McDermott Awarded Megalodon Platform Installation in Gulf of Mexico

HOUSTON--()--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.

“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

Contacts

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

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)

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Release Summary

McDermott is awarded the Megalodon platform transportation and installation contract by Walter Oil & Gas Corporation. DB50 will install the platform over an existing well site in the Gulf of Mexico.

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Contacts

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