Posted on January 1, 2025
HOUSTON, Dec. 19, 2024 /PRNewswire/ — McDermott International, Ltd (“McDermott” or the “Company”) today announced that it completed the redemption and exchange of all of its outstanding Series A Preference Shares (“Series A Preference Shares”), par value $0.001 per share, into the Company’s Class A ordinary shares (“Class A Ordinary Shares”), $0.001 par value per share (the “Preference Share Transaction”).
Pursuant to the Preference Share Transaction, the outstanding Series A Preference Shares were redeemed or exchanged for approximately 2.9 billion Class A Ordinary Shares. “This transaction goes a long way to simplifying our capital structure, providing us with flexibility as we execute our long-term strategy,” said Travis Brantley, McDermott Chief Financial Officer. “We’re pleased by this strong vote of confidence in McDermott by our shareholders.”
Michael McKelvy, McDermott President and Chief Executive Officer, added, “We thank our majority shareholders for their strong support for this transaction and related actions to strengthen the Company, such as maintaining the allocation of 7.5% of Class A Ordinary Shares to be administered by the Board of Directors for long-term incentive programs to ensure continued workforce stability and alignment with shareholder value.”
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
