HOUSTON, Nov. 7, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today announced that it has been awarded a sizeable* technology contract by Formosa Chemicals Industries Ningbo Limited for the technology license and basic engineering services for a grassroots alpha-methylstyrene (AMS) recovery unit in Ningbo, China. This 10,000 MTA unit will utilize AMS technology jointly licensed by Versalis and McDermott's Lummus Technology to recover specialty chemicals for niche market sale.

"This award represents the first license of this AMS technology," said Leon de Bruyn, Senior Vice President of McDermott's Lummus Technology business. "The commercialization of this technology illustrates the effectiveness of our continuous innovation process. Lummus works to provide our customers market-leading solutions to enhance their competitiveness; the addition of the AMS recovery unit will enable Formosa to recover this specialty chemical with unmatched purity, ultimately enhancing the operating margins while lessening the environmental footprint."

The award strengthens the ongoing collaboration, dating back to 1995, between the Formosa organization and Lummus Technology. This technology incorporates many decades of operating and design experience by Versalis with Lummus design expertise.

McDermott's Lummus Technology is a leading licensor of proprietary petrochemicals, refining, gasification and gas processing technologies, and a supplier of proprietary catalysts and related engineering. With a heritage spanning more than 100 years, encompassing approximately 3,400 patents and patent applications, Lummus Technology provides one of the industry's most diversified technology portfolios to the hydrocarbon processing sector. Versalis (the chemical company of Italian energy major Eni) and Lummus have a long-standing collaboration to develop and offer a variety of petrochemical process licenses.

This award was reflected in McDermott's second quarter 2019 backlog.

*McDermott defines a sizeable contract as between USD $1 million and USD $50 million.

About McDermott
McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 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
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, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues or profitability, and the expected value and scope of the award discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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 and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com

Global Media Relations
Gentry Brann
Senior Vice President, Communications, Marketing and Administration
+1 281 870 5269                                             
Gentry.Brann@McDermott.com

Lummus Technology Media Relations
Chris Huk
Manager, Marketing & Communications, Lummus Technology
+1 281 588 5675
chuk@McDermott.com

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SOURCE McDermott International, Inc.

HOUSTON, July 19, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced it has been awarded a sizeable* contract by Argentina-based YPF, S.A. to provide pre-front-end engineering design (Pre-FEED) services for a five million tonnes per annum (MTPA) LNG Liquefaction Facility, with a potential expansion to 10 MTPA, at the Vaca Muerta Shale field in Argentina.

The scope of work is a continuation of a previous conceptual study developed for the YPF LNG Export Facility in Argentina under a contract in 2018. McDermott's London office will provide engineering services while the Houston office will perform project management and estimation services.

"The award of this Pre-FEED project is a testimony of McDermott's technical expertise in LNG and our successful partnership with YPF over the years," said Mark Coscio, McDermott's Senior Vice President for North, Central and South America. "Our experience as the EPC contractor for the Peru LNG Facility in which YPF was involved – combined with McDermott's modularization capabilities – were key factors that made us uniquely qualified to win and execute this contract."

The project will promote the development of the Vaca Muerta Shale field in The Neuquen region Argentina.

Work on the project will begin immediately, and the contract award will be reflected in McDermott's second quarter 2019 backlog.

* - McDermott defines a sizeable contract as between USD $1 million and USD $50 million.

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 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 

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, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about the expected scope, execution and timing of the project discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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 and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement. 

Contacts: 

Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com 

Global Media Relations
Gentry Brann
Senior Vice President, Communications, Marketing and Administration
+1 281 870 5269
Gentry.Brann@McDermott.com

Local Area Media Relations: 
Kristi Krupala
Manager, North, Central and South America (NCSA) Area Communications & Marketing
+1 281 870 5447
Kkrupala2@mcdermott.com 

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SOURCE McDermott International, Inc.

HOUSTON, July 15, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE:MDR) will report financial results for the second quarter of 2019 on Monday, July 29, 2019 after the close of the U.S. markets.

President and Chief Executive Officer David Dickson and Executive Vice President and Chief Financial Officer Stuart Spence will discuss the company's results during a conference call that same day at 4:00 p.m. Central time.

Shareholders and other interested parties are invited to listen to the call by visiting www.mcdermott-investors.com or by calling 1-706-634-2259 (Conference ID: 9386389). A presentation of supplemental financial information will be available on McDermott's Investor Relations site at that time.

A replay of the webcast will be available on McDermott's website for seven days after the call.

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit www.mcdermott.com.

Contacts:

Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com 

Global Media Relations
Gentry Brann
Senior Vice President, Communications, Marketing and Administration
+1 281 870 5269
Gentry.Brann@McDermott.com 

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SOURCE McDermott International, Inc.

HOUSTON, July 10, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced it has been awarded a contract in excess of $1.5 billion for Package 4 of Saudi Aramco's Marjan Increment Development Project to provide engineering, procurement, construction and installation (EPCI) of offshore gas facilities and pipelines.

Marjan Package 4 represents the second largest EPCI offshore contract awarded by Saudi Aramco in the Marjan Increment Development Project. The Marjan field lies in the Arabian Gulf, off Saudi Arabia's East Coast.

"The award of Marjan Package 4, in addition to Marjan Package 1, is further evidence of Aramco's confidence in McDermott's ability to deliver on a project of this scale," said Linh Austin, Senior Vice President, Middle East and North Africa. "Our locally focused and globally-integrated approach we refer to as the One McDermott Way, is integral to our ability to provide effective, innovative solutions for our clients."

The contract includes the fabrication of three tie-in platforms and seven wellhead platforms with a total weight of more than 61,400 tons (55,700 metric tons). The scope also includes the installation of subsea trunk lines and in-field pipelines in excess of 330 miles (540 kilometers), and the laying of more than 55 miles (90 kilometers) of subsea cables.

