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World’s Largest Specialty Valves Created with McDermott Engineers

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After nearly two years of planning, development and perseverance, a dedicated team of McDermott experts has achieved a first of a kind in the valve industry; creating the world’s largest forged body specialty valve, in collaboration with a leading valve manufacturer. The valves are destined for the INPEX-operated Ichthys LNG Project.

Wojciech Zmudzinski, Chief Pipeline Engineer for McDermott (right) with an INPEX Ichthys Project rep

Wojciech Zmudzinski, Chief Pipeline Engineer for McDermott (right) with an INPEX Ichthys Project representative during a valve manufacturing inspection at a factory in Italy. (Photo: Business Wire)

“The Ichthys Project umbilical, riser and flowline infrastructure – which will be installed at the Ichthys Field offshore Western Australia – requires connection of the subsea riser base to the 42-inch gas export pipeline going to the onshore LNG processing facility,” explained Jonathan Parkes, McDermott Senior Project Director. “This meant that six 42-inch valves had to be specially designed and fabricated to meet the 40-year design criteria. To our knowledge, these are the world’s largest, single-piece forged, top entry ball valves.”

Each valve measures approximately 9 meters in length and 7 meters high, and weighs more than 100 tonnes. The first valve has been successfully built and tested. The second valve is currently undergoing factory acceptance testing and is expected to be ready in September. Once all six valves have passed factory testing, two will be installed offshore in 270 meters of water, while the remaining four will be installed onshore, one at the landfall block valve and three at the processing facility at Bladin Point.

“This is a great demonstration of client demand driving innovation, and through collaboration, team work and effective Supply Chain Management, on a global scale, we have created an industry first,” commended Tony Duncan, Executive Vice President, Subsea.

ABOUT McDERMOTT

McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our clients include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 14,000 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923 and is listed on the New York Stock Exchange (NYSE:MDR) .

To learn more, please visit our website at www.mcdermott.com.

FORWARD LOOKING STATEMENTS

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, contingencies and uncertainties that may impact McDermott’s actual results of operations. These forward-looking statements include the expected scope, execution and timing associated with the Ichthys project. 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 risks, contingencies and uncertainties, including, among others: 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 and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2013 and subsequent quarterly reports on Form 10-Q. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

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