McDermott says Q1 results may differ "substantially" from current view

In an operations update, McDermott (MDR) -2.8% AH after warning that Q1 results may "differ substantially from the company’s current expectation."

MDR says it expects the operating profit margins of projects in backlog to be in the low single digits, which does not cover restructuring costs or a portion of fixed costs for direct operating expenses and G&A expenses.

Also announces a public offering of 10M tangible equity units, each with a stated value of $25.

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