-----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, OGhsVv5Cgr+6/XFa5NpHIJM+JZB7N6EeGt+qzQnSSe/3Y870xLsHeK6ZVruN81q3 vS99BVdPBNJZjswZJ3pfWg== 0001157523-03-000750.txt : 20030325 0001157523-03-000750.hdr.sgml : 20030325 20030325161704 ACCESSION NUMBER: 0001157523-03-000750 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030324 ITEM INFORMATION: Other events FILED AS OF DATE: 20030325 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCDERMOTT INTERNATIONAL INC CENTRAL INDEX KEY: 0000708819 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED PLATE WORK (BOILER SHOPS) [3443] IRS NUMBER: 720593134 STATE OF INCORPORATION: R1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08430 FILM NUMBER: 03615997 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 8-K 1 a4362370.txt MCDERMOTT INTERNATIONAL 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report: March 25, 2003 McDERMOTT INTERNATIONAL, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) REPUBLIC OF PANAMA 1-8430 72-0593134 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission) (IRS Employer of incorporation) File No.) Identification No.) 1450 Poydras Street, New Orleans, Louisiana 70112-6050 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, including Area Code: (504) 587-5400 -------------- Item 5. OTHER EVENTS In a press release dated March 24, 2003, McDermott International, Inc. (NYSE: MDR) ("McDermott" or the "Company") today reported a net loss of $184.5 million, or $2.94 loss per diluted share, on revenues of $448.1 million for the fourth quarter of 2002, compared to a net loss of $42.9 million, or $0.70 loss per diluted share, on revenues of $436.0 million for the same quarter last year. "Once again, our quarterly results were dominated by additional costs associated with the EPIC spar projects, principally due to the requirement to repaint the Devils Tower topsides. As a result, the Devils Tower completion has been delayed and additional costs incurred. Fabrication of the Medusa hull was completed during the quarter and installed in the Gulf of Mexico in February. The Medusa topsides are substantially complete and are scheduled for installation during the second quarter of this year," said Bruce W. Wilkinson, chairman of the board and chief executive officer of McDermott. "Our operating performance and financial results during 2002 were unacceptable. We have, however, taken actions that should enable us to transform the opportunities we have in our major business segments into value for our shareholders. I truly believe that we have the right people in leadership positions, and that we have taken the actions necessary to solidify and turn around our business in 2003 and to create a platform for growth in 2004 and beyond," Wilkinson said. The 2002 fourth quarter results include, among other things, the following: -- Charges totaling $47.2 million, or $0.75 loss per diluted share, relating to additional costs on the EPIC spar projects ("Spar Projects") of J. Ray McDermott ("J. Ray"); -- Charges totaling $15 million, or $0.24 loss per diluted share, relating to restructuring charges for J. Ray's Western Hemisphere marine operations, including the impairment of certain assets; $13.0 million of the charge is noncash; -- Charge of $110 million, or $1.75 loss per diluted share, resulting from the net estimated costs of settlement of The Babcock & Wilcox Company ("B&W") bankruptcy proceedings; the net estimated costs include related income tax expense of $23.6 million on estimated benefits expected to be received by the Company as a result of the settlement of the B&W bankruptcy proceedings; and -- Income tax expense of $24.5 million, which includes the $23.6 million income tax expense discussed above and income taxes on the Company's U.S. operations. The Company received little or no income tax benefit from the majority of the losses it incurred during the fourth quarter. For the full year 2002, the Company reported a net loss of $776.4 million, or $12.55 loss per diluted share, on revenues of $1.7 billion, compared to a net loss of $20.0 million, or $0.33 loss per diluted share, on revenues of $1.9 billion for the full year of 2001. The net loss for the full year of 2002 includes, among other things, the following: -- Pre-tax charges totaling $149 million ($135 million after tax, or $2.18 loss per diluted share) relating to additional costs deterioration on the Spar Projects of J. Ray; -- Charges totaling $15 million, or $0.24 loss per diluted share, relating to restructuring charges for J. Ray's Western Hemisphere marine operations, including the impairment of certain assets; $13.0 million of the charge is noncash; -- Noncash charge of $313 million, or $5.06 loss per diluted share, reflecting an impairment of J. Ray's goodwill, which was recorded in the third quarter; -- Charge of $110 million, or $1.78 loss per diluted share, resulting from the estimated costs of settlement of the B&W bankruptcy proceedings; the net estimated costs include related income tax expense of $23.6 million on estimated benefits expected to be received by the Company as a result of the settlement of the B&W bankruptcy proceedings; -- Noncash charge in the amount of $220.9 million, or $3.57 loss per diluted share, relating to the write-off of the Company's investment in B&W and other related assets during the second quarter; and -- Income tax expense of $15.1 million, which includes the $23.6 million income tax expense discussed above and income taxes on the Company's U.S. operations, partially offset by tax benefits on some of the Company's operating losses incurred during the year. The Company received little or no income tax benefit on the goodwill impairment charge, the write-off of its investment in B&W or the net pre-tax provision of $86.4 million for the estimated costs of settlement of the B&W Chapter 11 proceedings. LIQUIDITY As previously disclosed, the Company refinanced its credit facilities on February 10, 2003, resulting in a $180 million single facility for the Company and its subsidiaries, with sublimits on the amounts available to J. Ray and BWXT. With the new credit facility, our liquidity situation has improved, but the Company and J. Ray are still faced with issues that will continue to negatively affect our liquidity for at least the remainder of 2003. As of March 19, 2003, the Company's available liquidity under the new facility was $37 million, with total liquidity of $163 million for the Company. If the Company were to use the full $37 million as short-term borrowings under the new credit facility, the Company would have approximately $8.3 million available as additional letters of credit capacity at March 19, 2003. Due primarily to the losses incurred on the Spar Projects, the Company expects J. Ray to experience negative cash flows during 2003. Completion of the Spar Projects has and will continue to put a strain on J. Ray's liquidity. J. Ray intends to fund its cash needs through borrowings under the new credit facility, intercompany loans from McDermott and sales of non-strategic assets including certain marine vessels. However, if J. Ray experiences additional significant costs on the Spar Projects or any other projects that are unanticipated, the Company may be unable to fund all of its anticipated operating and capital needs and may have to pursue other financing options which may or may not be available to them. BUSINESS SEGMENT INFORMATION Attached to the earnings release is a schedule which reports financial information by business segment. The Company disposed of its Industrial Operations segment during 2002. The following is a discussion of the performance of each of the Company's business segments: Marine Construction Services Segment The Marine Construction Services segment consists of J. Ray McDermott and its subsidiaries. This segment reported a $37.6 million increase in revenues to $283.5 million in the 2002 fourth quarter, compared to $245.9 million in the same quarter last year. This 15% increase in revenues resulted primarily from the Phase 1 contracts for fabrication of an integrated topside and pipeline installation in the Azerbaijan sector of the Caspian Sea, fabrication of topsides in Morgan City and the Spar Projects. These activities were partially offset by reduced marine activity in the Gulf of Mexico. Although revenues increased, Marine Construction Services reported a segment operating loss, before equity in income from investees, of $76.4 million in the 2002 fourth quarter, compared to an operating loss of $1.0 million in the same quarter last year. J. Ray recorded charges totaling $47.2 million relating to cost overruns, schedule delays and higher than expected additional future costs to complete the Spar Projects, all of which continue to be in a loss position. J. Ray also experienced losses on three pipeline projects in the Gulf of Mexico, primarily as a result of poor operational performance, and on a South American project, primarily as a result of fabrication cost overruns at its Mexican facility. The operating loss for the fourth quarter of 2002 also included operating costs associated with the underutilization of marine equipment in, and restructuring charges for, J. Ray's Western Hemisphere marine operations. Partially offsetting these losses were two fabrication and marine installation projects in Southeast Asia, a topsides fabrication and pipeline installation project in the Azerbaijan sector of the Caspian Sea, reduced general and administrative expenses and a favorable adjustment of a reserve for potential settlement of certain litigation. The 2001 fourth quarter included amortization of goodwill of $4.5 million. No amortization of goodwill was recorded in 2002 due to the adoption of FAS 142 by the Company. The net loss on asset disposals and impairments in the 2002 fourth quarter is due primarily to noncash impairment charges for assets used in J. Ray's Western Hemisphere marine operations. J. Ray's backlog, which included $345 million relating to uncompleted work on the Spar Projects, was $2.1 billion at December 31, 2002, compared to $2.0 billion at September 30, 2002 and $1.8 billion at December 31, 2001. Government Operations Segment The Government Operations segment, which consists primarily of BWX Technologies, Inc. ("BWXT"), reported a $44.0 million increase in revenues to $164.7 million for the 2002 fourth quarter, compared to $120.7 million in the same quarter last year. This 36% increase was primarily attributable to higher volumes from the manufacture of nuclear components for certain U.S. government programs and higher revenues from a facilities management services contract with the U.S. Department of Energy ("DOE") that is not operated through a joint venture. Partially offsetting the increased revenues were lower volumes from commercial nuclear environmental services. Segment operating income, before equity in income from investees, decreased $1.6 million to $5.6 million in the 2002 fourth quarter. The decrease is primarily due to lower margins from the manufacture of nuclear components for certain U.S. government programs resulting from contract rate adjustments and higher facility management oversight costs. Additionally, this segment experienced higher costs resulting from the decentralization of research and development to McDermott's other business units and increased spending on certain research and development projects being performed by BWXT in conjunction with the DOE. The lower margins and higher costs were partially offset by higher volumes from the manufacture of nuclear components for certain U.S. government programs. Equity in income from investees includes joint ventures through which BWXT performs facilities management services for certain DOE sites. Equity in income from investees increased $2.7 million to $8.8 million in the 2002 fourth quarter, compared to $6.1 million in the same quarter last year. The increase was primarily due to the timing of performance-based earnings from a facilities management services contract with the DOE. Backlog in the Government Operations segment increased to $1.7 billion at December 31, 2002, compared to $949 million at September 30, 2002 and $1.0 billion at December 31, 2001. The increase in backlog at the end of 2002 was due primarily to bookings of manufacturing contracts that were originally forecasted in 2003. Power Generation Systems Segment The Power Generation Systems segment consists primarily of Babcock & Wilcox Volund ApS ("Volund"). On October 11, 2002, the Company sold Volund to B&W for consideration including the funding of the repayment of approximately $14.5 million of principal and interest on a loan owed by Volund to McDermott. The purchase price is subject to adjustment depending on the final resolution of an ongoing project. The gain or loss on the sale will not be recognized until final resolution of the B&W Chapter 11 proceedings. Corporate Corporate expenses increased $8.4 million to $3.3 million for the 2002 fourth quarter, compared to $5.1 million of income in the same quarter last year. The increase was due primarily to the recognition of pension expense in the 2002 fourth quarter compared to pension income in the 2001 fourth quarter. Lower legal and professional service expenses related to the B&W Chapter 11 proceedings partially offset these increases. OTHER FINANCIAL INFORMATION Other Income and Expense Interest income decreased $2.2 million to $1.7 million in the 2002 fourth quarter, compared to the same quarter last year. Interest expense decreased by $5.4 million to $2.6 million in the 2002 fourth quarter compared to the same quarter last year. The decrease in interest income is due primarily to a decrease in investments that were used to repay certain debt obligations in the first quarter of 2002, including the related tax payments, and to prevailing interest rates. The decrease in interest expense is due primarily to a reduction in prevailing interest rates and the repayment of debt. Other-net decreased by $6.5 million to an expense of $2.9 million in the 2002 fourth quarter, compared to income of $3.6 million in the same quarter last year. The decrease was due primarily to miscellaneous income recorded in the 2001 fourth quarter totaling approximately $3.5 million for an accrual reversal for rent expense on one of the Company's facilities. In addition, the 2002 fourth quarter included $2.4 million of expense relating to the write-off of certain assets of the Company. Goodwill Impairment Due to the deterioration in J. Ray's financial performance during the third quarter of 2002 and revised expectations concerning J. Ray's future earnings and cash flow, the Company tested J. Ray's goodwill for impairment as of September 30, 2002. With the assistance of an independent consultant, the Company determined that it was probable that a goodwill impairment loss had occurred, and in the third quarter of 2002, recorded an estimated impairment charge of $313 million, representing the total amount of goodwill on J. Ray's books. During the 2002 fourth quarter, the