Project management will be based out of Dubai, United Arab Emirates, with engineering support from McDermott offices in Al Khobar, Saudi Arabia and Chennai, India. Fabrication will take place at McDermott's Batam, Jebel Ali and Dammam yards. The engineering phase is scheduled to begin in the third quarter of 2019 and fabrication is scheduled to begin in the first quarter of 2020, with overall completion planned for the fourth quarter of 2022. The contract award will be reflected in McDermott's second quarter 2019 backlog.

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 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

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, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues or profitability, and statements about the expected value, scope, execution and timing of the project discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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 and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com 

Global Media Relations
Gentry Brann
Senior Senior Vice President, Communications, Marketing and Administration
+1 281 870 5269
Gentry.Brann@McDermott.com

Local Media Relations
Barbara Knight
Senior Director, Area Communications and Marketing
Middle East and North Africa (MENA)
+971 (0)4 804 3990
BBknight@McDermott.com

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SOURCE McDermott International, Inc.

HOUSTON, June 13, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today announced that it has been awarded a sizeable* technology contract by Ningbo Union King Polyester Material Limited for the technology license, process design engineering, and operator training services for a large-scale, grassroots 1,600 KTA paraxylene (pX) plant at Ningbo Union King's petrochemicals facility in Ningbo, China. Lummus Technology is the exclusive licensor of BP's pX technology, which offers pX production at purities of 99.8 percent with lower energy consumption and lower capital costs compared to more traditional pX technologies.

"Paraxylene is a critical component in various polymers such as polyester and thus an important piece of the worldwide petrochemicals market," said Leon de Bruyn, Senior Vice President of McDermott's Lummus Technology business. "This large-scale pX plant will help meet growing petrochemicals demand, particularly in China."

McDermott's Lummus Technology is a leading licensor of proprietary petrochemicals, refining, gasification and gas processing technologies, and a supplier of proprietary catalysts and related engineering. With a heritage spanning more than 100 years, encompassing approximately 3,100 patents and patent applications, Lummus Technology provides one of the industry's most diversified technology portfolios to the hydrocarbon processing sector. 

This award was reflected in McDermott's first quarter 2019 backlog.

*McDermott defines a sizeable contract as between USD $1 million and USD $50 million.

About McDermott
McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 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
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, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues or profitability, and the expected value and scope of the award discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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 and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com

Global Media Relations
Gentry Brann
Senior Vice President, Communications, Marketing and Administration
+1 281 870 5269                                             
Gentry.Brann@McDermott.com

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SOURCE McDermott International, Inc.

HOUSTON, Feb. 18, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today announced two sizeable* contracts, one from Sarawak Shell Berhad (SSB) and one from Sapura Exploration and Production (SEP), to provide transportation and installation of offshore structures, pipelines and pre-commissioning work for the Pan Malaysia field development located off the shore of Sarawak, Malaysia.

McDermott's scope of work for SSB includes the transportation and installation of jackets, topsides and pipelines for the Gorek gas field. The company's scope of work for SEP includes the transportation and installation of jackets, topsides and pipelines for the Larak and Bakong gas fields. McDermott will also fabricate risers and spools for SSB and SEP.

"These two contracts give McDermott the opportunity to strengthen our long-standing relationship with Sarawak Shell Berhad and develop a new relationship with Sapura Exploration and Production," said Ian Prescott, McDermott's Senior Vice President for Asia Pacific. "They also provide an excellent opportunity for McDermott to execute offshore projects in Malaysia using many of the company's assets, from our highly-skilled and talented workforce to our marine assets and our global fabrication expertise."

McDermott is scheduled to use its installation vessel, the Malaysian-registered Derrick Barge 30, for these jobs. The project management team will be based in Kuala Lumpur using the maximum Malaysian workforce to meet the local content requirement. Fabrication of the risers and spools is scheduled to be performed at McDermott's global execution center in Batam, Indonesia. The offshore campaign is expected to begin in Q2 2019.

The awards mark McDermott's first contracts in Malaysia since relocating the regional headquarters to Kuala Lumpur. McDermott has since increased its local workforce from 90 to nearly 700 employees. "We have grown significantly in a relatively short space of time. Our Kuala Lumpur office is one of the company's centers of excellence supporting our global projects. This gives our local employees excellent development and growth opportunities. We are extremely pleased to secure the Pan Malaysia field development work which enables us to support the growth of the Malaysian oil and gas sector and the country," said Prescott.

McDermott is continuing its hiring process in Malaysia to meet the growing business prospects in the region and its recent combination with CB&I that opens up onshore petrochemical business opportunities in addition to its offshore business portfolio.

The Pan Malaysia contracts will be reflected in McDermott's first quarter 2019 backlog.

* McDermott defines a sizable contract as between USD $1 million and USD $50 million.

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 40,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit www.mcdermott.com.

Forward-Looking Statements

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, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues or profitability, and statements about the expected scope, execution, value and timing of the projects discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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 and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com

Global Media Relations
Gentry Brann
Global Vice President, Communications
+1 281 870 5269                                                
Gentry.Brann@McDermott.com

Asia Pacific Media Contact
Philip Ng
Manager, Communications
+60 17 200 4238                                                
fng2@McDermott.com

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SOURCE McDermott International, Inc.

DUBAI, United Arab Emirates, Jan. 16, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today announced it has been awarded a sizeable* contract from Daelim Saudi Arabia Company Ltd. for engineering, procurement and construction (EPC) of CB&I Storage Tanks for the Ma'aden Ammonia Plant at Ras Al-Khair, Kingdom of Saudi Arabia.

