McDermott Completes Refinancing; Strengthens Capital Structure for Continued Growth

EmitenTrust.com Refinancing includes completion of $500 million equity rights offering, $550 million Nordic bond issuance and new long-term Letter of Credit facility

HOUSTON, Sept. 21, 2026 /PRNewswire/ -- McDermott International, Ltd ("McDermott" or the "Company") today announced the successful completion of its comprehensive refinancing transaction, including a backstopped $500 million equity financing, a $550 million senior secured Nordic bond issuance and a new long-term letter of credit and guarantee facility.

The refinancing builds upon the Company's strong operational and financial performance, including consistent project execution and disciplined bidding. This platform for long-term growth positions McDermott to execute its high-quality global backlog, pursue disciplined growth opportunities and advance its long-term strategy.

"This refinancing reflects the continued support and confidence our shareholders, lenders and bond investors have shown in our strategy, performance and future," said Michael McKelvy, McDermott Chief Executive Officer and Chair of the Board of Directors. "We believe the successful completion of this transaction positions McDermott with the financial foundation to continue building on the momentum we've established through strong project delivery and a relentless focus on serving our customers."

The completed refinancing consists of:

• $500 million equity financing through a rights offering to existing shareholders, which was 97% subscribed by Class A ordinary shareholders and completed by the related backstop commitments,
• A $550 million senior secured bond issuance in the Nordic market due in 2031,
• A new long-term letter of credit and guarantee facility, and
• A revolving credit facility.

Collectively, these transactions are designed to extend McDermott's maturity profile, further deleverage the balance sheet and provide long-term financing certainty.

About McDermott

McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 30 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

Forward-Looking Statements

McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits achieved through the completion of the refinancing. 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 or capital 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; actions by lenders, other creditors, customers and other business counterparties of McDermott 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. This communication reflects the views of McDermott's management 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:

Global Media Relations

Reba Reid

+1 281 588 5636

RReid@McDermott.com

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SOURCE McDermott International, Ltd