McDermott Awarded Megalodon Platform Installation in Gulf of Mexico

  McDermott Awarded Megalodon Platform Installation in Gulf of Mexico

Business Wire

HOUSTON -- July 21, 2014

McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that
one of its subsidiaries was awarded a contract to provide transportation and
installation services to Walter Oil & Gas Corporation (“Walter”) for the
Megalodon platform destined for South Timbalier Block 311 in the Gulf of
Mexico. The project is expected to be included in McDermott’s third quarter
2014 backlog.

The McDermott heavy-lift vessel, Derrick Barge 50, will install the Megalodon
platform in 391 feet o ...

The McDermott heavy-lift vessel, Derrick Barge 50, will install the Megalodon
platform in 391 feet of water, over an existing well site in the Gulf of
Mexico. (Photo: Business Wire)

“McDermott is pleased to work again for Walter to support its drilling and
production activities,” said Dominic Savarino, Vice President and General
Manager, Americas. “This project supports our goal to maximize our asset
utilization between large contracts through short term transportation and
installation work.”

McDermott will provide all materials and equipment to transport and install
the six-pile platform in 391 feet of water, over an existing well site. The
heavy-lift Derrick Barge 50 will perform a side-lift of the 3,300-ton jacket
and set the 2,100-ton topsides. Installation is expected to commence in the
fourth 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

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,
and timing associated with this project and continued pursuit of opportunities
for the DB50. 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 schedules, contract cancellations, 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 and subsequent
quarterly reports on Form 10-Q. Except to the extent required by applicable
law, McDermott undertakes no obligation to update or revise any
forward-looking statement.

To learn more, please visit our website at www.mcdermott.com

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140721005179/en/

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50908488&lang=en

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
 
Press spacebar to pause and continue. Press esc to stop.