EXHIBIT 11
                         MCDERMOTT INTERNATIONAL, INC.
                         CALCULATION OF EARNINGS (LOSS)
                     PER COMMON AND COMMON EQUIVALENT SHARE

              (In thousands, except shares and per share amounts)

                           PRIMARY AND FULLY DILUTED


 
  
                                                                              THREE                         SIX       
                                                                          MONTHS ENDED                 MONTHS ENDED   
                                                                     ----------------------       ---------------------
                                                                                                        
                                                                      9/30/96       9/30/95       9/30/96       9/30/95
                                                                     --------      --------       -------      --------
                                                                                         (Unaudited)              
                                                                                                              
Net Income (Loss)                                                    $(12,430)     $  9,054      $(20,254)     $ 17,886
                                                                                                              
Less dividend requirements of preferred                                                                       
  stock, Series C                                                      (2,067)       (2,067)       (4,133)       (4,133)
- -----------------------------------------------------------------------------------------------------------------------
                                                                                                              
Net income (loss) for primary computation                            $(14,497)     $  6,987      $(24,387)     $ 13,753
=======================================================================================================================
                                                                                                              
Weighted average number of common                                                                             
  shares outstanding during the period                             54,694,402    54,197,329    54,603,746    54,107,556
                                                                                                              
Common stock equivalents of stock options                                                                     
  and stock appreciation rights based on                                                                      
  "treasury stock" method                                                   -       162,310             -       278,817
- -----------------------------------------------------------------------------------------------------------------------
                                                                                                              
Weighted average number of common                                                                             
  shares outstanding during the period                             54,694,402    54,359,639    54,603,746    54,386,373
=======================================================================================================================
                                                                                                              
Net Income (loss) per common and                                                                              
  common equivalent share: /(1)/                                     $  (0.27)     $   0.13      $  (0.45)     $   0.25 
=======================================================================================================================
 
/(1)/ Net Income (Loss) per common and common equivalent share assuming full
      dilution are the same for the periods presented.
 

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