Exhibit 99.1
McDermott Reports Fourth Quarter 2006 Results;
Net Income of $141 Million, $1.23 per Fully Diluted Share
Strong Project Execution Leads to Record 2006 Results
HOUSTON--(BUSINESS WIRE)--March 1, 2007--McDermott International,
Inc. (NYSE:MDR) ("McDermott" or the "Company") today reported net
income of $141.0 million, or $1.23 per diluted share, for the 2006
fourth quarter, compared to net income of $36.1 million, or $0.32 per
diluted share, for the corresponding period in 2005. Weighted average
common shares outstanding on a fully diluted basis were approximately
114.4 million and 112.3 million for the quarters ended December 31,
2006 and December 31, 2005, respectively. For 2005, the Company's
common shares outstanding and earnings per share are adjusted to
reflect the 3-for-2 stock split effected in May 2006.
McDermott's revenues in the fourth quarter of 2006 were $1,308.0
million, compared to $395.9 million in the corresponding period in
2005. Operating income was $86.3 million in the 2006 fourth quarter,
compared to $56.2 million in the 2005 fourth quarter. The increase in
revenues and operating income is primarily attributable to the
reconsolidation of The Babcock & Wilcox Company's ("B&W") financial
results beginning in March 2006. In addition, operating income of the
Offshore Oil & Gas Construction segment increased by over 30 percent
compared to its fourth quarter of 2005.
During the fourth quarter of 2006, McDermott recorded the
recognition of a $94.1 million tax benefit partially offset by certain
other items. To assist investors in their analysis of McDermott's
quarterly performance, the Company calculated non-GAAP earnings
excluding these items. Accordingly, in the fourth quarter of 2006, the
Company's non-GAAP operating income was $113.3 million, non-GAAP net
income was $83.8 million, and non-GAAP earnings per diluted share were
$0.73. Please see Appendix A for the reconciliation of these non-GAAP
amounts to McDermott's GAAP results.
"The fourth quarter completed a highly successful year for
McDermott," said Bruce W. Wilkinson, Chairman of the Board and Chief
Executive Officer of McDermott. "For the 2006 year, the Company
generated new records for backlog, revenue, and operating income, and
despite the expected loss of a major project this week, the outlook
for our markets continues to be strong in 2007."
At December 31, 2006, McDermott's consolidated backlog was $7.6
billion, compared to $3.6 billion at December 31, 2005 which excluded
B&W and $8.6 billion at September 30, 2006. Consolidated backlog at
December 31, 2006 excludes the amounts associated with the TXU boiler
and SCR contracts, which the Company believes will no longer be fully
realized.
RESULTS OF OPERATIONS
2006 Fourth Quarter Compared to 2005 Fourth Quarter
Offshore Oil & Gas Construction Segment ("J. Ray")
Revenues in the Offshore Oil & Gas Construction segment were
$475.9 million in the 2006 fourth quarter, compared to $250.3 million
for the same period a year ago. The year-over-year increase in
revenues resulted primarily from increased activity in the Middle East
and Asia Pacific regions.
Segment income for the 2006 fourth quarter was $48.7 million,
compared to $37.0 million in the 2005 fourth quarter. Major items
contributing to operating income in the 2006 fourth quarter were
projects in the Middle East, Asia Pacific and Caspian regions. During
the fourth quarter of 2006, J. Ray mobilized a construction vessel to
the Eastern Hemisphere from the Gulf of Mexico market and recognized a
transportation expense of approximately $7 million.
At December 31, 2006, J. Ray's backlog was $4.1 billion, compared
to backlog of $1.8 billion and $4.0 billion at December 31, 2005 and
September 30, 2006, respectively.
Power Generation Systems Segment ("B&W")
Revenues in the Power Generation Systems segment for the fourth
quarter 2006 were $676.8 million. During 2005, B&W was deconsolidated
and therefore there were no revenues reported for this segment during
the fourth quarter of 2005.
Segment income for the 2006 fourth quarter was $24.8 million,
compared to $4.8 million in the 2005 fourth quarter. The increase in
segment income was due to the reconsolidation of B&W beginning in the
first quarter 2006. During the 2006 fourth quarter, the Company
recorded a total of $27 million in expense related to the final
settlement in the Citgo litigation, an estimated warranty claim on a
dated project and the current-year loss penalty premium for casualty
insurers related to the Citgo litigation. Excluding these items, B&W's
non-GAAP operating income was $51.8 million. Please see Appendix A for
the reconciliation of these non-GAAP amounts to McDermott's GAAP
results.