The fixed lump sum contract encompasses the engineering, procurement and fabrication of four Ammonia Tanks and nine CB&I storage tanks. Work on the project will predominantly be executed from Saudi Arabia utilizing McDermott's local capabilities and facilities.

"CB&I Storage Tanks consistently deliver innovative storage solutions for clients such as Daelim," said Linh Austin, Senior Vice President, Middle East and North Africa. "CB&I Storage Tanks' unparalleled technical competency combined with our extensive experience in Saudi Arabia uniquely positions us to deliver this project."

Work on the contract is expected to begin immediately and will be reflected in McDermott's fourth quarter 2018 backlog.

* - McDermott defines a sizeable contract as between USD $1 million and USD $50 million.

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 40,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit www.mcdermott.com.

Forward-Looking Statements

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, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about backlog, to the extent backlog may be viewed as an indicator of future revenues or profitability, and the expected value, scope, execution and timing of the project discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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 and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com

Global Media Relations
Gentry Brann
Global Vice President, Communications
+1 281 870 5269                                                
Gentry.Brann@McDermott.com

Local Area Media Relations
Barbara Knight
Head of Communications & Marketing Middle East and North Africa (MENA)
+971 (0)4 804 3990
bbknight@mcdermott.com

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SOURCE McDermott International, Inc.

HOUSTON, Nov. 6, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today purchases by its Chairman and executive management of the company's common stock. 

• Gary Luquette, non-executive Chairman of the Board of Directors, purchased approximately $500,000 of McDermott stock, bringing his total shares owned to 90,250.
• David Dickson, President and Chief Executive Officer, purchased approximately $400,000 of McDermott stock, bringing his total shares owned to 459,889.
• Stuart Spence, Executive Vice President and Chief Financial Officer, purchased approximately $250,000 of the company's stock, bringing his total shares owned to 141,961.

"As non-executive Chairman of the Board, I have great belief in McDermott's management team and operational capabilities and believe the company is poised for significant profitable growth opportunities," said Mr. Luquette.

"This purchase reflects my confidence in McDermott's future and my belief in the strategic rationale of our combination with CB&I," said Mr. Dickson. "As we continue to put the three legacy projects behind us, our focus is on continuing our solid execution and on the growing market opportunities ahead of us. I am also assured by the successful integration of our two companies and our highly motivated and talented employees."

"Our overall operating results and execution were solid in the third quarter and our new award bookings were strong," said Mr. Spence. "We have taken recent steps to further strengthen our balance sheet, positioning the company for growth. This underscores my fundamental belief in our long-term strategy and the sound financial structure of the company."

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 40,000 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

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, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about McDermott's significant profitable growth opportunities, growing market opportunities, future growth, long-term strategies of McDermott and bookings, to the extent they may be viewed as indicators of future revenues or profitability. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings. 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 and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

Investor Relations

Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com

Global Media Relations

Gentry Brann
Global Vice President, Communications
+1 281 870 5269                                                            
Gentry.Brann@McDermott.com

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SOURCE McDermott International, Inc.

THE WOODLANDS, Texas, April 26, 2018 /PRNewswire/ -- CB&I (NYSE:CBI) today announced it has been awarded a contract valued at nearly $35 million by a leading Canadian infrastructure company for the engineering, procurement, fabrication and construction of three liquefied petroleum gas (LPG) spheres.

"CB&I's industry-leading storage solutions make it easier for our customers to meet energy needs anywhere in the world," said Richard Heo, CB&I's Executive Vice President of Fabrication Services. "This facility will export LPG internationally where demand continues to grow."

About CB&I

CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

Important Information For Investors And Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2017, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

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SOURCE CB&I

THE WOODLANDS, Texas, April 23, 2018 /PRNewswire/ -- CB&I (NYSE: CBI) today announced financial results for the first quarter of 2018.

Highlights

• 78 percent increase in net income versus year-ago quarter
• Solid operating performance in Fabrication Services, Technology and E&C groups, including no material charges on Cameron LNG, Freeport LNG and Calpine power projects 
• Cost reduction program and higher-margin mix yield gross margin improvement of 170 basis points versus year-ago quarter
• 12 percent reduction in sales and administrative expense versus year-ago quarter
• Company engaged in high level of bidding activity, with attractive prospect list for 2018
• Combination with McDermott International expected to close in May, subject to the receipt of CB&I and McDermott stockholder approvals and satisfaction of all other closing conditions

The company reported net income of $43.9 million, or $0.43 per fully diluted share, for the first quarter of 2018, consistent with the preliminary results released by the company on April 12, 2018. 

Results for the first quarter of 2018 compare to net income of $24.7 million, or $0.24 per fully diluted share, in the first quarter of 2017.

President and Chief Executive Officer Patrick Mullen said, "We are pleased with the strong execution across all three of our operating groups, relative to the year-ago quarter, which resulted in a 78 percent increase in net income. Our results reflect an increase of 170 basis points in gross margin due to a higher margin mix and the benefits of our $100 million cost reduction program, which was fully implemented as of the end of 2017. The cost reduction program also contributed to a 12 percent decline in selling and administrative expense."  

Mr. Mullen continued, "We are also pleased to report an attractive prospect list for 2018. We are engaged in a high level of bid activity, and we expect customer investment decisions to be forthcoming on a number of very large projects in LNG, petrochemical and other markets. As we drive improvements across our business, we are also working toward an expected completion of the combination with McDermott in May of this year."

First Quarter Consolidated Results

For the first quarter of 2018 backlog was $9.4 billion (or $10.5 billion including $1.1 billion related to our equity-method joint ventures), new awards were $1.1 billion and revenue was $1.7 billion – results that were below the levels of the year-ago quarter due in part to the timing of new award activity. Operating income for the first quarter of 2018 was $107.7 million, an increase of 36 percent as compared to the year-ago quarter, driven largely by improved performance in the E&C segment and company-wide cost reduction efforts. Operating income margin was 6.2 percent in the first quarter of 2018 as compared to 4.3 percent in the year-ago period.