Company completed its measurement of the potential loss and concluded that no adjustment to the estimated loss was required. The Babcock & Wilcox Company The Company wrote off its investment in B&W during the second quarter of 2002 and has not consolidated B&W with its financial results since the Chapter 11 bankruptcy filing in the first quarter of 2000. Based on the filing of a joint plan of reorganization with the bankruptcy court on December 19, 2002 and on recent positive developments in the settlement negotiations, the Company determined that a liability related to the proposed settlement is probable and that the value is reasonably estimable. Accordingly, at December 31, 2002, the Company established an estimate for the cost of the settlement of the B&W bankruptcy proceedings of $110.0 million, including related income taxes of $23.6 million. B&W's revenues decreased $9.2 million to $396.4 million in the 2002 fourth quarter, compared to $405.6 million in the same quarter last year. The net loss increased to $250.8 million in the 2002 fourth quarter, compared to $4.2 million in the same quarter last year. The net loss for the 2002 fourth quarter included a $286.5 million increase in B&W's asbestos liability as a result of the settlement negotiations and the determination that the settlement now appears probable. Pension Plans As a result of the downturn in the stock market and the decline in interest rates, the Company was required to record an additional minimum pension liability, which resulted in a decrease to stockholders' equity of $451.8 million as of December 31, 2002. The Company has met its total minimum funding requirement of $21.1 million for 2002, of which approximately $11.2 million relates to the 2002 pension plan year. Pension expense for 2003 for the Company's defined benefit plans is expected to be approximately $86.8 million with an approximate $8.6 million minimum funding requirement in 2003 for one of the Company's defined benefit plans. Earnings Guidance For the full year of 2003, the Company reaffirms its earnings guidance to be in the range of breakeven to a loss of $0.05 per diluted share. The 2003 guidance includes the $86.8 million pension expense described above. OTHER INFORMATION About the Company McDermott International, Inc. is a leading worldwide energy services company. The Company's subsidiaries provide engineering, fabrication, installation, procurement, research, manufacturing, environmental systems, project management and facility management services to a variety of customers in the energy and power industries, including the U.S. Department of Energy. In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott International, Inc. cautions that statements in this press release which are forward-looking and which provide other than historical information, involve risks and uncertainties that may impact the Company's actual results of operations. The forward-looking statements in this press release include, among other things, statements about the Company's and J. Ray's liquidity, earnings guidance for the full year 2003, the estimated costs and timing to complete the Spar Projects, the estimated charges for the proposed settlement of the B&W Chapter 11 based on current negotiations, the probability of that proposed settlement, the projected pension expense for 2003 and the steps taken to solidify and turn around the Company's business in 2003 and provide a platform for growth in 2004 and beyond. Although McDermott's management believes that the expectations reflected in those forward-looking statements are reasonable, McDermott 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 uncertainties and risks. 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 risk factors, please see McDermott's annual and quarterly reports filed with the Securities and Exchange Commission. Conference Call to Discuss Press Release Date: Tuesday, March 25, 2003 at 10:00 a.m. EST (9:00 a.m. CST) Webcast: Investor Relations' section of website at www.mcdermott.com Dial-in: (USA) (888) 428-4479 or (International) (651) 291-0344 Replay: March 25, 2003 beginning at 5:00 p.m. EST (4:00 p.m. CST) (USA) (800) 475-6701 or (International) (320) 365-3844 Access code 675828
McDERMOTT INTERNATIONAL, INC. BUSINESS SEGMENT INFORMATION (In thousands) THREE MONTHS ENDED TWELVE MONTHS ENDED REVENUES: 12/31/02 12/31/01 12/31/02 12/31/01 - --------------------- ----------- --------- ---------- ---------- (Unaudited) Marine Construction Services $ 283,494 $ 245,923 $1,148,041 $ 848,528 Government Operations 164,666 120,715 553,827 494,018 Industrial Operations 0 55,172 0 507,262 Power Generation Systems 0 14,292 46,881 47,778 Adjustments and Eliminations (12) (125) (68) (638) - --------------------- ----------- --------- ---------- ---------- Total Revenues $ 448,148 $ 435,977 $1,748,681 $1,896,948 ===================== =========== ========= ========== ========== OPERATING INCOME (LOSS): - ------------------------ Segment Operating Income (Loss): Marine Construction