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McDermott Announces Executive Management Retirement

McDermott International, Inc. (NYSE: MDR) (“McDermott” or the “Company”) announced today that John T. McCormack, Executive Vice President and Chief Operating Officer, has advised the Company of his intention to retire, effective in the fourth quarter of this year. Mr. McCormack (age 66) has been with McDermott for ten years and has held his current role since 2011.

“I would like to thank Jack for his decade of contribution to McDermott,” said Stephen M. Johnson, Chairman, President and Chief Executive Officer of McDermott, “His commitment and knowledge of the business have earned him the respect of employees and customers around the world, and we extend our best wishes to Jack for his retirement.”

An internal and external search effort is underway for a successor, whom the Company expects to name in the near-term to provide for a smooth transition.

About the Company

McDermott is a leading engineering, procurement, construction and installation (“EPCI”) company focused on executing complex offshore oil and gas projects worldwide. Providing fully integrated EPCI services for upstream field developments, the Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning. McDermott’s customers include national, major integrated and other energy companies. Operating in approximately 20 countries across the Atlantic, Middle East and Asia Pacific, the Company’s integrated resources include approximately 14,000 employees and a diversified fleet of marine vessels, fabrication facilities and engineering offices. McDermott has served the energy industry since 1923. To learn more, please visit McDermott’s website on the Internet at www.mcdermott.com.

Forward-Looking Statements

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release, which are forward-looking and provide other than historical information, involve risks and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include statements about McDermott’s expectations in naming a successor to Mr. McCormack in the near-term. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous uncertainties and risks, including the availability of qualified personnel, the highly competitive nature of our industry, adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, changes in the scope or timing of contracts, and contract cancellations, change orders and other modifications. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2012 and subsequent quarterly reports on Form 10-Q. This news release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Stock quotes in this article: MDR 

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