McDermott Completes Sale of Harbor Island Property

  McDermott Completes Sale of Harbor Island Property

Business Wire

HOUSTON -- April 3, 2014

McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that
one of its subsidiaries has sold the site of the former Harbor Island
fabrication yard near Corpus Christi, Texas, which closed in 2003, for
proceeds of $31.7 million. A gain of $25 million from the sale is expected to
be recognized in the second quarter of 2014.

“The sale represents progress made towards our goal of divesting underutilized
non-core assets,” said David Dickson, President and Chief Executive Officer at
McDermott. “The concentration of capital on assets that provide McDermott with
a competitive advantage is an important part of our plan to deliver
sustainable long-term returns.”

ABOUT McDERMOTT

McDermott is a leading provider of integrated engineering, procurement,
construction and installation (EPCI) services for upstream field developments
worldwide. McDermott 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. Operating in more than 20 countries across the
world, McDermott’s locally focused and globally integrated resources include
approximately 14,000 employees, a diversified fleet of specialty marine
construction vessels, fabrication facilities and engineering offices.

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 and uncertainties that may impact
McDermott's actual results of operations. The forward-looking statements in
this press release include the expected timing for the gain resulting from the
sale to be recognized. 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. 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 this and
other risk factors, please see McDermott's annual report on Form 10-K for the
year ended December 31, 2013. 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
or
Trade, General & Local Media
Louise Denly, 1.281.870.5025
ldenly@mcdermott.com
 
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