Exhibit 99.1
McDermott Reports Third Quarter 2004 Results;
Net Income of $18.3 million, $0.27 per diluted share, includes B&W
settlement revaluation expense of $1.1 million after tax
Business Editors/Energy Editors
NEW ORLEANS--(BUSINESS WIRE)--Nov. 9, 2004--McDermott
International, Inc. (NYSE:MDR) ("McDermott" or the "Company") today
reported net income of $18.3 million, or $0.27 per diluted share, for
the 2004 third quarter, compared to net income from continuing
operations of $10.1 million, or $0.15 per diluted share, for the
corresponding period in 2003. Net income for the third quarter of 2003
was $11.8 million, or $0.18 per diluted share, which included income
from discontinued operations of $1.7 million from Menck GmbH. Weighted
average common shares outstanding on a fully diluted basis were
approximately 68.4 million and 66.5 million for Sept. 30, 2004 and
Sept. 30, 2003, respectively.
Revenues in the third quarter of 2004 were $450.2 million,
compared to $645.3 million in the corresponding period in 2003. The
change in revenues is primarily due to the completion of several large
EPIC projects at J. Ray McDermott, S.A. and its subsidiaries ("J.
Ray") and, secondarily, from reduced billings at BWX Technologies
Inc. ("BWXT") as a result of improved efficiencies.
Third quarter 2004 operating income was $39.8 million, which
included $14.1 million of corporate qualified pension expense,
compared to the third quarter 2003 operating income and corporate
qualified pension expense of $8.4 million and $20.7 million,
respectively.
"I am pleased with this quarter for multiple reasons," said Bruce
W. Wilkinson, chairman of the board and chief executive officer of
McDermott. "Both of McDermott's consolidated operating segments were
profitable again this quarter, as well as on a year-to-date basis. In
addition, J. Ray booked over $665 million of work, which increased its
backlog compared to June 30, 2004 and is essentially equal to year-end
2003 levels. The Company's liquidity position, and specifically J.
Ray's, improved during the quarter. The projects which had troubled J.
Ray for the last several years are all now delivered to their
customers. And, BWXT continues to produce strong results while driving
cost savings and efficiencies for its customers. While opportunities
remain for continued improvement, I appreciate the results delivered
by our team over the last six months."
RESULTS OF OPERATIONS
2004 Third Quarter Compared to 2003 Third Quarter
Marine Construction Services Segment ("J. Ray")
Revenues in the Marine Construction Services segment were $325.6
million in the 2004 third quarter, compared to $512.3 million from a
year ago. The year-over-year reduction in revenues resulted primarily
from the completion of several large EPIC projects and decreased
fabrication activity on projects in the Asia Pacific region and in
Louisiana, partially offset by increased activity in Azerbaijan.
Segment income for the 2004 third quarter was $28.6 million,
compared to $11.9 million in the third quarter of 2003. Major projects
contributing operating income to the 2004 third quarter were the
fabrication projects for BP in Morgan City, La., the projects in
Azerbaijan for AIOC, and work in the Middle East for Ras Laffan. In
addition, J. Ray recognized approximately $20.7 million in aggregate
operating income in the third quarter 2004 from various items,
primarily gains on sales of assets. J. Ray's third quarter 2003
operating results included a $19.9 million loss related to an increase
in the expected losses on its spar projects. Selling, general and
administrative expenses were $24.7 million in the 2004 third quarter,
compared to $17.7 million in the 2003 third quarter, due to higher
marketing and compliance expenses.
At Sept. 30, 2004, J. Ray's backlog was $1.4 billion, which
reflects approximately $575 million of new awards and $90 million of
change orders received during the quarter. J. Ray's backlog was $1.4
billion and $1.5 billion at Dec. 31, 2003 and Sept. 30, 2003,
respectively.
