Cision PR Newswire

McDermott Announces 125-to-1 Share Consolidation

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Jan 28, 2025, 5:28 PM ET

HOUSTON, Jan. 28, 2025 /PRNewswire/ -- McDermott International, Ltd ("McDermott" or the "Company") today announced a 125-to-1 share consolidation, also known as a reverse stock split, which will consolidate the number of the Company's Class A ordinary shares (the "Class A Ordinary Shares") outstanding as of January 28, 2025, from 3,552,951,586 Class A Ordinary Shares, par value $0.001 per ordinary share, to approximately 28,423,613 Class A Ordinary Shares, par value $0.125 per ordinary share.

The specific ratio was determined by the Company's Board of Directors with reference to the Company's share price at the close of trading on January 16, 2025, and is within the range approved by the Company's members at a special general meeting held on December 2, 2024. The Company expects that the Class A Ordinary Shares will begin trading on a share consolidation-adjusted basis on January 29, 2025.

For a period of 20 business days, the Company's Class A Ordinary Shares will trade under the symbol MCDID. After this 20 business day period, the Company's Class A Ordinary Shares will resume trading under the symbol MCDIF.

The share consolidation follows the redemption and exchange of all of the Company's outstanding Series A preference shares into Class A Ordinary Shares. As a result of the share consolidation, every 125 Class A Ordinary Shares will automatically be combined into one Class A Ordinary Share. The share consolidation will be effected simultaneously for all Class A Ordinary Shares without any action on the part of members. The share consolidation will uniformly affect all of the holders of the Class A Ordinary Shares and will not affect any member's percentage ownership interests in the Company, except for minor changes to the extent that the share consolidation would result in any of the members owning a fractional share, which is permitted under Bermuda law.

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.

Forward-Looking Statements

The information and statements included herein includes forward-looking statements, including statements regarding the benefits of the share consolidation discussed herein on the Company's long-term strategy and the anticipated timing of the effectiveness and completion of the share consolidation. These forward-looking statements may be, but are not necessarily, identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," and similar expressions. Such statements reflect the current views and assumptions of the Company and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These risks include, but are not limited to, risks relating to the volatility of the market price of the Class A Ordinary Shares and general market and economic conditions. The Company undertakes no obligation to update or revise the forward-looking statements included herein, whether as a result of new information, future events, or otherwise. The Company's capital structure, stock price and liquidity and actual results, performance, or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements.

Contacts:

Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
RReid@McDermott.com