NYSE: MDR 9.92
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April 18, 2019

Chairman, CEO, CFO Purchase Shares in McDermott


HOUSTON, Nov. 6, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today purchases by its Chairman and executive management of the company's common stock. 

  • Gary Luquette, non-executive Chairman of the Board of Directors, purchased approximately $500,000 of McDermott stock, bringing his total shares owned to 90,250.
  • David Dickson, President and Chief Executive Officer, purchased approximately $400,000 of McDermott stock, bringing his total shares owned to 459,889.
  • Stuart Spence, Executive Vice President and Chief Financial Officer, purchased approximately $250,000 of the company's stock, bringing his total shares owned to 141,961.

"As non-executive Chairman of the Board, I have great belief in McDermott's management team and operational capabilities and believe the company is poised for significant profitable growth opportunities," said Mr. Luquette.

"This purchase reflects my confidence in McDermott's future and my belief in the strategic rationale of our combination with CB&I," said Mr. Dickson. "As we continue to put the three legacy projects behind us, our focus is on continuing our solid execution and on the growing market opportunities ahead of us. I am also assured by the successful integration of our two companies and our highly motivated and talented employees."

"Our overall operating results and execution were solid in the third quarter and our new award bookings were strong," said Mr. Spence. "We have taken recent steps to further strengthen our balance sheet, positioning the company for growth. This underscores my fundamental belief in our long-term strategy and the sound financial structure of the company."

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 40,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

Forward-Looking Statements

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott 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. These forward-looking statements include, among other things, statements about McDermott's significant profitable growth opportunities, growing market opportunities, future growth, long-term strategies of McDermott and bookings, to the extent they may be viewed as indicators of future revenues or profitability. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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 and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views 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.


Investor Relations

Scott Lamb
Vice President, Investor Relations
+1 832 513 1068

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Global Vice President, Communications
+1 281 870 5269                                                            

new McDermott logo (PRNewsfoto/McDermott International, Inc.)


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SOURCE McDermott International, Inc.

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