McDermott Announces Executive Management Retirement
05 August 2013 - 10:43PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott” or the
“Company”) announced today that John T. McCormack, Executive Vice
President and Chief Operating Officer, has advised the Company of
his intention to retire, effective in the fourth quarter of this
year. Mr. McCormack (age 66) has been with McDermott for ten years
and has held his current role since 2011.
“I would like to thank Jack for his decade of contribution to
McDermott,” said Stephen M. Johnson, Chairman, President and Chief
Executive Officer of McDermott, “His commitment and knowledge of
the business have earned him the respect of employees and customers
around the world, and we extend our best wishes to Jack for his
retirement.”
An internal and external search effort is underway for a
successor, whom the Company expects to name in the near-term to
provide for a smooth transition.
About the Company
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, major integrated and other energy companies.
Operating in approximately 20 countries across the Atlantic, Middle
East and Asia Pacific, the Company’s integrated resources include
approximately 14,000 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 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. These forward-looking statements include statements
about McDermott’s expectations in naming a successor to Mr.
McCormack in the near-term. 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 the availability of qualified
personnel, the highly competitive nature of our industry, adverse
changes in the markets in which we operate or credit markets, our
inability to successfully execute on contracts in backlog, changes
in project design or schedules, changes in the scope or timing of
contracts, and contract cancellations, change orders and other
modifications. 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, 2012 and subsequent quarterly reports on Form 10-Q.
This news 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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