Hey SOWENS , I think i’d be asking my CFO a few questions if there had been $16mill go out the door for “ Hookers” , Like; What did they spend on food and drinks ? Why didn’t they get a better exchange rate for the US Dollar (2018) ?
McDermott 2017 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND PROXY STATEMENT 201
120% TSR $2.6B Revenues $142.3M Operating Income $4.3B Backlog These strong results are a testament to the leadership of McDermott and successfully executing our operational strategy. Continued improvements in project execution, increased focus on cost control and strengthening customer relationships all contributed to our best results in many years, including the strongest total shareholder return among peers for the second consecutive year.The Culmination of a Three Year Journey. (Dickson became CEO 2013 .) Our 2016 results are the culmination of our three year journey to improve execution in our base business while positioning McDermott for growth. Although 2014 began with the business facing financial difficulty, we took meaningful actions to develop and execute a turnaround plan for our business. These actions resulted in considerably improved financial results for 2015 against the backdrop of deteriorating market conditions. In 2016, we remained highly focused on items within our control and executed our operating strategy to drive sustainable and profitable growth with an increased focus on stockholders, customers and all of our stakeholders.Continued Alignment of Operating Strategy, Financial Goals and Executive Compensation Our 2016 results reflect the achievement of our 2016 business objectives, which include driving enhanced profitability through improved project execution, supporting future business through increased backlog, promoting pricing discipline on new bids, prioritizing liquidity needs through cost management and efficiently allocating capital to profitable investments. Key 2016 over-arching initiatives, the “One McDermott Way” and “Taking the Lead,” built upon 2015’s progress and further drove improvements in project execution and cost management, leading to on-schedule milestone completions in all of our operating areas. Additionally, as part of our commitment to cost containment, we completed our Additional Overhead Reduction program, which generated $45.8M of additional cash savings in 2016.Our 2016 executive compensation programs were thoughtfully structured to align with and drive our operational performance and achieve financial targets. Stockholder feedback has been and will continue to be influential in shaping our compensation programs.
