MDR McDermott International Inc

McDermott International, Inc. (NYSE:MDR) ("McDermott") announced today that The Babcock & Wilcox Company ("B&W") and certain of B&W's subsidiaries, together with the Asbestos Claimants' Committee and the Legal Representative for Future Asbestos-Related Claimants, have filed a Joint Plan of Reorganization and Summary Disclosure Statement with the Honorable Judge Jerry A. Brown in the United States Bankruptcy Court for the Eastern District of Louisiana. The Court has scheduled a hearing to consider approval of the Disclosure Statement on October 26, 2005. "Filing the Joint Plan of Reorganization and Summary Disclosure Statement with the Bankruptcy Court is a critical step in B&W exiting from bankruptcy and achieving our goal of reconsolidating its operations," said Bruce W. Wilkinson, Chairman and Chief Executive Officer of McDermott. "I am pleased that all constituent groups were able to quickly document our previously announced revised settlement terms into this new plan of reorganization. We now expect to advance the process forward in the Courts, with our shareholders and with B&W's claimants in accordance with our previously announced timetable." McDermott International, Inc. is a leading worldwide energy services company. McDermott's subsidiaries provide engineering, fabrication, installation, procurement, research, manufacturing, environmental systems, project management and facility management services to a variety of customers in the energy and power industries, including the U.S. Department of Energy. Forward Looking Statements/Safe Harbor 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 which 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 our expectation that the settlement process will proceed within the previously announced time frame. 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 by using various underlying assumptions and are subject to numerous uncertainties and risks, including the risk that the parties may not be able to negotiate and enter into definitive agreements, or that one or more of the required approvals may not be obtained by February 22, 2006. 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 risk factors, please see McDermott's annual report on Form 10-K for the year ended December 31, 2004, and its reports on Form 10-Q which are filed quarterly.