McDermott, a world-leading engineering, procurement, construction, and installation (EPCI) contractor, has reported strong financial results for 2025 and expressed confidence in navigating the ongoing crisis in the Middle East, a region critical to its business.

Financial Performance and Backlog

The company achieved full-year 2025 revenue of $10 billion, a significant increase from $7 billion in 2024. Adjusted EBITDA for 2025 was $428 million, up from $410 million the previous year. This improvement was driven by strong project execution, higher asset utilization, lower overhead costs, and additional work on the Golden Pass LNG project. These gains were partially offset by charges on certain offshore Middle East and subsea projects. The company's backlog stands at $18.2 billion, with 40% of it located in the Middle East.

Market Outlook and Regional Focus

McDermott has identified a pipeline of $123 billion in potential opportunities over the next two years. A significant portion, 21%, of these targeted opportunities are for offshore projects in the Middle East. The remaining prospects are spread across the Americas, Europe, Africa, and the Asia-Pacific region. Despite the fluid conditions and challenges in the EPC sector, the company maintains a positive outlook. It is closely monitoring developments in the Middle East, where its operations continue, and is confident in its ability to navigate the environment effectively.

Strategic Direction

The company attributes its exceeding of annual expectations to strong project execution and consistent operational performance, which led to an improved backlog quality and greater operating discipline. Looking ahead, the strategic focus is on sustaining this momentum and delivering the 2026 plan with the same discipline and execution excellence.