McDermott Appoints David Dickson as Chief Operating Officer; Dickson to
Become President and CEO upon Stephen Johnson’s Retirement in December 2013;
Gary P. Luquette Joins Board
HOUSTON -- October 17, 2013
McDermott International, Inc. (NYSE:MDR) announced today that Stephen M.
Johnson will retire from his positions as Chairman of the Board, President and
Chief Executive Officer and as a director of McDermott in December 2013 and
that David Dickson has agreed to join McDermott and to succeed Mr. Johnson as
President and Chief Executive Officer. Mr. Dickson has been appointed
Executive Vice President and Chief Operating Officer, a position he will hold
Mr. Dickson, age 45, has approximately 23 years of offshore oilfield
engineering and construction business experience, including 11 years of
experience with Technip S.A. and its subsidiaries. Since September 2008, he
has been serving as President of Technip USA Inc., with oversight
responsibilities for all of Technip’s North American operations.
Mr. Dickson will commence his employment with McDermott on October 31, 2013.
He will initially serve as McDermott’s Chief Operating Officer, succeeding
John T. McCormack, whose retirement from that position was previously
announced. Mr. Dickson will succeed Mr. Johnson as President and Chief
Executive Officer on or before December 16, 2013. Mr. Dickson will lead the
previously announced search effort for a new chief operating officer.
Concurrent with Mr. Dickson’s appointment as President and Chief Executive
Officer, McDermott’s Board of Directors will elect him as a member of the
The search for a successor President and Chief Executive Officer began in
January of this year, as part of McDermott’s regular succession planning
process and following Mr. Johnson’s expression of interest to retire by
year-end. Mr. Johnson and Roger A. Brown, the Chairman of the Governance
Committee of the Board, led the search effort for Mr. Johnson’s replacement.
They were assisted by a nationally recognized executive search firm that has
significant experience in the EPCI industry.
Mr. Johnson stated, “I am very pleased to turn over executive leadership of
McDermott to such a highly qualified and experienced leader as David. I am
confident that, with his depth of experience and breadth of knowledge relating
to conventional offshore marine construction projects and subsea projects,
David is the right person to lead the McDermott team in its business strategy,
which is focused on providing the full range of engineering and construction
services in key offshore oil and gas producing regions around the world. I am
looking forward to working closely with him to ensure an orderly transition.”
Mr. Dickson stated, “I am honored and excited to be joining McDermott, with
its unparalleled history of developing complex offshore oil and gas projects
worldwide, very talented management team and dedicated employees. There is
significant value in McDermott’s operations and reputation for delivering on
complex projects. I look forward to working with the McDermott team to
capitalize on that value for our shareholders in the years ahead.”
McDermott also announced today that Gary P. Luquette has been appointed to its
Board of Directors, effective October 18, 2013. Mr. Luquette will serve on the
Compensation and Finance Committees of the Board of Directors.
Mr. Luquette, age 57, retired from his position as President, Chevron North
America Exploration and Production, a unit of Chevron Corporation, in
September 2013, following 35 years of service with Chevron. He held that
position since 2006, and his duties included serving on Chevron’s upstream
executive leadership team. Previously, he held key exploration and production
positions with Chevron in Europe, California, Indonesia and Louisiana.
"We are pleased to welcome Gary to McDermott's Board of Directors," said Mr.
Johnson. "His managerial and operational experience in the global energy
industry will be very helpful to us. We should especially benefit from his
upstream customer perspective and his experience and understanding of the
subsea sector. The Board looks forward to working with Gary and to his future
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, McDermott 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, McDermott’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
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: the timing of the actions described; the search effort for a
new Chief Operating Officer; Mr. Dickson’s qualifications to lead the
McDermott team; ensuring an orderly transition; and capitalizing on the value
of McDermott’s operations and reputation. 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 various uncertainties. This news release reflects expectations 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.
McDermott International, Inc.
Investors, Analysts and Financial Media:
Steven D. Oldham, 281-870-5147
Vice President, Treasurer and Investor Relations
Trade and General Media:
Louise Denly, 281-870-5025
Director, Corporate Communications
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