As previously disclosed, results for the first quarter of 2018 included two non-operating items that totaled $26.1 million, or $0.20 per fully diluted share, as described below:

• Restructuring charges of $5.1 million, or $0.04 per diluted share, related primarily to professional fees incurred in connection with the company's strategic activities; and
• Excess interest expense of $21.0 million, or $0.16 per diluted share, associated with higher interest rates versus the year-ago quarter due to previous debt covenant amendments.

Engineering & Construction Operating Group

For the first quarter of 2018, the E&C operating group's new awards were $664.9 million, down from the year-ago quarter as market factors impacted the timing of new awards. New awards during the quarter included a large refinery expansion project in the Middle East. The decline in new awards contributed to a reduction in backlog, which was $6.8 billion (or $7.4 billion including $538 million related to our equity-method joint ventures) as of the end of the first quarter of 2018.  

E&C operating group revenue for the first quarter of 2018 was $1.4 billion compared to $1.3 billion in the same period of 2017, up modestly due to increased activity on various projects in the U.S. The E&C group reported income from operations of $54.8 million, up sharply from $5.4 million in the year-ago period, reflecting improved execution across the group's portfolio of projects. The group's operating income margin was 4.0 percent in the first quarter of 2018 as compared to 0.4 percent in the year-ago quarter. Selected project highlights are presented below.

• The Cameron LNG project in Louisiana was 84 percent complete as of the end of the first quarter of 2018 and is forecasted to be completed in the fourth quarter of 2019. The expected completion date is unchanged from the company's previous estimates as of December 31, 2017.
     
• The Freeport LNG project in Texas was 82 percent complete for Trains 1 and 2, and 63 percent complete for Train 3, as of the end of the first quarter of 2018. This compares to 73 percent on Trains 1 and 2 and 55 percent on Train 3 as of December 31, 2017. The total project was approximately 81 percent complete, on a physical completion basis, as of March 31, 2018. Expected completion dates on Trains 1, 2 and 3, respectively, are in the third quarter of 2019, the first quarter of 2020 and the second quarter of 2020. During the second half of 2017, the project was impacted by Hurricane Harvey. The direct impacts of Hurricane Harvey included the cost of demobilization and remobilization and damaged pipe and other materials. These direct impacts were included in our forecasts for the project during 2017 and were partially offset by an increase in project price for claims and anticipated insurance recoveries on the project. We are continuing to evaluate and estimate the indirect impacts of the Hurricane, including potential impacts to productivity and related prolongation costs.  We anticipate providing the owner an estimate of the indirect impacts on the project in the second quarter 2018. Such impacts have not been included in our forecasts, and although such impacts could be significant, we believe any costs incurred as a result of Hurricane Harvey (subject to unallowable costs which we have accounted for) are recoverable under the contractual provisions of our contract, including force majeure.
    
• The Calpine combined-cycle gas turbine power project in Pennsylvania was 84 percent complete as of the end of the first quarter of 2018 and is forecasted to be completed in the fourth quarter of 2018. The expected completion date is unchanged from the company's previous estimates as of December 31, 2017.
     
• The IPL/Eagle Valley combined cycle gas turbine power project in Indiana was 99.9 percent complete as of the end of the first quarter of 2018.

Fabrication Services Operating Group

The Fabrication Services operating group reported a book-to-bill ratio of 1.2:1 in the first quarter of 2018, as new awards totaled $310.9 million in relation to revenue of $262.7 million – resulting in a modest increase in backlog, to $1.6 billion. 

The Fabrication Services operating group reported operating income for the first quarter of 2018 of $25.6 million, down moderately as compared to the year-ago quarter. The group's operating income margin for the first quarter of 2018 was 9.7 percent. 

Technology Operating Group

The Technology operating group reported first-quarter 2018 backlog of $970.4 million (or $1.6 billion including $593 million related to our equity-method joint ventures), up modestly as compared to the year-ago period on new awards of $157.6 million (or $182.4 million including $24.8 million of equity-method joint ventures). New awards in the first quarter of 2018 included a license and heater supply project in the Asia Pacific region. 

Technology operating group revenue was $117.6 million and income from operations was $32.4 million – results that were below the levels of the year-ago quarter due largely to routine fluctuations in the mix of licensing activity and catalyst shipments. This was reflected in the operating income margin for the quarter of 27.6 percent, which was below the level of the year-ago period.

Corporate and Other

CB&I was in compliance with its debt covenants as of the end of the first quarter of 2018. At the end of the quarter, the company had $305.2 million of cash and cash equivalents and $384.2 million of available capacity under its revolving credit facilities. The company's total debt at the end of the first quarter of 2018 was $2.5 billion. 

For the first quarter of 2018, the company reported negative operating cash flow of $240.3 million and expects improving cash flow from operations as the year progresses.

Unapproved change orders and claims totaled $229.8 million at the end of the first quarter of 2018. Net contract capital was $(834.2) million at the end of the first quarter of 2018.

Market Outlook

CB&I continues to have a strong market outlook across a range of projects and offerings, including:   

• LNG – Independent market forecasts continue to predict that global LNG demand will exceed supply by 2022-2023. To meet this demand, CB&I expects clients to make final investment decisions (FIDs) on key prospects in late 2018 or early 2019. The company and its joint venture partners continue to be well positioned in the U.S. Gulf Coast and East African regions to capitalize on the strengthening LNG market.   
    
• Petrochemicals – The U.S. remains an attractive market for the petrochemical industry due to the abundance of secure and inexpensive feedstock. The company's EPC prospects in the U.S. include ammonia and methanol projects that CB&I is developing through front-end engineering work. Additionally, global demand remains healthy due to growth in ethylene, propylene, and various derivatives, especially in China, Southeast Asia, India and the Middle East.
    
