MCDERMOTT MARINE CONSTRUCTION LIMITED

• ⚠

  Annual accounts overdue

  Due 2025-12-31.

1. MCDERMOTT MARINE CONSTRUCTION LIMITED 1994-01-17 → present
2. INLAW FIFTY-THREE LIMITED 1993-11-04 → 1994-01-17

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company's Directors have considered the principal risks and uncertainties affecting the Company when evaluating the Company's ability to continue as a going concern for the period to 31 May 2026. The Company has received a letter from its ultimate parent company McDermott International, Ltd confirming that financial support will be provided for the period to 31 May 2026.”

Significant events

• “In February 2024, BP initiated a Request for Arbitration against MMCL and MIMI under London Court of International Arbitration ("LCIA") Rules and English Law. BP alleges in its Statement of Claim filed in December 2024 that it is entitled to the maximum amount of delay-based Liquidated Damages, approximately $48.7 million (GBP 38.25 million), which MMCL denies based upon BP's invocation of Force Majeure and absence of a project schedule. BP also alleges material and repudiatory breach of the contract and seeks to recover its alleged additional cost paid to third parties above the amounts that were to be paid to MMCL for the contract work. BP alleges that, as of September 30, 2024, it has spent a total of $977 million (GBP 767 million) to date, of which it claims approximately $610 million (GBP 479 million) as "additional cost" recoverable from MMCL. BP also alleges that it estimates that it could incur a further $331 million (GBP 260 million) in "additional cost" to complete the remaining work and seeks to recover that sum from MMCL. Those amounts are not determined at this time and will be contested in arbitration. In addition, BP is claiming the cost of rectifying certain defects, but has not yet fully pleaded the cost of the rectification work. MMCL denies any liability to BP on these claims and filed counterclaims to recover unpaid invoices for work already performed (in excess of $300 million (GBP 236 million)) plus other damages and claims that are being developed. We expect that each party will also seek to recover interest, arbitration costs and expenses. The arbitration hearing has been scheduled for April 2027. At this time, we do not believe a risk of material loss is probable or estimable related to this matter.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -9.3%

  £294,479,000 → £267,194,000

• Cash

  -94.5%

  £66,354,000 → £3,675,000

• Net assets

  -28%

  -£104,645,000 → -£133,894,000

• Employees

  +10.6%

  94 → 104

• Operating profit

  -129.5%

  £100,956,000 → -£29,749,000

• Profit before tax

  -129.5%

  £94,069,000 → -£27,763,000

• Wages

  +11.5%

  £8,891,000 → £9,913,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers