McDermott Signs Agreement for Gulfport Spoolbase

  McDermott Signs Agreement for Gulfport Spoolbase

Business Wire

HOUSTON -- May 19, 2014

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.

Contact:

McDermott International, Inc.
Investors & Financial Media
Steve Oldham, (1) 281.870.5147
soldham@mcdermott.com
or
Trade, General & Local Media
Andrea Burnley, (44) 1372.846431
aburnley@mcdermott.com
 
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