• Refining – CB&I, through its Chevron Lummus Global joint venture, has a strong portfolio of technologies across a range of refining processes, from upgrading heavy oils to the production of cleaner and higher octane  fuels. The company's Technology group is pursuing a variety of upgrade and enhancement opportunities globally and, on a pull-through basis, related capacity expansion projects in the Middle East and Caspian region.
     
• Gas Fired Power Plants – CB&I continues to focus on building strong relationships with its key power clients such as Entergy and Duke, for whom it is currently executing several large projects. Additionally, the company continues to pursue other opportunities characterized by strong development work and client collaboration. The expected commissioning of the NET Power technology demonstration plant this year also aims to demonstrate commercial viability of this exciting new technology.

Earnings Conference Call

As a result of CB&I's pending combination with McDermott, the company will not hold an earnings conference call.

About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

Important Information for Investors and Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, and include, among other things, statements about the timing and completion of the combination. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: the ability of McDermott and CB&I to obtain the approvals necessary to complete the proposed combination on the anticipated timeline or at all; and the risk that a condition to the closing of the proposed combination may not be satisfied, or that the proposed combination may fail to close. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2017, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com 

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SOURCE CB&I

THE WOODLANDS, Texas, April 23, 2018 /PRNewswire/ -- CB&I (NYSE: CBI) today announced that leading independent proxy advisory firm Glass Lewis has joined Institutional Shareholder Services Inc. ("ISS") in recommending that CB&I shareholders vote "FOR" the previously announced transaction with McDermott International, Inc. ("McDermott") at the Company's upcoming Special General Meeting of Shareholders (the "Special Meeting") on May 2, 2018.

Patrick K. Mullen, CB&I's President and Chief Executive Officer, said, "We are pleased that Glass Lewis has joined ISS and our Board of Directors in recommending that CB&I shareholders vote "FOR" the combination with McDermott. Like ISS, Glass Lewis recognizes the significant benefits of this transaction for all of our company's stakeholders, including our shareholders, customers and employees. We expect to complete the transaction in May of 2018."

CB&I reminds shareholders that their vote is important regardless of how many CB&I common shares they own. The Supervisory Board and Management Board of CB&I unanimously recommend that CB&I shareholders vote FOR the proposals related to the proposed combination with McDermott.

Shareholders who have questions or need assistance voting their shares may contact CB&I's proxy solicitor, Innisfree M&A Incorporated, at 1 (877) 825-8971 (toll-free from the U.S. and Canada) or +1 (412) 232-3651 (from other locations).

About CB&I
CB&I (NYSE: CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

Forward-Looking Statements
CB&I cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact actual results of operations of CB&I or McDermott, including after the proposed business combination with McDermott. These forward-looking statements include, among other things, statements about the timing and completion of the combination. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: the ability of McDermott and CB&I to obtain the approvals necessary to complete the proposed combination on the anticipated timeline or at all; the risk that a condition to the closing of the proposed combination may not be satisfied, or that the proposed combination may fail to close, including as the result of any inability to obtain the financing for the combination; the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted relating to the proposed combination; the costs incurred to consummate the proposed combination; the possibility that the expected synergies from the proposed combination will not be realized, or will not be realized within the expected time period; difficulties related to the integration of the two companies; the credit ratings of the combined businesses following the proposed combination; disruption from the proposed combination making it more difficult to maintain relationships with customers, employees, regulators or suppliers; the diversion of management time and attention on the proposed combination; adverse changes in the markets in which McDermott and CB&I operate or credit markets; the inability of McDermott or CB&I to execute on contracts in backlog successfully; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts; contract cancellations; change orders and other modifications; actions by customers and other business counterparties of McDermott and CB&I; changes in industry norms; and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. For a more complete discussion of these and other risk factors, please see each of McDermott's and CB&I's annual and quarterly filings with the U.S. Securities and Exchange Commission (the "SEC"), including their respective annual reports on Form 10-K for the year ended December 31, 2017. This communication reflects the views of CB&I's management as of the date hereof. Except to the extent required by applicable law, CB&I undertakes no obligation to update or revise any forward-looking statement.

Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy, vote or approval with respect to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed transactions, McDermott has filed a Registration Statement on Form S-4 (the "Registration Statement") with the SEC that includes (1) a joint proxy statement of McDermott and Chicago Bridge & Iron Company N.V. ("CB&I"), which also constitutes a prospectus of McDermott and (2) an offering prospectus of McDermott Technology, B.V. in connection with McDermott Technology, B.V.'s offer to acquire CB&I shares. The Registration Statement was declared effective by the SEC on March 29, 2018. McDermott and CB&I have mailed the definitive joint proxy statement/prospectus to shareholders of McDermott and shareholders of CB&I. In addition, McDermott and McDermott Technology, B.V. have filed a Tender Offer Statement on Schedule TO-T (the "Schedule TO") with the SEC and CB&I has filed a Solicitation/Recommendation Statement on Schedule 14D-9 (the "Schedule 14D-9") with respect to the exchange offer. The solicitation and offer to purchase shares of CB&I's common stock is only being made pursuant to the Schedule TO and related offer to purchase. This material is not a substitute for the joint proxy statement/prospectus, the Schedule TO, the Schedule 14D-9 or the Registration Statement or for any other document that McDermott or CB&I may file with the SEC and send to McDermott's and/or CB&I's shareholders in connection with the proposed transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION OR DECISION WITH RESPECT TO THE EXCHANGE OFFER, WE URGE INVESTORS OF CB&I AND MCDERMOTT TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS, SCHEDULE TO (INCLUDING THE OFFER TO PURCHASE, RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY MCDERMOTT AND CB&I WITH THE SEC CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT MCDERMOTT, CB&I AND THE PROPOSED TRANSACTIONS.

