Mcdermott Engineers News

After nearly two years of planning and development McDermott's team has achieved a first of a kind in the valve industry; creating the world’s largest forged body specialty valve, in collaboration with a valve manufacturer. The valves are destined for the INPEX-operated Ichthys LNG Project. “The Ichthys Project umbilical, riser and flowline infrastructure – which will be installed at the Ichthys Field offshore Western Australia - requires connection of the subsea riser base to the 42-inch gas export pipeline going to the onshore LNG processing facility…

McDermott International, Inc. reported a net loss of $.6 million or a $.01 per share loss (basic and diluted) for the first quarter of 2002, compared to a net loss of $4.4 million or $.07 per share loss (basic and diluted) for the first quarter of 2001. The results for the first quarter of 2001 have been restated to reflect the Hudson Products Company subsidiary as a discontinued operation under Statement of Financial Accounting Standards No. 144 ("FASB 144"). While not qualifying for such treatment under FASB 144, we have also included our McDermott Engineers & Constructors (Canada) LTD. subsidiary, which we sold in October of 2001, as a discontinued operation to provide a more meaningful quarter to quarter comparison.