| B&W Receives $450 Million Order for Nuclear Components |
| HOUSTON, Jan 27, 2010 (BUSINESS WIRE) -- McDermott International, Inc. (NYSE: MDR) ("McDermott"), announced today
that The Babcock & Wilcox Company ("B&W"), through a subsidiary, has
received an award of approximately $450 million for the manufacture of
nuclear components to support U.S. defense programs, including the
manufacture of U.S. Naval nuclear power systems for submarines and
aircraft carriers. The value of this contract was recorded in
McDermott's Government Operations segment backlog during the fourth
quarter 2009.
"We are very pleased with these new orders and the steady growth of B&W's nuclear product line for the U.S. government," said Winfred Nash, President of Babcock & Wilcox Nuclear Operations Group. "B&W has long played an important role in supporting the defense of our nation, and we continue to be committed to that mission by providing reliable, cost effective and technologically advanced nuclear products." McDermott is an engineering and construction company, with specialty manufacturing and service capabilities, focused on energy infrastructure. McDermott's customers are predominantly utilities and other power generators, major and national oil companies, and the United States Government. With its global operations, McDermott operates in over 20 countries with more than 25,000 employees. 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 value and scope associated with this contract. 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, 2008, and subsequent quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission. SOURCE: McDermott International, Inc. McDermott International, Inc. |