Government Operations Segment ("BWXT")
Revenues in the Government Operations segment decreased $8.4
million, to $124.6 million in the 2004 third quarter from $133.0
million in the third quarter of 2003. The decrease was primarily due
to cost savings and efficiencies obtained in the manufacture of
nuclear components for certain U.S. government programs, which reduced
billings.
Segment income increased $7.3 million, to $28.7 million, compared
to the 2003 third quarter, primarily due to increased margins from the
manufacture of nuclear components as a result of cost savings,
increased equity income from investees and approximately $3.8 million
of benefit from pension funding reimbursement.
At Sept. 30, 2004, BWXT's backlog was $1.5 billion, compared to
backlog of $1.8 billion and $1.4 billion at Dec. 31, 2003 and Sept.
30, 2003, respectively.
Corporate
Unallocated corporate expenses were $17.6 million in the 2004
third quarter, a decrease of $7.4 million compared to the 2003 third
quarter. Unallocated corporate expense in the third quarter of 2004
and 2003 included $14.1 million and $20.7 million, respectively, of
qualified corporate pension expense.
Other Income and Expense
The Company's other expense for the third quarter of 2004 was $9.1
million, compared to other income of $6.9 million in the third quarter
of 2003. The $16.0 million year-over-year change is due primarily to a
$4.5 million increase in net interest expense and a $10.0 million
variance, pretax, in the quarterly adjustment related to increasing
the estimated costs of The Babcock & Wilcox Company ("B&W") Chapter 11
settlement.
Net interest expense was $7.6 million in the 2004 third quarter
compared to $3.1 million in the 2003 third quarter, due to the
issuance of J. Ray's 11 percent senior secured notes in December 2003.
During the 2004 third quarter, revaluation of certain components
of the estimated settlement cost related to the Chapter 11 proceedings
involving B&W resulted in an increase in the estimated cost of the
settlement to $130.3 million, resulting in the recognition of other
pretax expense of $0.3 million ($1.1 million after tax). The increase
in the third quarter 2004 estimated settlement cost is due primarily
to an increase in the closing price of McDermott's common stock from
$10.16 per share at June 30, 2004 to $11.80 per share at Sept. 30,
2004. As discussed in the Company's annual report on Form 10-K for the
year ended Dec. 31, 2003, the Company is required to revalue certain
components of the estimated settlement cost quarterly and at the time
the securities are issued, assuming the settlement is finalized.
THE BABCOCK & WILCOX COMPANY ("B&W")
The Company wrote off its remaining investment in B&W of $224.7
million during the second quarter of 2002 and has not consolidated B&W
with McDermott's financial results since B&W's Chapter 11 bankruptcy
filing in February 2000. B&W's revenues were $279.0 million in the
third quarter of 2004, a decrease of $39.5 million compared to the
third quarter of 2003. B&W's net income for the 2004 third quarter was
$11.3 million compared to $15.4 million in the corresponding period in
2003.
LIQUIDITY
The Company, on a consolidated basis, and J. Ray, on a stand-alone
basis, both significantly increased the balances of unrestricted cash
and cash equivalents in the 2004 third quarter. At Sept. 30, 2004, J.
Ray's unrestricted cash balance was $141.2 million, an approximate $48
million improvement compared to June 30, 2004.
As disclosed in our annual report on Form 10-K for the year ended
Dec. 31, 2003, there was substantial doubt about J. Ray's ability to
continue as a going concern, as of that date. Since Dec. 31, 2003,
however, J. Ray has implemented a substantial portion of its plan to
address the liquidity issues, including achievement of the following
items since year-end through the date of this report:
-- Completed the sale of the DB60, for cash proceeds of
approximately $44 million, however, these proceeds are
currently restricted to fund J. Ray's capital expenditures
through July 2005;
-- Sold the Oceanic 93 for cash proceeds of approximately $18.7
million. In accordance with the indenture governing J. Ray's
senior secured notes, J. Ray offered to purchase a portion of
the notes with these funds. No notes, however, were tendered
and accordingly, the proceeds became available for J. Ray's
general corporate purposes;
-- Achieved substantial completion of its spar projects, Carina
Aries project and the Belanak FPSO, which together were
responsible for significant losses in prior quarters and
resulted in strains on J. Ray's liquidity;
-- Obtained the completion certificate on the Front Runner Spar,
which allowed $22 million of previously restricted cash to
become unrestricted;
-- Completed a new $25 million letter-of-credit facility which
released previously restricted cash that secured
letters-of-credit;
-- Entered into a $25 million uncommitted credit facility with
McDermott. This facility has not been utilized or needed to
date; and,
-- Implemented cost reductions and downsizing at certain of its
facilities.
