McDermott issues statement about external adviser after stock plunges

Houston-based McDermott International Inc. (NYSE: MDR) appears to have hired a turnaround consulting firm, news of which caused the company’s stock to plunge on Sept. 18.

People familiar with the matter told the Wall Street Journal that the company engaged AlixPartners LLP to help improve cash flow and stem net losses. In its second-quarter earnings report, McDermott reported a net loss of $146 million, or 80 cents per diluted share, and an operating loss of $61 million. Even excluding a noncash…

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