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Mcdermott’s Announces Appointment of New Executive Vice President and Chief Financial Officer

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McDermott International, Inc. (NYSE:MDR) (“McDermott”) today announced
that Stuart Spence has been appointed Executive Vice President and Chief
Financial Officer following the departure of Perry L. Elders, Senior
Vice President and Chief Financial Officer, effective August 23, 2014.
Mr. Elders will be pursuing other opportunities.

Mr. Spence, age 45, has approximately 19 years of combined financial and
operational management experience with companies in oilfield products
and services and engineering and construction businesses. Immediately
prior to joining McDermott, Mr. Spence served as Vice President,
Artificial Lift for Halliburton Company, where he had overall strategic
and operational responsibility for Halliburton’s artificial lift product
and service line. Previously, he served as Senior Director, Strategy and
Marketing for Halliburton’s Completion and Production Division. Mr.
Spence joined Halliburton following Halliburton’s acquisition of Global
Oilfield Services Inc. in November 2011. He served as Executive Vice
President and Chief Financial Officer of Global Oilfield Services from
2008 to 2011 and as Executive Vice President, Strategy, in 2011 in
connection with the sale to Halliburton. His prior experience also
includes positions of increasing financial and management responsibility
at: Green Rock Energy, LLC; and Vetco International Ltd. (holding
company for Aibel Ltd., an oilfield facilities maintenance and
construction company, and Vetco Gray, Inc., a subsea production and
drilling equipment company). In his role as Chief Financial Officer, Mr.
Spence will be McDermott’s principal financial and accounting officer.

Mr. Spence stated: “I am joining McDermott at both a challenging and
exciting time, and I am looking forward to working closely with a
management team dedicated to returning McDermott to sustainable,
profitable growth and focused on shareholder returns.”

Mr. Elders stated: “With the successful completion of the refinancing
and new financing transactions in the second quarter of this year and
the other positive steps we have taken to direct the turnaround of
McDermott’s operations, I feel the time is right for me to transition to
other opportunities and challenges. I wish the McDermott management team
the best in their continuing efforts.”

David Dickson, President and Chief Executive Officer of McDermott,
stated, “The Company is grateful for Perry’s contributions to McDermott
over the past four years and his leadership role in the Company’s
transition following the spin-off of The Babcock & Wilcox Company to our
shareholders in 2010 and our recently completed refinancing and new
financing arrangements. We wish him well in his future endeavors. Stuart
brings a new perspective to McDermott, with not only a demonstrable
track record of operational-results focus and financial discipline, but
also in the area of strategic planning. As McDermott continues its focus
on returning to profitability, Stuart’s skill set and leadership will be
instrumental in shaping our near-term results and future strategy. I am
looking forward to working closely with him.”


McDermott is a leading engineering, procurement, construction and
installation group of companies focused on executing complex offshore
oil and gas projects worldwide. Providing fully integrated EPCI services
for upstream field developments, the company delivers fixed and floating
production facilities, pipelines and subsea systems from concept to
commissioning. McDermott’s customers include national and major energy
companies. Operating in more than 20 countries across the Atlantic,
Middle East and Asia Pacific, McDermott’s integrated resources include
more than 13,500 employees and a diversified fleet of marine vessels,
fabrication facilities and engineering offices. McDermott has served the
energy industry since 1923.

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