lafayette Square Institute and the Center for USA Lending launched the Federal Credit Lab, a publicly available data and insights platform providing data and analysis of the U.S. government credit portfolio to generate actionable insights for policymakers, program administrators, researchers, and the public. 

The United States government is one of the largest lenders in the world. Its portfolio contains over $5 trillion in cumulative outstanding loans and loan guarantees. In Fiscal Year 2026 alone, Congress authorized nearly $1 trillion in new loan and loan guarantees spanning over 100 programs and 20 federal agencies.

Federal Credit Lab is a joint initiative of two nonprofit organizations, the Lafayette Square Institute and the Center for USA Lending, aimed at making this portfolio data more readily accessible to inform better program assessment, delivery, budgeting, and design.

“Federal credit is one of the most powerful and least understood sets of tools by which policymakers can mobilize private capital to address national challenges,” said Jack Moriarty, Executive Director of Lafayette Square Institute. “Our objective in building Federal Credit Lab with our partners at the Center for USA Lending is to enhance our collective understanding of this toolkit to inform the next generation of industrial policy and the allocation of capital to the people and places that need it.” 

“Modern systems and better information lead to better policy. The Federal Credit Lab puts that premise into practice. It is a platform that makes the government’s lending enterprise substantially more visible, accessible, and accountable. We see this as a foundation, one we hope to build on in partnership with federal credit agencies,” said Doug Criscitello, Executive Director of the Center for USA Lending.

“By applying analytics to the complex workflows across the federal credit portfolio, Lafayette Square Institute and the Center for USA Lending are creating conditions for government and capital markets to better serve workers and communities in every zip code,” said Damien Dwin, Founder and CEO of Lafayette Square and Board member of Lafayette Square Institute.

“The Federal Credit Lab platform aspires to make the world of federal credit accessible to a much wider audience of stakeholders by centralizing and unifying a previously disparate set of data sources,” said Laura Hohenberger, Senior Associate for Data Analytics and Policy at Lafayette Square Institute.

The launch of the Federal Credit Lab featured a joint event in Washington, D.C. that included a platform demo and expert speakers. Additional programming on select thematic areas in the federal credit portfolio is slated throughout 2027. Lafayette Square Institute and the Center for USA Lending invite public feedback on applied research questions for future analysis.

About Lafayette Square Institute
Lafayette Square Institute (LSI) is a nonprofit policy and data analytics platform committed to aligning private capital with the public interest. Through deep bipartisan relationships, innovative finance tools, and data analysis, LSI mobilizes investment in the people and places that need it. 

About Center for USA Lending
The Center for USA Lending is a nonpartisan organization advancing a modern, effective credit ecosystem. It connects public and private stakeholders, elevates borrower needs, and promotes the use of modern technology to ensure access to capital for the borrowers federal credit is intended to serve.

Contact: Laura Hohenberger, Senior Associate, Data Analytics and Policy, Lafayette Square Institute, hohenberger@lafayettesquareinstitute.org 

View original content to download multimedia:https://www.prnewswire.com/news-releases/lafayette-square-institute-and-the-center-for-usa-lending-launch-federal-credit-lab-platform-302933895.html

SOURCE Lafayette Square Institute

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