McDermott Announces Upgrades by Credit Rating Agencies

  
    
  
  
    
      McDermott International, Inc. (NYSE:MDR) (“McDermott” 
      or the “Company”) 
      announced today that both of the major corporate credit rating services, 
      Standard & Poor’s Ratings Services (“S&P”) 
      and Moody’s Investors Service (“Moody’s”), 
      have upgraded their respective ratings of McDermott and its rated 
      subsidiaries.
    
    
      Included among the recent ratings activity, McDermott’s 
      corporate credit rating at S&P was raised to BB+ from BB, with a 
      positive outlook, and the Company’s corporate 
      family rating at Moody’s was raised to Ba2 
      from Ba3, also with a positive outlook.
    
    
      “These credit rating upgrades are further 
      external recognition of our strong operating performance, record 
      backlog, and conservative balance sheet,” 
      said Michael S. Taff, Senior Vice President and Chief Financial Officer.
    
    
      McDermott is an engineering and construction company, with specialty 
      manufacturing and service capabilities, focused on energy 
      infrastructure. McDermott’s customers are 
      predominantly utilities and other power generators, major and national 
      oil companies, and the United States Government. With its global 
      operations, McDermott operates in over 20 countries with more than 
      25,000 employees, and can be found on the internet at www.mcdermott.com.