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McDermott’s Joint Venture Qingdao McDermott Wuchuan Wins Export Fabrication Work

Stocks in this article: MDR

McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its joint venture companies, Qingdao McDermott Wuchuan Offshore Engineering Co., Ltd. (“QMW”), in Qingdao China, has been awarded a contract by Jord Oil & Gas Systems B.V. for process module fabrication work. The award will be included in QMW’s first quarter 2014 backlog.

“We are pleased to be awarded this work for our Chinese fabrication joint venture,” said David Dickson, President and Chief Executive Officer, McDermott. “The yard is a first-class facility that offers competitive fabrication solutions for modules and exemplifies our global execution capabilities.”

The scope of work includes fabrication, pre-commissioning and load-out of three process modules.

Once completed, the modules will be integrated onto a jack-up rig that will be linked by bridge to the Akal G1 platform offshore Mexico, operated by Mexican oil company Nuvoil for end user PEMEX.

“Our commitment and responsiveness to the client throughout the bidding process helped us secure this award,” said EC Leong, General Manager of QMW. “We are focused on exceeding our client’s expectations and the safe and successful completion of this fast-track project.”

Fabrication is expected to commence in the second quarter of this year, with completion expected during the third quarter of 2014.

ABOUT McDERMOTT

McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our clients include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 14,000 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923 and is listed on the New York Stock Exchange.

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