At December 31, 2006, B&W's backlog was $2.2 billion compared to
$3.2 billion at September 30, 2006 and a deconsolidated backlog at
December 31, 2005 of $2.1 billion. B&W's backlog at December 31, 2006
excludes the amounts associated with the TXU boiler and SCR contracts,
which the Company believes will no longer be fully realized.
Government Operations Segment ("BWXT")
Revenues in the Government Operations segment were $158.3 million
in the 2006 fourth quarter, compared to $145.6 million for the same
period a year ago. The increase was primarily due to higher volumes in
the manufacture of nuclear components for certain U.S. Government
programs, higher volumes of fuel production for research test reactors
and increased fuel development for the Department of Energy for use in
commercial reactors.
Segment income for the 2006 fourth quarter was $19.9 million,
compared to $26.3 million in the 2005 fourth quarter. The decrease was
due to lower margins in the manufacture of nuclear components for
certain U.S. Government programs and increased selling, general and
administrative expenses related to business development in the United
Kingdom, pension plans and Department of Energy specialty fuel
development.
At December 31, 2006, BWXT's backlog was $1.3 billion, compared to
backlog of $1.8 billion and $1.4 billion at December 31, 2005 and
September 30, 2006, respectively.
Corporate
Unallocated corporate expenses were $7.0 million in the 2006
fourth quarter, compared to $11.9 million in the 2005 fourth quarter.
The decrease was primarily related to lower legal expenses as a result
of the completion of the B&W Chapter 11 settlement.
Other Income and Expense
The Company's other expense for the fourth quarter of 2006 was
$4.2 million, compared to $1.3 million in the fourth quarter of 2005.
The year-over-year variance is due to a $4.7 million loss on early
retirement of debt and $5.3 million IRS interest expense adjustment,
partially offset by a $5.7 million improvement in net interest
income/expense resulting from the retirement of $250 million of the
Company's debt in June 2006 and increased cash balances.
OTHER INFORMATION
About the Company
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 20,000 employees.
Forward-Looking Statements and Non-GAAP Disclosure
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 about
backlog, to the extent backlog may be viewed as an indicator of future
revenues, and the strength of the outlook for the markets in which we
operate. 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 awards and contracts in backlog may not result
in the expected revenues and risks that there are adverse changes in
those markets. 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 report on Form 10-K for the year ended December 31,
2006.
In addition to disclosing results determined in accordance with
GAAP, the Company also discloses non-GAAP operating results for the
Company and B&W that exclude certain expenses related to litigation,
related insurance and warranty expense and, for the Company, certain
income related to a tax benefit. The Company is providing the non-GAAP
measures to supplement the results provided in this press release in
accordance with GAAP and it should not be considered superior to, or
as a substitute for, the comparable GAAP measures. However, the
Company believes the non-GAAP measures provide meaningful insight into
the Company's ongoing operational performance and enable investors to
perform meaningful comparisons with current and historical operating
results. The Company expects to use these non-GAAP measures internally
to evaluate the Company's and B&W's operations for such purposes as
budget planning and performance goals. The Company also considers
these non-GAAP measures to be an important supplemental measure of its
and B&W's performance.
Conference Call to Discuss 2006 Fourth Quarter Earnings Release
Date: Friday, March 2, 2007, at 11:00 a.m. EST (10:00 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
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
------------ ------------ ------------ ------------
(Unaudited)
(In thousands, except per share amounts)
Revenues $1,308,044 $395,894 $4,120,141 $1,839,740
- ----------------------------------------------------------------------
Costs and Expenses:
Cost of
operations 1,118,329 289,634 3,366,921 1,443,817
Gain on
settlements and
curtailments of
pension plans - (1,390) - (1,390)
(Gain) Loss on
asset disposals
and impairments
- net 93 (53) 15,042 (6,554)
Selling, general
and
administrative
expenses 115,598 65,828 388,524 220,380
- ----------------------------------------------------------------------
1,234,020 354,019 3,770,487 1,656,253
- ----------------------------------------------------------------------
Equity in Income
from Investees 12,231 14,301 37,428 40,523
- ----------------------------------------------------------------------
