McDermott (NYSE:MDR)
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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.