HOUSTON, Nov. 6, 2018 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced today purchases by its
Chairman and executive management of the company's common
stock.
- Gary Luquette, non-executive
Chairman of the Board of Directors, purchased approximately
$500,000 of McDermott stock, bringing
his total shares owned to 90,250.
- David Dickson, President and
Chief Executive Officer, purchased approximately $400,000 of McDermott stock, bringing his total
shares owned to 459,889.
- Stuart Spence, Executive Vice
President and Chief Financial Officer, purchased approximately
$250,000 of the company's stock,
bringing his total shares owned to 141,961.
"As non-executive Chairman of the Board, I have great belief in
McDermott's management team and operational capabilities and
believe the company is poised for significant profitable growth
opportunities," said Mr. Luquette.
"This purchase reflects my confidence in McDermott's future and
my belief in the strategic rationale of our combination with
CB&I," said Mr. Dickson. "As we continue to put the three
legacy projects behind us, our focus is on continuing our solid
execution and on the growing market opportunities ahead of us. I am
also assured by the successful integration of our two companies and
our highly motivated and talented employees."
"Our overall operating results and execution were solid in the
third quarter and our new award bookings were strong," said Mr.
Spence. "We have taken recent steps to further strengthen our
balance sheet, positioning the company for growth. This underscores
my fundamental belief in our long-term strategy and the sound
financial structure of the company."
About McDermott
McDermott is a premier, fully integrated provider of technology,
engineering and construction solutions to the energy industry. For
more than a century, customers have trusted McDermott to design and
build end-to-end infrastructure and technology solutions to
transport and transform oil and gas into the products the world
needs today. Our proprietary technologies, integrated expertise and
comprehensive solutions deliver certainty, innovation and added
value to energy projects around the world. Customers rely on
McDermott to deliver certainty to the most complex projects, from
concept to commissioning. It is called the "One McDermott Way."
Operating in over 54 countries, McDermott's locally focused and
globally-integrated resources include approximately 40,000
employees, a diversified fleet of specialty marine construction
vessels and fabrication facilities around the world. To learn more,
visit 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,
among other things, statements about McDermott's significant
profitable growth opportunities, growing market opportunities,
future growth, long-term strategies of McDermott and bookings, to
the extent they may be viewed as indicators of future revenues or
profitability. 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: 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, the
availability of qualified personnel, changes in the terms, scope or
timing of contracts, contract cancellations, change orders and
other modifications and actions by our customers and other business
counterparties, changes in industry norms and adverse outcomes in
legal or other dispute resolution proceedings. 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,
2017 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.
Contacts:
Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Global Vice President, Communications
+1 281 870
5269
Gentry.Brann@McDermott.com
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SOURCE McDermott International, Inc.
