McDermott International, Inc. (NYSE:MDR) (“McDermott”), announced today that one of its subsidiary companies was awarded fabrication and installation work from Chevron U.S.A. Inc. to support the development of the Jack and St. Malo fields in the Gulf of Mexico. The project will be included in McDermott's first quarter 2011 bookings.

McDermott's North Ocean 102 (NO102) subsea construction vessel is currently equipped with a 7,000-ton capacity cable and umbilical and flexible pipe carousel with horizontal lay system. Plans to upgrade the vessel are underway. (Photo: Business Wire)

Work will begin in 2013, with the start of fabrication of 21 rigid jumpers at McDermott’s Morgan City fabrication facility in Louisiana. Offshore installation will begin in early 2014 using McDermott’s subsea construction vessel North Ocean 102 (“NO102”) and the DB16.

“We are pleased to be able to support Chevron’s deepwater developments in the Gulf of Mexico and believe that our combined solution of NO102’s high payload and top tension capacity coupled with our ability to fabricate the high spec jumpers in house provides a unique benefit for this project’s delivery,” said Stephen M. Johnson, President and Chief Executive Officer of McDermott.

The NO102 and its crew will transport and install more than 60 miles of umbilicals, including three control and two power umbilicals. The jumpers and remaining subsea controls system components, including more than 80 flying leads, will be installed by the DB16.

Located in up to 7,150 feet of water in the US Gulf of Mexico Walker Ridge lease blocks, the Jack South and St. Malo North and South subsea drill centers tie back to the Jack and St. Malo floating production platform.

More about North Ocean 102

The 427-foot NO102 enables McDermott to offer versatile installation capabilities in the flexible pipe and product market worldwide. The vessel has two cranes and a moon pool to support deepwater subsea construction work and has a fast transit speed. It is currently equipped with a 7,000-ton capacity cable and umbilical and flexible pipe carousel with horizontal lay system. Plans are underway to upgrade the vessel's capability by installing a high-capacity flexible-lay system for ultra deepwater installation work. The upgrade will include installation of a new 250-ton crane.

North Ocean 105 (NO105), the sister ship to NO102, is currently under construction at a Spanish shipyard. The 427-foot vessel will be outfitted with a high capacity rigid-reeled pipe-lay system with top-tier payload capacity. The system will also accommodate installation of flexible products including submarine cables and umbilicals and flexible pipelines. The anticipated delivery date of the NO105 is 2012.

ABOUT McDERMOTT

McDermott is a leading engineering, procurement, construction and installation (“EPCI”) company 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, the Company’s integrated resources include more than 15,000 employees and a diversified fleet of marine vessels, fabrication facilities and engineering offices. McDermott has served the energy industry since 1923.

To learn more, please visit McDermott’s website on the internet at www.mcdermott.com

FORWARD LOOKING STATEMENTS

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott International, Inc. cautions that statements in this press release which are forward-looking and provide other than historical information involve risks and uncertainties that may impact McDermott's actual results of operations. The forward-looking statements in this press release include, among other things, the expected value, scope, execution, benefits and timing associated with this project and expected capabilities and delivery of the NO105 vessel. Although McDermott's management believes that the expectations reflected in those forward-looking statements are reasonable, McDermott can give no assurance that those expectations will prove to have been correct. Those statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including without limitation, 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 report on Form 10-K for the year ended December 31, 2010. This news release reflects management’s view 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.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6695153&lang=en

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