Operating Income 86,255 56,176 387,082 224,010
- ----------------------------------------------------------------------
Other Income
(Expense):
Interest income 16,916 7,251 53,562 21,046
Interest expense (7,945) (4,036) (30,348) (31,820)
IRS interest
expense
adjustment (5,292) - 5,719 -
Minority interest (504) (189) (1,023) (679)
B&W Settlement
adjustment - - - (5,887)
Loss on early
retirement debt (4,692) - (53,708) -
Other-net (2,638) (4,334) (12,727) 30
- ----------------------------------------------------------------------
(4,155) (1,308) (38,525) (17,310)
- ----------------------------------------------------------------------
Income from
Continuing
Operations before
Provision for
(benefit from)
Income Taxes 82,100 54,868 348,557 206,700
Provision for
(benefit from)
Income Taxes (58,907) 17,998 19,152 8,827
- ----------------------------------------------------------------------
Income from
Continuing
Operations 141,007 36,870 329,405 197,873
Income (Loss) from
Discontinued
Operations - (748) 12,894 104
- ----------------------------------------------------------------------
Net Income $141,007 $36,122 $342,299 $197,977
- ----------------------------------------------------------------------
Earnings (Loss) per
share:
Basic:
Income from
Continuing
Operations $1.28 $0.35 $3.02 $1.93
Income (loss)
from
Discontinued
Operations $0.00 $(0.01) $0.12 $0.00
Net Income $1.28 $0.34 $3.14 $1.93
Diluted:
Income from
Continuing
Operations
before $1.23 $0.33 $2.90 $1.81
Income (loss)
from
Discontinued
Operations $0.00 $(0.01) $0.11 $0.00
Net Income $1.23 $0.32 $3.01 $1.81
- ----------------------------------------------------------------------
Weighted Average
Shares
Basic 110,015,576 105,725,127 108,876,227 102,568,832
Diluted 114,355,625 112,293,439 113,859,392 109,168,765
- ----------------------------------------------------------------------
McDERMOTT INTERNATIONAL, INC.
SELECTED SEGMENT INFORMATION
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
----------- ----------- ----------- -----------
(Unaudited)
(In thousands)
REVENUES
Offshore Oil and Gas
Construction $475,856 $250,339 $1,610,307 $1,238,870
Government Operations 158,251 145,556 630,067 601,042
Power Generation
Systems 676,829 - 1,888,636 -
Adjustments and
Eliminations (2,892) (1) (8,869) (172)
- ----------------------------------------------------------------------
TOTAL $1,308,044 $395,894 $4,120,141 $1,839,740
- ----------------------------------------------------------------------
SEGMENT INCOME
Offshore Oil and Gas
Construction $48,654 $36,978 $190,885 $159,023
Government Operations 19,862 26,335 111,635 99,371
Power Generation
Systems 24,761 4,789 114,511 5,556
- ----------------------------------------------------------------------
93,277 68,102 417,031 263,950
Unallocated Corporate (7,022) (11,926) (29,949) (39,940)
- ----------------------------------------------------------------------
OPERATING INCOME $86,255 $56,176 $387,082 $224,010
- ----------------------------------------------------------------------
EQUITY IN INCOME (LOSS)
FROM INVESTEES (1)
Offshore Oil and Gas
Construction $(824) $614 $(2,882) $2,818
Government Operations 8,805 8,674 27,768 31,258
Power Generation
Systems 4,250 5,013 12,542 6,447
- ----------------------------------------------------------------------
TOTAL $12,231 $14,301 $37,428 $40,523
- ----------------------------------------------------------------------
DEPRECIATION &
AMORTIZATION (1)
Offshore Oil and Gas
Construction $8,717 $8,418 $28,515 $28,727
Government Operations 4,740 4,328 14,833 13,696
Power Generation
Systems 4,896 - 16,342 -
Corporate 584 403 1,310 1,843
- ----------------------------------------------------------------------
TOTAL $18,937 $13,149 $61,000 $44,266
- ----------------------------------------------------------------------
CAPITAL EXPENDITURES
Offshore Oil and Gas
Construction $26,166 $16,451 $96,029 $37,411
Government Operations 6,308 14,837 17,430 26,892
Power Generation
Systems 11,650 - 29,635 -
Corporate 100 62 2,877 217
- ----------------------------------------------------------------------
TOTAL $44,224 $31,350 $145,971 $64,520
- ----------------------------------------------------------------------
BACKLOG
Offshore Oil and Gas
Construction $4,138,545 $1,781,917 $4,138,545 $1,781,917
Power Generation
Systems 2,225,149 - 2,225,149 -
Government Operations 1,269,328 1,772,258 1,269,328 1,772,258
- ----------------------------------------------------------------------
TOTAL $7,633,022 $3,554,175 $7,633,022 $3,554,175
- ----------------------------------------------------------------------
(1) Included in Segment Income above
McDERMOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
December 31,
2006 2005
------------ ------------
(In thousands)
Current Assets:
Cash and cash equivalents $600,843 $19,263
Restricted cash and cash equivalents 106,674 152,086
Investments 172,171 384,202
Accounts receivable - trade, net 668,310 232,236
