McDermott International, Ltd announced that it has secured approximately $560 million in new capital through a series of transactions expected to close by the end of the year. McDermott has secured commitments from certain existing lenders and shareholders (the "Investors") for these transactions, as well as approval from a steering committee comprised of certain existing letter of credit and term loan lenders (the "Steering Committee"). The transactions are designed to further strengthen the Company's balance sheet, increase liquidity and fund future growth opportunities.

"The support of the Investors and the Steering Committee reflects their confidence in our long-term business strategy and competitive position," said David Dickson, President and Chief Executive Officer of McDermott. "Following on the heels of a successful restructuring earlier this year, this additional capital will further solidify our liquidity position, enabling us to continue to deliver superior project execution for our customers and consistently pursue new growth opportunities as demand for our expertise and capabilities increases."

McDermott has received a commitment from the Investors with respect to a new letter of credit facility that will replace its existing cash secured letter of credit facility, permitting the release of cash collateral of approximately $390 million. Additionally, McDermott will raise $170 million in gross proceeds from the issuance of common shares to certain of its existing shareholders that has been backstopped by the Investors. The transactions are expected to close by year end.

Kirkland & Ellis LLP is serving as legal counsel to McDermott, AP Services, LLC, an affiliate of AlixPartners, is serving as operational advisor and Centerview Partners is serving as the Company's financial advisor.

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 to design and build infrastructure solutions to responsibly transport and transform oil and gas into the products the world needs today. From concept to commissioning, our expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. It is called the "One McDermott Way." 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.