McDermott Signs Agreement For Gulfport Spoolbase

McDermott International, Inc. (NYSE: MDR) (“McDermott” or the “Company”) announced today that one of its subsidiaries has signed a lease agreement with the Mississippi Development Authority and the Mississippi State Port Authority for the exclusive right to operate a spoolbase and marine operations base in the Port of Gulfport. McDermott expects the facility, designed to serve projects from the Gulf of Mexico, will be available in early 2016.

The new facility in Gulfport, located on the Mississippi coastline, will be used to fabricate steel pipe stalklines through advanced welding processes for use in offshore Reeled pipelay operations. The new 50 acre facility will feature a state of the art fabrication building and stalk racks as well as a dedicated dock for vessel berthing to accommodate reeling pipe onto McDermott’s fleet of specialized vessels for transport and installation offshore.

“Gulfport’s well established port with coastline access to the Gulf of Mexico makes it a prime location for the operation of a spoolbase,” said Tony Duncan, Executive Vice President Subsea. “This facility complements our efficiency and quality standards in Reel-lay and our high performance vessels, positioning McDermott to serve our clients from the Gulf of Mexico. This commitment further supports the repositioning of our Company for long-term growth.”

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.

To learn more, please visit our website at www.mcdermott.com.

FORWARD LOOKING STATEMENTS

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott International, Inc. cautions that statements in this press release which are forward-looking and provide other than historical information involve risks, contingencies and uncertainties that may impact McDermott's actual results of operations. The forward-looking statements in this press release include, among other things, expectations for the timing of availability of the spoolbase, McDermott’s plans and specifications for the spoolbase, expectations for the spoolbase to position McDermott to serve clients in the Gulf of Mexico and Americas, and the spoolbase’s further support for the repositioning of the Company for long-term growth. Although McDermott's management believes that the expectations reflected in those forward-looking statements are reasonable, McDermott can give no assurance that those expectations will prove to have been correct. Those statements are made based on various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including without limitation, adverse changes in the markets in which we operate or credit markets, changes in spoolbase or project design or schedule, contract cancellation, 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 report on Form 10-K for the year ended December 31, 2013 and subsequent quarterly reports. This news release reflects management's view 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.

Copyright Business Wire 2010