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McDermott (MDR -14%) opens sharply lower after reporting lower Q1 profits on operating losses in...

McDermott (MDR -14%) opens sharply lower after reporting lower Q1 profits on operating losses in the Middle East and Atlantic segments, partially offset by stronger Asia Pacific operating income. Backlog was $5.3B, vs. $5.8B a year ago and $5.1B at year-end 2012. Of the current backlog, ~$429M was derived from five projects currently in a loss position.
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