McDermott International this week posted a $1.9 billion loss for the third quarter as the contractor took a $1.5 billion impairment on goodwill and intangible assets and wrote off $256 million in changes in project gross profit identified by lenders, writes Kathrine Schmidt.
The contractor also said it had "elected to enter into the 30-day grace period" for a bond payment due on 1 November "in order to continue collaborative discussions with our lenders and noteholders to find a long-term balance sheet solution."