Accounts receivable from The Babcock &
Wilcox Company - 3,778
Accounts and notes receivable -
unconsolidated affiliates 29,825 52,867
Accounts receivable - other 57,548 32,982
Contracts in progress 230,146 73,732
Inventories 77,769 319
Deferred income taxes 180,234 32,131
Assets held for sale - 10,886
Other current assets 16,958 8,147
- ----------------------------------------------------------------------
Total Current Assets 2,140,478 1,002,629
- ----------------------------------------------------------------------
Restricted Cash and Cash Equivalents - 2,886
- ----------------------------------------------------------------------
Property, Plant and Equipment
Land 14,883 11,649
Buildings 217,832 118,288
Machinery and equipment 1,197,053 918,927
Property under construction 95,419 48,563
- ----------------------------------------------------------------------
1,525,187 1,097,427
Less accumulated depreciation 1,011,693 779,694
- ----------------------------------------------------------------------
Net Property, Plant and Equipment 513,494 317,733
- ----------------------------------------------------------------------
Investments 121,914 116,304
- ----------------------------------------------------------------------
Goodwill 89,226 12,926
- ----------------------------------------------------------------------
Deferred Income Taxes 260,341 93,880
- ----------------------------------------------------------------------
Long-Term Income Tax Receivable 299,786 12,689
- ----------------------------------------------------------------------
Other Assets 168,948 109,239
- ----------------------------------------------------------------------
TOTAL $3,594,187 $1,668,286
- ----------------------------------------------------------------------
McDERMOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' DEFICIT
December 31,
2006 2005
----------- -----------
(In thousands)
Current Liabilities:
Notes payable and current maturities of long-
term debt $257,492 $4,250
Accounts payable 407,094 110,970
Accounts payable to The Babcock & Wilcox
Company - 11,429
Accrued employee benefits 246,182 81,196
Accrued liabilities - other 290,927 132,932
Accrued contract cost 110,992 56,566
Advance billings on contracts 1,116,118 314,467
Liabilities held for sale - 7,182
U.S. and foreign income taxes payable 50,776 49,696
- ----------------------------------------------------------------------
Total Current Liabilities 2,479,581 768,688
- ----------------------------------------------------------------------
Long-Term Debt 15,242 207,861
- ----------------------------------------------------------------------
Accumulated Postretirement Benefit Obligation 100,316 25,519
- ----------------------------------------------------------------------
Self-Insurance 84,704 60,989
- ----------------------------------------------------------------------
Pension Liability 372,504 311,319
- ----------------------------------------------------------------------
Accrued Cost of The Babcock & Wilcox Company
Bankruptcy Settlement - 117,990
- ----------------------------------------------------------------------
Deferred Babcock & Wilcox Company Pension Plan
Spin-Off - 150,136
- ----------------------------------------------------------------------
Other Liabilities 153,460 109,082
- ----------------------------------------------------------------------
Commitments and Contingencies
Stockholders' Equity (Deficit):
Common stock, par value $1.00 per share,
authorized 150,000,000 shares; issued
113,897,309 and 110,786,883 at December 31,
2006 and 2005, respectively 113,897 110,787
Capital in excess of par value 1,214,282 1,146,194
Accumulated deficit (513,607) (862,931)
Treasury stock at cost, 3,162,709 and
3,082,644 at December 31, 2006 and 2005,
respectively (60,581) (56,496)
Accumulated other comprehensive loss (365,611) (420,852)
- ----------------------------------------------------------------------
Total Stockholders' Equity (Deficit) 388,380 (83,298)
- ----------------------------------------------------------------------
TOTAL $3,594,187 $1,668,286
- ----------------------------------------------------------------------
McDERMOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2006 2005
----------- ------------
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $342,299 $197,977
Depreciation and amortization 61,000 44,266
(Income) loss of investees, less dividends 1,644 (4,714)
(Gain) loss on asset disposals and
impairments - net 15,042 (6,554)
Gain on sale of businesses (13,786) -
Premium on early retirement of debt 37,438 -
Provision for (benefit from) deferred taxes 179,467 (47,557)
Estimated loss on The Babcock & Wilcox
bankruptcy settlement - 5,887
Excess tax benefits from FAS 123(R) stock-
based compensation (20,113) -
Other 24,996 13,435
Changes in assets and liabilities, net of
effects from acquisitions and divestitures:
Accounts receivable (49,858) 2,568
Income taxes receivable (284,494) -
