McDermott Grants Employment Inducement Award
HOUSTON -- November 4, 2013
McDermott International, Inc. (NYSE:MDR) today announced that, in accordance
with New York Stock Exchange rules regarding employment inducement awards, the
Company granted an award of 537,482 shares of restricted common stock to David
Dickson, its newly appointed Executive Vice President and Chief Operating
Officer, on October 31, 2013.
Assuming continuing employment byDickson, 212,164 shares of the restricted
stock will vest on June15, 2014 and the remaining restricted shares under the
award will vest in one-third increments on June15, 2015, 2016 and 2017. This
award was granted outside of the Company's 2009 Long-Term Incentive Plan.
However, the shares of restricted stock are subject to substantially the same
terms and conditions of service-based restricted stock units granted by the
Company to its executive officers.
The Compensation Committee of the Board of Directors approved the award in
reliance on the employment inducement exception to the shareholder approval
requirements under the NYSE governance rules. To comply with the terms of this
exemption, the Company is making this public announcement.
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 and major integrated and other energy companies.
Operating in more than 20 countries across the Atlantic, Middle East and Asia
Pacific,our 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 online at www.mcdermott.com
McDermott International, Inc.
Investors, Analysts and Financial Media
Steve Oldham, 1 281-870-5147
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