-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BaT7omZY2t68nY4O6bCqS6+rXzfUxH/ORw8r7Ry65ngYOembqJ5b2+jxilzJ8A5Q KKwSzm2X92ztcj3OG5/Nbg== 0000899140-99-000164.txt : 19990215 0000899140-99-000164.hdr.sgml : 19990215 ACCESSION NUMBER: 0000899140-99-000164 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990212 GROUP MEMBERS: DUQUESNE CAPITAL MANAGEMENT, L.L.C. GROUP MEMBERS: GEORGE SOROS GROUP MEMBERS: SOROS FUND MANAGEMENT LLC GROUP MEMBERS: STANLEY F. DRUCKENMILLER SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MCDERMOTT INTERNATIONAL INC CENTRAL INDEX KEY: 0000708819 STANDARD INDUSTRIAL CLASSIFICATION: SHIP & BOAT BUILDING & REPAIRING [3730] IRS NUMBER: 720593134 STATE OF INCORPORATION: R1 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: SEC FILE NUMBER: 005-34776 FILM NUMBER: 99537523 BUSINESS ADDRESS: STREET 1: 1450 POYDRAS ST CITY: NEW ORLEANS STATE: LA ZIP: 70112 BUSINESS PHONE: 5045875400 MAIL ADDRESS: STREET 1: 1450 POYDRAS ST CITY: NEW ORLEANS STATE: LA ZIP: 70161 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SOROS FUND MANAGEMENT LLC CENTRAL INDEX KEY: 0001029160 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 133914976 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 888 SEVENTH AVENUE 33RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10106 BUSINESS PHONE: 2128721054 MAIL ADDRESS: STREET 1: C/O AKIN, GUMP, STRAUSS,HAUER,FELD, STREET 2: 399 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G/A 1 AMENDMENT NO. 1 TO SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* McDERMOTT INTERNATIONAL, INC. ----------------------------- (Name of Issuer) Common Stock, $1.00 Par Value ----------------------------- (Title of Class of Securities) 580037109 --------- (CUSIP Number) December 31, 1998 ----------------- (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 10 Pages - -------------------- ------------------ CUSIP No. 580037109 13G Page 2 of 10 Pages - -------------------- ------------------ - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Soros Fund Management LLC - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------- ------ ---------------------------------------------------- 5 SOLE VOTING POWER 5,488,000 ------ ---------------------------------------------------- NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY -0- OWNED BY ------ ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 5,488,000 WITH ------ ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER -0- - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,488,000 - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X] - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.30% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* OO, IA - ---------- --------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! - -------------------- ------------------ CUSIP No. 580037109 13G Page 3 of 10 Pages - -------------------- ------------------ - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON George Soros (in the capacity described herein) - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - -------------------- ------ ---------------------------------------------------- 5 SOLE VOTING POWER -0- ------ ---------------------------------------------------- NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY 5,488,000 OWNED BY ------ ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON -0- WITH ------ ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 5,488,000 - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,488,000 - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X] - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.30% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IA - ---------- --------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! - -------------------- ------------------ CUSIP No. 580037109 13G Page 4 of 10 Pages - -------------------- ------------------ - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Stanley F. Druckenmiller (in the capacity described herein) - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - -------------------- ------ ---------------------------------------------------- 5 SOLE VOTING POWER 774,200 ------ ---------------------------------------------------- NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY 5,488,000 OWNED BY ------ ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 774,200 WITH ------ ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 5,488,000 - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,262,200 - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 10.61% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IA - ---------- --------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! - -------------------- ------------------ CUSIP No. 580037109 13G Page 5 of 10 Pages - -------------------- ------------------ - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Duquesne Capital Management, L.L.C. - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION PENNSYLVANIA - -------------------- ------ ---------------------------------------------------- 5 SOLE VOTING POWER 774,200 ------ ---------------------------------------------------- NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY -0- OWNED BY ------ ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 774,200 WITH ------ ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER -0- - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 774,200 - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [X] - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.31% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* OO, IA - ---------- --------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! Item 1(a) Name of Issuer: - --------- --------------- McDermott International, Inc. (the "Issuer") Item 1(b) Address of Issuer's Principal Executive Offices: - --------- ------------------------------------------------ 1450 Poydras Street New Orleans, Louisiana 70112-6050 Items 2(a) Name of Person Filing: - ---------- ---------------------- This Statement is filed on behalf of the following persons (collectively, the "Reporting Persons"): i) Soros Fund Management LLC, a Delaware limited