HOUSTON, Dec. 13, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE:MDR) ("McDermott" or the "Company")
announced that it was formally notified today by the New York Stock
Exchange (the "NYSE") that the average closing price of the
Company's shares of common stock had fallen below $1.00 per share over a period of 30 consecutive
trading days, which is the minimum average share price for
continued listing on the NYSE.
The Company plans to notify the NYSE of its intent to cure the
deficiency and return to compliance with the NYSE continued listing
requirements. Under the NYSE's rules, the cure period extends for
six months following today's receipt of the notification.
The company's shares of common stock continue to trade on the
NYSE, subject to compliance with other continued listing
requirements.
Under the NYSE rules, the Company can regain compliance at any
time during the six-month cure period if, on the last trading day
of any calendar month during the cure period, its common stock has
a closing share price of at least $1.00 and an average closing share price of at
least $1.00 over the 30 trading-day
period ending on the last trading day of that month. Failure to
satisfy the conditions of the cure period or to maintain other
listing requirements could lead to a delisting.
Today's NYSE notification does not affect the Company's business
operations or its SEC reporting requirements and does not conflict
with or cause an event of default under any of the Company's
material debt or other agreements.
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 32,000
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: the Company's expectation to regain compliance with NYSE
listing rules; and the non-acceleration of the Company's debt.
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: risks attendant to ongoing negotiations
with various third parties; 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,
2018 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
Senior Vice President, Communications, Marketing and
Administration
+1 281 870
5269
Gentry.Brann@McDermott.com
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SOURCE McDermott International, Inc.
