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

  McDermott’s Joint Venture Qingdao McDermott Wuchuan Wins Export Fabrication   Work  Business Wire  HOUSTON -- March 27, 2014  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.  To learn more, please visit our website at www.mcdermott.com  ABOUT QINGDAO McDERMOTT WUCHUAN  Qingdao McDermott Wuchuan is a 50/50 joint venture between subsidiaries of McDermott and China Shipbuilding Industry Corporation (CSIC), catering to the FPSO and offshore/onshore module construction market. The fabrication facility has a capacity of 6 million man hours per year, equivalent to 30,000 MT throughput. The bulk head is designed for loadout of 25,000 MT facilities or more, subject to detailed loadout analysis and arrangement. McDermott Wuchuan has the capabilities to undertake the EPCI and commissioning of: Floating, Production, Storage and Offloading module fabrication, topsides/hull integration and commissioning, onshore module fabrication, including LNG facilities, offshore integrated deck fabrication, subsea structures and manifolds.  Located in Qingdao, China, QMW adopts similar operational systems and procedures implemented by McDermott’s global facilities. The company also has highly experienced McDermott personnel in key management and technical positions. These individuals provide the knowledge, expertise and strong leadership that enable QMW to deliver the same effective and efficient production solutions McDermott is known for in the oil & gas industry.  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 and uncertainties that may impact McDermott's actual results of operations. The forward-looking statements in this press release include, among other things, the expected scope, execution, timing and duration of this project. 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 uncertainties and risks, including without limitation, changes in project design or schedule, contract cancellation, change orders and other modifications, and difficulties executing on the project. 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. 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.  Contact:  McDermott International, Inc. Investors & Financial Media Steve Oldham, +1.281.870.5147 soldham@mcdermott.com Trade, General & Local Media Tony Hodgkins, +65.6668.5490 thodgkins@mcdermott.com