As a result of the successful completion of the aforementioned
items and J. Ray's plans to increase backlog, reduce future costs
where appropriate and continue to improve contract execution controls,
J. Ray now believes it will fulfill its liquidity requirements
throughout the 2005 forecast period, utilizing its current financing
structure. Although J. Ray has improved its liquidity, various factors
could have a negative impact on future cash flows, including the
inability to execute its plans, and credit risks at one of J. Ray's
Mexican joint ventures. On Nov. 3, 2004, J. Ray's available
unrestricted cash was approximately $124 million.
OTHER INFORMATION
About the Company
McDermott International, Inc. is a leading worldwide energy
services company. The Company's subsidiaries provide engineering,
fabrication, installation, procurement, research, manufacturing,
environmental systems, project management and facility management
services to a variety of customers in the energy and power industries,
including the U.S. Department of Energy.
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 and
uncertainties that may impact the Company's actual results of
operations. These forward-looking statements include statements
relating to the proposed settlement of the B&W Chapter 11 proceedings,
statements relating to J. Ray's liquidity and J. Ray's plans relating
to backlog, costs and contract execution controls. 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 uncertainties and
risks, including, but not limited to, risks that the B&W Chapter 11
settlement may not be finalized on the terms we have described,
changes to J. Ray's liquidity requirements, credit risks and J. Ray's
ability to procure favorable contracts. 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 for the year ended Dec. 31, 2003 and its 2004 quarterly
reports filed with the Securities and Exchange Commission.
Conference Call to Discuss 2004 Third Quarter Earnings Release
==============================================================
Date: Wednesday, Nov. 10, 2004, at 10:00 a.m. EST (9:00 a.m.
CST)
Live Webcast: Investor Relations section of Web site at
www.mcdermott.com
Replay: Available for two weeks in the investor relations
section of www.mcdermott.com
McDERMOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
---- ---- ---- ----
(Unaudited)
(In thousands, except per share amounts)
Revenues $450,187 $645,334 $1,449,338 $1,753,546
- ----------------------------------------------------------------------
Costs and Expenses:
Cost of operations 384,710 600,353 1,277,082 1,644,438
Gains on asset disposals
and impairments-net (15,844) (1,317) (18,797) (3,406)
Selling, general and
administrative expenses 49,659 44,369 141,730 123,693
- ----------------------------------------------------------------------
418,525 643,405 1,400,015 1,764,725
- ----------------------------------------------------------------------
Equity in Income of
Investees 8,113 6,457 24,053 19,582
- ----------------------------------------------------------------------
Operating Income 39,775 8,386 73,376 8,403
- ----------------------------------------------------------------------
Other Income (Expense):
Interest income 1,522 709 3,342 2,598
Interest expense (9,091) (3,801) (25,775) (11,631)
(Increase) decrease in
estimated cost of The
Babcock & Wilcox Company
bankruptcy settlement (284) 9,682 (2,256) (5,642)
Other-net (1,217) 299 898 2,286
- ----------------------------------------------------------------------
(9,070) 6,889 (23,791) (12,389)
- ----------------------------------------------------------------------
Income (Loss) from
Continuing Operations
before Provision for
Income Taxes and
Cumulative Effect of
Accounting Change 30,705 15,275 49,585 (3,986)
Provision for Income Taxes 12,450 5,140 30,412 16,801
- ----------------------------------------------------------------------
Income (Loss) from
Continuing Operations
before Cumulative
Effect of Accounting