Investors are able to obtain free copies of the Registration Statement, joint proxy statement/prospectus, Schedule TO and Schedule 14D-9, as each may be amended from time to time, and other relevant documents filed by McDermott and CB&I with the SEC at http://www.sec.gov, the SEC's website, or free of charge from McDermott's website (http://www.mcdermott.com) under the tab, "Investors" and under the heading "Financial Information" or by contacting McDermott's Investor Relations Department at (281) 870-5147. These documents are also available free of charge from CB&I's website (http://www.cbi.com) under the tab "Investors" and under the heading "SEC Filings" or by contacting CB&I's Investor Relations Department at (832) 513-1068.

Participants in Proxy Solicitation
McDermott, CB&I and their respective directors and certain of their executive officers and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from McDermott's and CB&I's shareholders in connection with the proposed transactions. Information regarding the officers and directors of McDermott is included in its annual report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 21, 2018, as amended by its annual report on Form 10-K/A filed with the SEC on March 8, 2018. Information regarding the officers and directors of CB&I is included in its annual report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 21, 2018, as amended by its annual report on Form 10-K/A filed with the SEC on March 22, 2018. Additional information regarding the persons who may be deemed participants and their interests is set forth in the Registration Statement and joint proxy statement/prospectus and other materials filed with the SEC in connection with the proposed transactions. Free copies of these documents may be obtained as described in the paragraphs above.

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

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SOURCE CB&I

THE WOODLANDS, Texas, April 18, 2018 /PRNewswire/ -- CB&I (NYSE:CBI) today announced that Institutional Shareholder Services Inc. ("ISS") , a leading independent proxy voting advisory firm, has recommended that CB&I shareholders vote "FOR" the previously announced transaction with McDermott International, Inc. ("McDermott") at the Company's upcoming Special General Meeting of Shareholders (the "Special Meeting") on May 2, 2018.

In its April 17, 2018 report supporting the transaction, ISS concluded that "the merger with MDR represents the best available alternative for CBI shareholders. Moreover, the valuation multiple implied by the offer appears reasonable and the equity form of consideration will allow CBI shareholders to benefit from synergies and the potential upside of the combined company."

Commenting on the ISS report and the favorable recommendation, Patrick K. Mullen, CB&I's President and Chief Executive Officer, said, "We are very pleased that ISS has joined our Board of Directors in recommending that our shareholders vote FOR the proposals related to the proposed combination with McDermott. We remain confident that this transaction represents the best path forward for all CB&I stakeholders as, together, CB&I and McDermott will create a premier vertically integrated onshore-offshore company with the significant scale, diversification and global presence to address the evolving needs of our customers. We continue to make progress towards completing the transaction in the second quarter of 2018 and look forward to realizing its significant benefits for our shareholders, customers and employees."

CB&I reminds shareholders that their vote is important regardless of how many CB&I common shares they own. The Board of Directors of CB&I unanimously recommends that CB&I shareholders vote FOR the proposals related to the proposed combination with McDermott.

Shareholders who have questions or need assistance voting their shares may contact CB&I's proxy solicitor, Innisfree M&A Incorporated, at 1 (877) 825-8971 (toll-free from the U.S. and Canada) or +1 (412) 232-3651 (from other locations).

About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

Forward-Looking Statements

CB&I cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact actual results of operations of CB&I or McDermott, including after the proposed business combination with McDermott. These forward-looking statements include, among other things, statements about the timing and completion of the combination. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: the ability of McDermott and CB&I to obtain the approvals necessary to complete the proposed combination on the anticipated timeline or at all; the risk that a condition to the closing of the proposed combination may not be satisfied, or that the proposed combination may fail to close, including as the result of any inability to obtain the financing for the combination; the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted relating to the proposed combination; the costs incurred to consummate the proposed combination; the possibility that the expected synergies from the proposed combination will not be realized, or will not be realized within the expected time period; difficulties related to the integration of the two companies; the credit ratings of the combined businesses following the proposed combination; disruption from the proposed combination making it more difficult to maintain relationships with customers, employees, regulators or suppliers; the diversion of management time and attention on the proposed combination; adverse changes in the markets in which McDermott and CB&I operate or credit markets; the inability of McDermott or CB&I to execute on contracts in backlog successfully; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts; contract cancellations; change orders and other modifications; actions by customers and other business counterparties of McDermott and CB&I; changes in industry norms; and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. For a more complete discussion of these and other risk factors, please see each of McDermott's and CB&I's annual and quarterly filings with the U.S. Securities and Exchange Commission (the "SEC"), including their respective annual reports on Form 10-K for the year ended December 31, 2017. This communication reflects the views of CB&I's management as of the date hereof. Except to the extent required by applicable law, CB&I undertakes no obligation to update or revise any forward-looking statement.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy, vote or approval with respect to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed transactions, McDermott has filed a Registration Statement on Form S-4 (the "Registration Statement") with the SEC that includes (1) a joint proxy statement of McDermott and Chicago Bridge & Iron Company N.V. ("CB&I"), which also constitutes a prospectus of McDermott and (2) an offering prospectus of McDermott Technology, B.V. in connection with McDermott Technology, B.V.'s offer to acquire CB&I shares. The Registration Statement was declared effective by the SEC on March 29, 2018. McDermott and CB&I have mailed the definitive joint proxy statement/prospectus to shareholders of McDermott and shareholders of CB&I. In addition, McDermott and McDermott Technology, B.V. have filed a Tender Offer Statement on Schedule TO-T (the "Schedule TO") with the SEC and CB&I has filed a Solicitation/Recommendation Statement on Schedule 14D-9 (the "Schedule 14D-9") with respect to the exchange offer. The solicitation and offer to purchase shares of CB&I's common stock is only being made pursuant to the Schedule TO and related offer to purchase. This material is not a substitute for the joint proxy statement/prospectus, the Schedule TO, the Schedule 14D-9 or the Registration Statement or for any other document that McDermott or CB&I may file with the SEC and send to McDermott's and/or CB&I's shareholders in connection with the proposed transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION OR DECISION WITH RESPECT TO THE EXCHANGE OFFER, WE URGE INVESTORS OF CB&I AND MCDERMOTT TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS, SCHEDULE TO (INCLUDING THE OFFER TO PURCHASE, RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY MCDERMOTT AND CB&I WITH THE SEC CAREFULLY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MCDERMOTT, CB&I AND THE PROPOSED TRANSACTIONS.

