McDermott Completes Redemption and Exchange of Series A Preference Shares to Class A Ordinary Shares

McDermott International, Ltd ("McDermott" or the "Company") today announced that it completed the redemption and exchange of all of its outstanding Series A Preference Shares ("Series A Preference Shares"), par value $0.001 per share, into the Company's Class A ordinary shares ("Class A Ordinary Shares"), $0.001 par value per share (the "Preference Share Transaction").

Pursuant to the Preference Share Transaction, the outstanding Series A Preference Shares were redeemed or exchanged for approximately 2.9 billion Class A Ordinary Shares. "This transaction goes a long way to simplifying our capital structure, providing us with flexibility as we execute our long-term strategy," said Travis Brantley, McDermott Chief Financial Officer. "We're pleased by this strong vote of confidence in McDermott by our shareholders."

Michael McKelvy, McDermott President and Chief Executive Officer, added, "We thank our majority shareholders for their strong support for this transaction and related actions to strengthen the Company, such as maintaining the allocation of 7.5% of Class A Ordinary Shares to be administered by the Board of Directors for long-term incentive programs to ensure continued workforce stability and alignment with shareholder value."