MDR McDermott International Inc

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.