Investors are able to obtain free copies of the Registration Statement, joint proxy statement/prospectus, Schedule TO and Schedule 14D-9, as each may be amended from time to time, and other relevant documents filed by McDermott and CB&I with the SEC at http://www.sec.gov, the SEC's website, or free of charge from McDermott's website (http://www.mcdermott.com) under the tab, "Investors" and under the heading "Financial Information" or by contacting McDermott's Investor Relations Department at (281) 870-5147. These documents are also available free of charge from CB&I's website (http://www.cbi.com) under the tab "Investors" and under the heading "SEC Filings" or by contacting CB&I's Investor Relations Department at (832) 513-1068.

Participants in Proxy Solicitation

McDermott, CB&I and their respective directors and certain of their executive officers and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from McDermott's and CB&I's shareholders in connection with the proposed transactions. Information regarding the officers and directors of McDermott is included in its annual report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 21, 2018, as amended by its annual report on Form 10-K/A filed with the SEC on March 8, 2018. Information regarding the officers and directors of CB&I is included in its annual report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 21, 2018, as amended by its annual report on Form 10-K/A filed with the SEC on March 22, 2018. Additional information regarding the persons who may be deemed participants and their interests is set forth in the Registration Statement and joint proxy statement/prospectus and other materials filed with the SEC in connection with the proposed transactions. Free copies of these documents may be obtained as described in the paragraphs above.

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

View original content with multimedia:http://www.prnewswire.com/news-releases/leading-proxy-advisory-firm-iss-recommends-cbi-shareholders-vote-for-the-proposed-transaction-with-mcdermott-300632115.html

SOURCE CB&I

THE WOODLANDS, Texas, April 18, 2018 /PRNewswire/ -- CB&I (NYSE:CBI) today announced it has been awarded an ethylene technology contract by Lianyungang Petrochemical Co., Ltd., a subsidiary of Zhejiang Satellite Petrochemical Co., Ltd. CB&I's scope of work includes a process design package, heater engineering and technology license for two ethylene plants with a capacity of 1,250 kta each at Lianyungang's petrochemical facility in Jiangsu Province, China. This design will utilize CB&I's market-leading, low-cost ethane cracker flowsheet which reduces investment costs by eliminating plant equipment.

Once complete, these will be China's first ethylene plants to crack 100 percent ethane feed, signifying a new wave of ethylene projects fed by shale gas ethane sourced from the U.S. Currently, all large ethylene plants in China crack mixed feeds or liquid feeds.

"CB&I is already a leading technology provider for the Chinese petrochemical industry," said Daniel M. McCarthy, CB&I's Executive Vice President of Technology. "Being the first company to license a unit in this new wave of ethane-only cracker projects in China not only enhances our business in the region, it puts CB&I in a better position to win future awards in the market."

About CB&I 
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

Important Information For Investors And Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2017, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com 
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

View original content with multimedia:http://www.prnewswire.com/news-releases/cbi-technology-award-marks-a-first-for-chinas-petrochemical-industry-300631760.html

SOURCE CB&I

THE WOODLANDS, Texas, April 12, 2018 /PRNewswire/ -- CB&I (NYSE:CBI) today announced preliminary financial results for the first quarter of 2018. The company expects to report:

• Revenue of $1.7 billion to $1.8 billion
• Income from operations of $100 million to $110 million
• EBITDA¹ of $118 million to $128 million
• Net income of $37 million to $43 million
• Fully diluted earnings per share of $0.37 to $0.43
• New awards of $1.1 billion to $1.2 billion
• Backlog² of $10.5 billion to $10.6 billion
• Net cash used in operating activities of $220 million to $240 million
• Total debt of $2.5 billion to $2.55 billion

CB&I's preliminary results reflect:

• Excellent operating performance across the company's portfolio of projects, including the Cameron and Freeport LNG projects and the Calpine combined-cycle natural gas power project, which respectively reached 84%, 82% and 84% completion and incurred no material project charges during the quarter;
• Restructuring charges of between $4 million and $6 million, or $0.03 to $0.05 per diluted share, related primarily to professional fees incurred in connection with the company's strategic activities; and
• Excess interest expense of between $20 million and $22 million, or $0.16 to $0.17 per diluted share, associated with higher interest rates versus the year-ago quarter due to previous debt covenant amendments.

The company continues to have a robust prospect list for potential new awards in 2018. In particular, CB&I is experiencing a high level of bid activity and expects customer investment decisions to be made this year on a number of very large projects in LNG, petrochemical and other markets.

As previously announced, the company will report its financial results for the first quarter of 2018 on April 23, 2018 after the close of the U.S. market. Due to the company's pending combination with McDermott International, Inc., CB&I will not conduct an earnings conference call to discuss these results. CB&I and McDermott remain fully committed to completing their proposed combination during the second quarter of 2018.

