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March 20, 2019

McDermott Joins Groundbreaking Ceremony for New Ethane Cracker in Texas

- Scope underscores McDermott's integrated capabilities
- Project marks fourth new ethane cracker for McDermott along U.S. Gulf Coast
- Groundbreaking event sets stage for the start of a world class ethane facility

HOUSTON, June 4, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today participated in a groundbreaking ceremony on a previously announced ethane cracker project in Port Arthur, Texas, with its customer for the project Bayport Polymers LLC ("Bay-Pol"), a joint venture of Total Petrochemicals & Refining USA, Inc., and Novealis Holdings LLC (a joint venture of Borealis AG and NOVA Chemicals Inc.).

The scope of work on the project includes the engineering, procurement and construction (EPC) for the cracker that will have an ethylene capacity of 1,000 Kta (kilo tonnes per annum). McDermott previously provided front-end engineering and design (FEED) services for this project. McDermott is also providing the ethylene technology license and will supply SRT-III® (Short Residence Time) pyrolysis heaters for the cracker.

"This project for Bay-Pol is an excellent example of our end-to-end capabilities," said Richard Heo, Senior Vice President for North, Central and South America. "Bay-Pol and its members licensed our technology and selected us to undertake the FEED for this project, and now we are providing full EPC as well as supplying our proprietary heaters. Our ability to provide all of these services throughout the major phases of a petrochemical project provides tremendous value to our customers."

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—from the wellhead to the storage tank—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 and engineers, 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 the expected scope, execution and timing of the project discussed in this press release. 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.


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SOURCE McDermott International, Inc.

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