Change 18,255 10,135 19,173 (20,787)
Income from Discontinued
Operations - 1,649 - 4,555
- ----------------------------------------------------------------------
Income (Loss) before
Cumulative Effect of
Accounting Change 18,255 11,784 19,173 (16,232)
Cumulative Effect of
Accounting Change - - - 3,710
- ----------------------------------------------------------------------
Net Income (Loss) $18,255 $11,784 $19,173 $(12,522)
- ----------------------------------------------------------------------
Earnings (Loss) per Common
Share:
Basic:
Income (Loss) from
Continuing Operations
before Cumulative
Effect of Accounting
Change $0.28 $0.16 $0.29 $(0.33)
Income from Discontinued
Operations $- $0.03 $- $0.07
Cumulative Effect of
Accounting Change $- $- $- $0.06
Net Income (Loss) $0.28 $0.18 $0.29 $(0.20)
Diluted:
Income (Loss) from
Continuing Operations
before Cumulative
Effect of Accounting
Change $0.27 $0.15 $0.28 $(0.33)
Income from Discontinued
Operations $- $0.02 $- $0.07
Cumulative Effect of
Accounting Change $- $- $- $0.06
Net Income (Loss) $0.27 $0.18 $0.28 $(0.20)
- ----------------------------------------------------------------------
McDERMOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
---- ---- ---- ----
(Unaudited)
Weighted Average
Common Shares
Basic 65,854,008 64,364,565 65,550,353 63,943,128
Diluted 68,437,520 66,453,093 67,829,638 63,943,128
- ----------------------------------------------------------------------
McDERMOTT INTERNATIONAL, INC.
SELECTED SEGMENT INFORMATION
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
---- ---- ---- ----
(Unaudited)
(In thousands)
REVENUES
Marine Construction
Services $325,604 $512,347 $1,050,746 $1,375,359
Government
Operations 124,586 133,031 398,605 378,262
Power Generation
Systems - - - -
Adjustments and
Eliminations (3) (44) (13) (75)
--------------------------------------------------------------------
TOTAL $450,187 $645,334 $1,449,338 $1,753,546
--------------------------------------------------------------------
SEGMENT INCOME (LOSS)
Marine Construction
Services $28,618 $11,926 $47,129 $15,404
Government
Operations 28,723 21,398 80,340 65,509
Power Generation
Systems 40 87 1,811 117
--------------------------------------------------------------------
57,381 33,411 129,280 81,030
Corporate (17,606) (25,025) (55,904) (72,627)
--------------------------------------------------------------------
TOTAL $39,775 $8,386 $73,376 $8,403
--------------------------------------------------------------------
EQUITY IN INCOME
(LOSS) FROM
INVESTEES (1)
Marine Construction
Services $67 $144 $1,976 $(433)
Government
Operations 7,785 6,038 21,212 19,332
Power Generation
Systems 261 275 865 683
--------------------------------------------------------------------
TOTAL $8,113 $6,457 $24,053 $19,582
--------------------------------------------------------------------
DEPRECIATION &
AMORTIZATION
EXPENSE (1)
Marine Construction
Services $5,353 $7,648 $17,100 $20,830
Government
Operations 3,086 3,120 9,122 9,452
Power Generation
Systems - 3 - 10
Corporate 1,156 632 2,799 2,289
--------------------------------------------------------------------
TOTAL $9,595 $11,403 $29,021 $32,581
--------------------------------------------------------------------
CAPITAL EXPENDITURES
Marine Construction
Services $3,875 $2,461 $7,745 $13,796
Government
Operations 5,311 3,828 9,550 11,288
Power Generation
Systems - - - -
Corporate 281 1,051 283 2,447
--------------------------------------------------------------------
TOTAL $9,467 $7,340 $17,578 $27,531
--------------------------------------------------------------------
BACKLOG
Marine Construction
Services $1,421,701 $1,483,642 $1,421,701 $1,483,642
Government
Operations 1,501,788 1,379,509 1,501,788 1,379,509
--------------------------------------------------------------------
TOTAL $2,923,489 $2,683,151 $2,923,489 $2,683,151
--------------------------------------------------------------------
(1) Included in segment income.