About CB&I

CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

Important Information for Investors and Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements include, among other things, statements about CB&I's expected financial results, CB&I's expectations for future project awards and the anticipated future closing, and closing timing, of CB&I's combination with McDermott International. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, including, among others, the ability of McDermott and CB&I to obtain the shareholder approvals necessary to complete the proposed combination, on the anticipated timeline or at all; the risk that a condition to the closing of the anticipated combination may not be satisfied, on the anticipated timeline or at all or that the anticipated combination may fail to close, and the possibility that the anticipated future results will change prior to being finalized. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward looking statements. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2016, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference. Except to the extent required by applicable law, CB&I undertakes no obligation to update or revise any forward-looking statement.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy, vote or approval with respect to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed transactions, McDermott has filed a Registration Statement on Form S-4 (the "Registration Statement") with the SEC that includes (1) a joint proxy statement of McDermott and CB&I, which also constitutes a prospectus of McDermott and (2) an offering prospectus of McDermott Technology, B.V. in connection with McDermott Technology, B.V.'s offer to acquire CB&I shares. The Registration Statement was declared effective by the SEC on March 29, 2018. McDermott and CB&I have mailed the definitive joint proxy statement/prospectus to stockholders of McDermott and shareholders of CB&I. In addition, McDermott and McDermott Technology, B.V. have filed a Tender Offer Statement on Schedule TO-T (the "Schedule TO") with the SEC and CB&I has filed a Solicitation/Recommendation Statement on Schedule 14D-9 (the "Schedule 14D-9") with respect to the exchange offer. The solicitation and offer to purchase shares of CB&I's common stock is only being made pursuant to the Schedule TO and related offer to purchase. This material is not a substitute for the joint proxy statement/prospectus, the Schedule TO, the Schedule 14D-9 or the Registration Statement or for any other document that McDermott or CB&I may file with the SEC and send to McDermott's and/or CB&I's shareholders in connection with the proposed transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION OR DECISION WITH RESPECT TO THE EXCHANGE OFFER, WE URGE INVESTORS OF CB&I AND MCDERMOTT TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS, SCHEDULE TO (INCLUDING THE OFFER TO PURCHASE, RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY MCDERMOTT AND CB&I WITH THE SEC CAREFULLY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MCDERMOTT, CB&I AND THE PROPOSED TRANSACTIONS.

Investors are able to obtain free copies of the Registration Statement, joint proxy statement/prospectus, Schedule TO and Schedule 14D-9, as each may be amended from time to time, and other relevant documents filed by McDermott and CB&I with the SEC at www.sec.gov, the SEC's website, or free of charge from McDermott's website at www.McDermott.com, under the tab, "Investors" and under the heading "Financial Information" or by contacting McDermott's Investor Relations Department at (281) 870-5147. These documents are also available free of charge from CB&I's website (http://www.cbi.com) under the tab "Investors" and under the heading "SEC Filings" or by contacting CB&I's Investor Relations Department at (832) 513-1068.

Participants in Proxy Solicitation

McDermott, CB&I and their respective directors and certain of their executive officers and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from McDermott's and CB&I's shareholders in connection with the proposed transactions. Information regarding the officers and directors of McDermott is included in its annual report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 21, 2018, as amended by its annual report on Form 10-K/A filed with the SEC on March 8, 2018. Information regarding the officers and directors of CB&I is included in its annual report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 21, 2018, as amended by its annual report on Form 10-K/A filed with the SEC on March 22, 2018. Additional information regarding the persons who may be deemed participants and their interests is set forth in the Registration Statement and joint proxy statement/prospectus and other materials filed with the SEC in connection with the proposed transactions. Free copies of these documents may be obtained as described in the paragraphs above.

Investors:  Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media:  Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

View original content with multimedia:http://www.prnewswire.com/news-releases/cbi-announces-preliminary-first-quarter-2018-financial-results-300628665.html

SOURCE CB&I

THE WOODLANDS, Texas, April 4, 2018 /PRNewswire/ -- CB&I (NYSE:CBI) today announced it has been awarded a contract by Jinneng Science & Technology Co., Ltd. for the license and engineering design of a propane dehydrogenation (PDH) unit in Qingdao, Shandong Province, China.

The unit will use CB&I's CATOFIN^® technology to produce 900,000 metric tons of propylene per year. It will also utilize CATOFIN catalyst and heat generating material from CB&I's catalyst partner, Clariant. Once the unit is complete, it will be the world's largest single-train PDH unit.   

"CB&I's CATOFIN technology offers unmatched reliability and optimization," said Daniel M. McCarthy, CB&I's Executive Vice President of Technology. "For our customers who license the technology, these benefits result in lower capital and operations costs for their projects and investments."

About CB&I 
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

Important Information For Investors And Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2017, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com 
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

View original content:http://www.prnewswire.com/news-releases/cbi-announces-catofin-technology-award-for-petrochemical-plant-in-china-300623975.html

SOURCE CB&I

THE WOODLANDS, Texas, March 6, 2018 /PRNewswire/ -- CB&I (NYSE:CBI) today announced it has been awarded a contract valued at approximately $70 million by JG Summit Petrochemical Corporation (JGSPC) for the Stage 1 Expansion project in Batangas City, Philippines. CB&I's scope of work includes the engineering, fabrication and construction of ten traditional field erected storage tanks, one double-wall liquefied petroleum gas storage tank and three spheres. Additional scope of work includes technical evaluation to service multiple tanks on the project.

"CB&I has a long-standing relationship with JGSPC and more than 45 years of experience in the Philippines," said Richard Heo, CB&I's Executive Vice President of Fabrication Services. "CB&I previously provided a technology license, basic engineering package and heater supply to the project. This award underlines JGSPC's confidence in CB&I's vertically integrated capabilities and further strengthens our presence in the region."

About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

Important Information For Investors And Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2017, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com 
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com