News Release

HOUSTON--(BUSINESS WIRE)--Sept. 22, 2003--J. Ray McDermott, S.A. ("J.Ray"), a subsidiary of McDermott International Inc. (NYSE:MDR) ("McDermottt"), announced today that it has completed the sale of Menck GmbH ("Menck") to the UWG Group. Terms of the sale were not disclosed, but the divestiture of Menck has increased J. Ray's liquidity position by approximately $8 million. Menck, an anchoring and foundation specialist based in Germany, had been classified as discontinued operations during the second quarter of 2003 in anticipation of its sale.

McDermott is a leading worldwide energy services company. McDermott's subsidiaries provide engineering, fabrication, installation, procurement, research, manufacturing, environmental systems, project management and facilities management services to a variety of customers in the energy and power industry, including the U.S. Department of Energy. Its subsidiary, J. Ray McDermott, S.A. is a leading provider of solutions for offshore field development worldwide.

    CONTACT: McDermott International, Houston
             Jay Roueche, 281-870-5462
             jroueche@mcdermott.com
             www.mcdermott.com

    SOURCE: McDermott International