Accounts payable 65,157 (46,664)
Net contracts in progress and advance
billings 330,996 96,010
Income taxes 123,385 (14,570)
Accrued and other current liabilities 95,862 (52,935)
Pension liability and accrued
postretirement and employee benefits (119,114) 46,803
Payment for B&W Settlement (605,000) -
Other, net 43,221 20,995
- ----------------------------------------------------------------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 228,142 254,947
- ----------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease in restricted cash and cash
equivalents 48,298 22,981
Purchases of property, plant and equipment (132,704) (67,595)
Purchases of available-for-sale securities (1,518,756) (11,487,782)
Maturities of available-for-sale securities 1,502,136 10,987,746
Sales of available-for-sale securities 228,702 42,766
Proceeds from asset disposals 21,712 17,223
Cash acquired from the reconsolidation of The
Babcock & Wilcox Company 164,200 -
Other (3,193) (6,095)
- ----------------------------------------------------------------------
NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES 310,395 (490,756)
- ----------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt 250,000 -
Payment of long-term debt (238,615) (66,984)
Payment of debt issuance costs (10,170) (949)
Decrease in short-term borrowing - -
Issuance of common stock 19,647 60,951
Excess tax benefits from stock-based
compensation 20,113 -
Other 2,718 2,779
- ----------------------------------------------------------------------
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES 43,693 (4,203)
- ----------------------------------------------------------------------
EFFECTS OF EXCHANGE RATE CHANGES ON CASH (650) (44)
- ----------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 581,580 (240,056)
- ----------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 19,263 259,319
- ----------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $600,843 $19,263
- ----------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest (net of amount capitalized) $28,588 $37,720
Income taxes (net of refunds) $63,357 $44,961
- ----------------------------------------------------------------------
McDERMOTT INTERNATIONAL, INC.
SUPPLEMENTAL UNAUDITED PRO FORMA FINANCIAL INFORMATION
Presentation of combined results of operations ASSUMING
B&W had been reconsolidated with McDermott at the beginning of the
respective periods presented
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
------------- ------------ ------------ ------------
(Unaudited; In thousands, except per share amounts)
Revenues $1,308,044 $817,788 $4,378,408 $3,347,820
Operating Income
(Loss) $86,255 $48,419 $388,760 $(191,462)
Net Income (Loss) $141,007 $26,212 $344,091 $(64,794)
Diluted Earnings
Per Share $1.23 $0.23 $3.02 $(0.59)
APPENDIX "A"
McDERMOTT INTERNATIONAL, INC.
NON-GAAP EARNINGS TABLE
For the Three Months Ended December 31, 2006
(Unaudited; In thousands, except per share amounts)
GAAP Adjustments Note Non-GAAP
------------ ------------ ------- ------------
SEGMENT INCOME
Offshore Oil and Gas
Construction $48,654 $48,654
Government
Operations 19,862 19,862
Power Generation
Systems 24,761 27,012 (1) 51,773
- ---------------------------------------------------------------------
93,277 27,012 120,289
Unallocated
Corporate (7,022) (7,022)
- ---------------------------------------------------------------------
OPERATING INCOME $86,255 $27,012 $113,267
- ---------------------------------------------------------------------
Other Income
(Expense):
Interest income 16,916 16,916
Interest expense (7,945) (7,945)
IRS interest expense
adjustment (5,292) 5,292 -
Minority interest (504) (504)
Loss on early
retirement debt (4,692) 4,692 -
Other-net (2,638) (2,638)
- ---------------------------------------------------------------------
(4,155) 9,984 5,829
- ---------------------------------------------------------------------
Income before
Provision for Income
Taxes 82,100 36,996 119,096
Provision (Benefit)
for Income Taxes (58,907) 94,211 (2) 35,304
- ---------------------------------------------------------------------
Net Income $141,007 $(57,215) $83,792
- ---------------------------------------------------------------------
Earnings (Loss) per
share:
Basic EPS $1.28 $(0.52) $0.76
Diluted EPS $1.23 $(0.50) $0.73
- ---------------------------------------------------------------------
Weighted Average
Shares
Basic 110,015,576 110,015,576
Diluted 114,355,625 114,355,625
- ---------------------------------------------------------------------
(1) Add back litigation, related insurance, and dated warranty expense
(2) Add back $94.1 million tax benefit less lost foreign tax credit
plus tax associated with other adjustment items
CONTACT: McDermott Investor Relations & Corporate Communications
Vice President
Jay Roueche, 281-870-5462
jroueche@mcdermott.com
or
Manager
Robby Bellamy, 281-870-5165
rbellamy@mcdermott.com