McDermott, Subsidiaries Gain Higher Credit Ratings

McDermott International, Inc. announced that both of the major corporate credit rating services, Standard & Poor's Ratings Services ("S&P") and Moody's Investors Service, 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 conservativebalance sheet," said Michael S. Taff, Senior Vice President and CFO.