McDERMOTT INTERNATIONAL, INC.
ITEMS INCLUDED IN CONTINUING OPERATIONS
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
---- ---- ---- ----
(Unaudited)
(In millions)
ITEMS INCLUDED IN OPERATING INCOME
(LOSS):
Marine Construction Services
Contract cost adjustments on
loss projects $1.5 $(19.9) $29.9 $(19.9)
Gain on sale of marine assets 16.4 - 16.4 -
Vessel dry-dock accrual
reversal, net 5.0 - 1.6 -
Carina Aries weather related - - - (41.9)
Miscellaneous items, net (2.2) - (9.5) 11.0
-----------------------------------------------------------------
TOTAL $20.7 $(19.9) $38.4 $(50.8)
-------------------------------------------------------------------
Government Operations
Pension funding
reimbursement $3.8 $- $5.0 $-
Miscellaneous items - - 3.2 8.7
-----------------------------------------------------------------
TOTAL $3.8 $- $8.2 $8.7
-------------------------------------------------------------------
Corporate
Qualified Pension Plan
Expense $(14.1) $(20.7) $(45.7) $(56.8)
-----------------------------------------------------------------
TOTAL $(14.1) $(20.7) $(45.7) $(56.8)
-------------------------------------------------------------------
OTHER ITEMS:
Estimated change in B&W
bankruptcy settlement $(0.3) $9.7 $(2.3) $(5.6)
Tax impact on B&W settlement 0.8 1.5 0.1 2.6
-------------------------------------------------------------------
Net After Tax Effect $(1.1) $8.2 $(2.4) $(8.2)
-------------------------------------------------------------------
McDERMOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, December 31,
2004 2003
-------- --------
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents $203,278 $174,790
Restricted cash and cash equivalents 112,478 180,480
Accounts receivable - trade, net 152,815 195,073
Accounts receivable from The Babcock &
Wilcox Company 2,091 6,192
Accounts and notes receivable -
unconsolidated affiliates 18,362 14,024
Accounts receivable - other 36,105 38,296
Contracts in progress 99,176 69,485
Deferred income taxes 5,777 4,168
Other current assets 16,001 16,019
- ----------------------------------------------------------------------
Total Current Assets 646,083 698,527
- ----------------------------------------------------------------------
Property, Plant and Equipment 1,099,592 1,244,222
Less accumulated depreciation 797,917 880,460
- ----------------------------------------------------------------------
Net Property, Plant and Equipment 301,675 363,762
- ----------------------------------------------------------------------
Restricted cash and cash equivalents 55,673 -
- ----------------------------------------------------------------------
Investments 42,364 42,800
- ----------------------------------------------------------------------
Goodwill 12,926 12,926
- ----------------------------------------------------------------------
Prepaid Pension Costs 18,449 18,722
- ----------------------------------------------------------------------
Other Assets 167,640 112,137
- ----------------------------------------------------------------------
TOTAL $1,244,810 $1,248,874
- ----------------------------------------------------------------------
McDERMOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' DEFICIT
September 30, December 31,
2004 2003
--------- ---------
(Unaudited)
(In thousands)
Current Liabilities:
Notes payable and current maturities of
long-term debt $11,998 $37,217
Accounts payable 120,679 146,665
Accounts payable to The Babcock &
Wilcox Company 39,075 42,137
Accrued employee benefits 76,362 69,923
Accrued liabilities - other 169,657 166,129
Accrued contract costs 36,087 69,928
Advance billings on contracts 203,861 176,105
U.S. and foreign income taxes payable 21,615 14,727
- ----------------------------------------------------------------------
Total Current Liabilities 679,334 722,831
- ----------------------------------------------------------------------
Long-Term Debt 268,054 279,682
- ----------------------------------------------------------------------
Accumulated Postretirement Benefit
Obligation 26,413 26,861
- ----------------------------------------------------------------------
