McDermott Winds-up U.K. Pension Plan

McDermott International has successfully collected approximately $38 million from a terminated pension plan in the United Kingdom. This pension plan was terminated in November 1998. The wind-up of the pension plan permitted McDermott to access its share of the surplus plan assets. These proceeds have increased McDermott's liquidity position and are now available for general corporate purposes.

"Completing this effort represents a significant accomplishment," said Bruce Wilkinson, Chairman and Chief Executive Officer of McDermott. "We spent several years negotiating with represented plan participants and obtaining the necessary approvals from the U.K. pension authority to reach this goal. It's great to achieve this milestone."