liability company ("SFM LLC"); ii) Mr. George Soros ("Mr. Soros"); iii) Mr. Stanley F. Druckenmiller ("Mr. Druckenmiller"); and iv) Duquesne Capital Management, L.L.C., a Pennsylvania limited liability company ("Duquesne LLC"). This Statement relates to Shares (as defined herein) held for the accounts of Quantum Partners (as defined herein) and the Duquesne LLC Clients (as defined herein). SFM LLC, a Delaware limited liability company, serves as principal investment manager to Quantum Partners LDC, a Cayman Islands exempted duration company ("Quantum Partners"), and, as such, has been granted investment discretion over portfolio investments, including the Shares, held for the account of Quantum Partners. Mr. Soros is the Chairman of SFM LLC. Mr. Druckenmiller is the Lead Portfolio Manager and a Member of the Management Committee of SFM LLC. Mr. Druckenmiller also owns a 75% interest in, and is the sole managing member of, Duquesne LLC, an investment advisory firm that serves as a discretionary investment advisor to a limited number of institutional clients (the "Duquesne LLC Clients"). Item 2(d) Title of Class of Securities: - --------- ----------------------------- Page 6 of 10 Pages Common Stock, par value $1.00 per share (the "Shares") Item 4. Ownership: - ------- ---------- Item 4(a) Amount Beneficially Owned: - --------- -------------------------- As of February 11, 1999, each of the Reporting Persons may be deemed the beneficial owner of the following number of Shares: i) SFM LLC and Mr. Soros may be deemed to be the beneficial owner of the 5,488,000 Shares held for the account of Quantum Partners. ii) Mr. Druckenmiller may be deemed the beneficial owner of 6,262,200 Shares. This number consists of (A) 5,488,000 Shares held for the account of Quantum Partners and (B) 774,200 Shares held for the accounts of the Duquense LLC Clients. iii) Duquesne LLC may be deemed the beneficial owner of the 774,200 Shares held for the accounts of the Duquesne LLC Clients. Item 4(b) Percent of Class: - --------- ----------------- i) The number of Shares of which each of SFM LLC and Mr. Soros may be deemed to be the beneficial owner constitutes approximately 9.30% of the total number of Shares outstanding. ii) The number of Shares of which Mr. Druckenmiller may be deemed to be the beneficial owner constitutes approximately 10.61% of the total number of Shares outstanding. iii) The number of Shares of which Duquesne LLC may be deemed to be the beneficial owner constitutes approximately 1.31% the total number of Shares outstanding. Item 4(c) Number of shares as to which such person has: - --------- --------------------------------------------- SFM LLC ------- (i) Sole power to vote or to direct the vote: 5,488,000 Page 7 of 10 Pages (ii) Shared power to vote or to direct the vote: -0- (iii) Sole power to dispose or to direct the disposition of: 5,488,000 (iv) Shared power to dispose or to direct the disposition of: -0- Mr. Soros --------- (i) Sole power to vote or to direct the vote: -0- (ii) Shared power to vote or to direct the vote: 5,488,000 (iii) Sole power to dispose or to direct the disposition of: -0- (iv) Shared power to dispose or to direct the disposition of: 5,488,000 Mr. Druckenmiller ----------------- (i) Sole power to vote or to direct the vote: 774,200 (ii) Shared power to vote or to direct the vote: 5,488,000 (iii) Sole power to dispose or to direct the disposition of: 774,200 (iv) Shared power to dispose or to direct the disposition of: 5,488,000 Duquesne LLC ------------ (i) Sole power to vote or to direct the vote: 774,200 (ii) Shared power to vote or to direct the vote: -0- (iii) Sole power to dispose or to direct the disposition of: 774,200 (iv) Shared power to dispose or to direct the disposition of: -0- Item 5 Ownership of Five Percent or Less of a Class: - ------ -------------------------------------------- Not Applicable Page 8 of 10 Pages Item 6 Ownership of More than Five Percent on Behalf of Another Person: - ------ --------------------------------------------------------------- The shareholders of Quantum Partners, including Quantum Fund N.V., a Netherlands Antilles company, have the right to participate in the receipt of dividends from, or proceeds from the sale of, the Shares held for the account of Quantum Partners in accordance with their ownership interests in Quantum Partners. The Duquesne LLC Clients have the right to participate in the receipt of dividends from, or proceeds from the sale of, the Shares, held for their accounts. Each of SFM LLC and Mr. Soros expressly disclaims beneficial ownership of any Shares held for the accounts of the Duquesne LLC Clients. Duquesne LLC expressly disclaims beneficial ownership of any Shares held for the account of Quantum Partners. Item 7 Identification and Classification of the - ------ ---------------------------------------- Subsidiary Which Acquired the Security Being -------------------------------------------- Reported on By the Parent Holding Company: ----------------------------------------- Not Applicable Item 8 Identification and Classification of Members - ------ -------------------------------------------- of the Group: ------------- Not Applicable Item 9 Notice of Dissolution of Group: - ------ ------------------------------ Not Applicable Item 10 Certification: - ------- -------------- By signing below each signatory certifies that, to the best of his/its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the Issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 9 of 10 Pages SIGNATURE --------- After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 12, 1999 SOROS FUND MANAGEMENT LLC By: /s/ Michael C. Neus ----------------------- Michael C. Neus Assistant General Counsel Dated: February 12, 1999 GEORGE SOROS By: /s/ Michael C. Neus ----------------------- Michael C. Neus Attorney-in-Fact Dated: February 12, 1999 STANLEY F. DRUCKENMILLER By: /s/ Michael C. Neus ----------------------- Michael C. Neus Attorney-in-Fact Dated: February 12, 1999 DUQUESNE CAPITAL MANAGEMENT, L.L.C. By: /s/ Gerald Kerner ----------------------- Gerald Kerner Managing Director Page 10 of 10 Pages -----END PRIVACY-ENHANCED MESSAGE-----