Self-Insurance 62,358 60,737
- ----------------------------------------------------------------------
Pension Liability 344,196 311,393
- ----------------------------------------------------------------------
Accrued Cost of The Babcock & Wilcox
Company Bankruptcy Settlement 103,172 100,916
- ----------------------------------------------------------------------
Other Liabilities 99,704 109,631
- ----------------------------------------------------------------------
Commitments and Contingencies
Stockholders' Deficit:
Common stock, par value $1.00 per
share, authorized 150,000,000 shares;
issued 69,228,033 at September 30, 2004
and 68,129,390 at December 31, 2003 69,228 68,129
Capital in excess of par value 1,114,501 1,105,828
Accumulated deficit (1,103,374) (1,122,547)
Treasury stock at cost, 2,364,637
shares at September 30, 2004 and
2,061,407 at December 31, 2003 (65,253) (62,792)
Accumulated other comprehensive loss (353,523) (351,795)
- ----------------------------------------------------------------------
Total Stockholders' Deficit (338,421) (363,177)
- ----------------------------------------------------------------------
TOTAL $1,244,810 $1,248,874
- ----------------------------------------------------------------------
McDERMOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
2004 2003
-------- -------
(Unaudited, In
thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $19,173 $(12,522)
- ----------------------------------------------------------------------
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and amortization 29,021 32,581
Income or loss of investees, less dividends (7,702) (2,547)
Gain on asset disposals and impairments - net (18,797) (3,406)
Benefit from deferred taxes (12,702) (4,518)
Increase in estimated cost of The Babcock &
Wilcox Company bankruptcy settlement 2,256 5,642
Cumulative effect of accounting change - (3,710)
Gain on sale of Menck GmbH - (2,365)
Other 3,375 3,773
Changes in assets and liabilities, net of
effects of acquisitions and divestitures:
Accounts receivable 35,546 (17,148)
Net contracts in progress and advance
billings (1,903) (74,928)
Accounts payable (29,053) 24,180
Accrued and other current liabilities (23,105) (29,490)
Income taxes 31,281 (25,435)
Other, net (28,055) 44,637
- ----------------------------------------------------------------------
NET CASH USED IN OPERATING ACTIVITIES (665) (65,256)
- ----------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
(Increase) decrease in restricted cash and cash
equivalents 12,329 (16,228)
Purchases of property, plant and equipment (17,578) (27,531)
Purchases of available-for-sale securities (66,730) (260,886)
Sales of available-for-sale securities 5,565 133,679
Maturities of available-for-sale securities 61,973 256,600
Proceeds from asset disposals 74,206 20,946
Other 1 (403)
- ----------------------------------------------------------------------
NET CASH PROVIDED BY INVESTING ACTIVITIES 69,766 106,177
- ----------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of long-term debt $- $(9,500)
Decrease in short-term borrowing (36,750) (45,600)
Payment of debt issuance costs (3,400) (7,523)
Issuance of common stock 484 256
Other (953) 2,317
- ----------------------------------------------------------------------
NET CASH USED IN FINANCING ACTIVITIES (40,619) (60,050)
- ----------------------------------------------------------------------
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 6 (16)
- ----------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 28,488 (19,145)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 174,790 129,517
- ----------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $203,278 $110,372
- ----------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest (net of amount capitalized) $19,194 $10,501
Income taxes - net $44,765 $17,744
- ----------------------------------------------------------------------
CONTACT: McDermott International, Inc.
Investor Relations & Corporate Communications
Jay Roueche, 281-870-5462
jroueche@mcdermott.com