McDermott Announces Results of Shareholders' Meeting
January 18 2006 - 11:27AM
Business Wire
McDermott International, Inc. (NYSE:MDR) ("McDermott" or "Company")
announced the results from the special meeting of shareholders held
today in Houston, Texas. The purpose of the special meeting was for
McDermott shareholders to vote on a resolution approving the
proposed settlement of the Chapter 11 proceeding involving The
Babcock & Wilcox Company and certain of its affiliates
(collectively, "B&W"). Of the 56,278,076 votes cast,
approximately 98.6 percent voted in favor of the resolution. The
votes in favor of the resolution constitute a majority of all
shares of common stock outstanding and entitled to vote as of the
record date. "I appreciate our shareholders voting in such strong
support of this resolution, particularly outside the normal proxy
season. Combined with yesterday's confirmation order from the
United States District Court, McDermott and B&W continue to get
ever closer to officially reuniting," said Bruce W. Wilkinson,
Chairman and Chief Executive Officer of McDermott. "On the
effective date of B&W's plan of reorganization, McDermott will
again be a leading worldwide energy services company with a strong
presence in power generation, marine construction and government
operations. Today's vote supports our expectation that the plan
will be effective by February 22, 2006." Remaining items required
for the settlement to become effective include obtaining exit
financing for B&W and the completion of certain other
conditions by February 22, 2006, the effective date deadline.
McDermott expects B&W's exit financing package will be signed
on the effective date. 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. The forward-looking statements in this press
release include statements regarding McDermott's expectation and
timing of the effectiveness of B&W's plan of reorganization and
the reconsolidation of B&W and the Company's position and focus
thereafter. 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, that
remaining conditions to the Plan my not be satisfied within the
time required by the Plan. 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 for the year ended December 31, 2004 and its 2005
quarterly reports filed with the Securities and Exchange
Commission. McDermott International, Inc. is a leading worldwide
energy services company. The Company'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. Additional information on McDermott can be obtained at
www.mcdermott.com.
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