Services (76,392) (1,020) (162,626) 14,506 Government Operations 5,641 7,209 34,600 29,320 Industrial Operations 0 2,782 0 9,928 Power Generation Systems (228) (869) (2,825) (3,656) - --------------------- ----------- --------- ---------- ---------- Segment Operating Income (Loss) (70,979) 8,102 (130,851) 50,098 - --------------------- ----------- --------- ---------- ---------- Gain (Loss) on Asset Disposal and Impairments-Net: Marine Construction Services (8,149) (4,296) (320,945) (3,624) Government Operations 87 (904) 88 (128) Industrial Operations 0 (1) 0 13 Power Generation Systems 0 0 0 0 - --------------------- ----------- --------- ---------- ---------- Segment Loss on Disp/Impairments (8,062) (5,201) (320,857) (3,739) - --------------------- ----------- --------- ---------- ---------- Income from Investees: Marine Construction Services 4,065 4,394 5,311 10,442 Government Operations 8,819 6,136 24,645 23,004 Industrial Operations 0 1 0 43 Power Generation Systems 387 (477) (2,264) 604 - --------------------- ----------- --------- ---------- ---------- Income from Investees 13,271 10,054 27,692 34,093 - --------------------- ----------- --------- ---------- ---------- Segment Income (Loss): Marine Construction Services (80,476) (922) (478,260) 21,324 Government Operations 14,547 12,441 59,333 52,196 Industrial Operations 0 2,782 0 9,984 Power Generation Systems 159 (1,346) (5,089) (3,052) - --------------------- ----------- --------- ---------- ---------- SEGMENT INCOME (LOSS) (65,770) 12,955 (424,016) 80,452 - --------------------- ----------- --------- ---------- ---------- Write-off of investment in B&W 0 0 (224,664) 0 Other unallocated 0 0 (1,452) 0 Corporate (3,325) 5,110 (23,628) (5,080) - --------------------- ----------- --------- ---------- ---------- OPERATING INCOME (LOSS) $ (69,095) $ 18,065 $ (673,760) $ 75,372 ===================== =========== ========= ========== ==========
MCDERMOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENT OF LOSS (Unaudited; in thousands) THREE MONTHS ENDED 12/31/02 12/31/01 Revenues $ 448,148 $ 435,977 - -------------------------------------------- ------------ ------------ Costs and Expenses: Cost of operations 481,018 375,449 Losses on Asset Disposals and Impairments - net 8,062 5,201 Selling, general and administrative expenses 41,434 47,316 - -------------------------------------------- ------------ ------------ Total Cost and Expenses 530,514 427,966 - -------------------------------------------- ------------ ------------ Equity in income (loss) of investees 13,271 10,054 - -------------------------------------------- ------------ ------------ Operating Income (69,095) 18,065 - -------------------------------------------- ------------ ------------ Other Income (Expense): Interest income 1,680 3,874 Interest expense (2,607) (8,011) Minority interest (806) - Loss on B&W settlement (86,377) - Gain on sale of MECCL - 27,996 Other-net (2,866) 3,645 - -------------------------------------------- ------------ ------------ Total Other Income (Expense) (90,976) 27,504 - -------------------------------------------- ------------ ------------ Income (Loss) from Continuing Operations before Provision for Income Taxes and Extraordinary Item (160,071) 45,569 Provision for Income Taxes 24,458 90,495 - -------------------------------------------- ------------ ------------ Loss from Continuing Operations before Extraordinary Item (184,529) (44,926) Income from Discontinued Operations - 1,199 - -------------------------------------------- ------------ ------------ Loss before Extraordinary Item (184,529) (43,727) Extraordinary Item - 835 - -------------------------------------------- ------------ ------------ Net Loss $ (184,529) $ (42,892) ============================================ ============ ============ Loss per share: Basic Loss from Continuing Operations before Extraordinary Item $ (2.94) $ (0.73) Net Loss (2.94) (0.70) Diluted: Loss from Continuing Operations before Extraordinary Item (2.94) (0.73) Net Loss $ (2.94) $ (0.70) ============================================ ============ ============ Weighted Average Shares Basic 62,682,376 61,157,046 Diluted 62,682,376 61,157,046 ============================================ ============ ============
McDERMOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF LOSS Year Ended December 31, 2002 2001 (In thousands, except per share amounts) Revenues $1,748,681 $1,896,948 - ---------------------------------------------- ----------- ----------- Costs and Expenses: Cost of operations 1,744,138 1,657,889 Loss on write-off of investment in The Babcock & Wilcox Company 224,664 - Impairment of J. Ray McDermott, S.A. goodwill 313,008 - Losses (gains) on asset disposals and impairments - net 7,849 3,739 Selling, general and administrative expenses 160,474 194,041 - ---------------------------------------------- ----------- ----------- 2,450,133 1,855,669 - ---------------------------------------------- ----------- ----------- Equity in Income (Loss) from Investees 27,692 34,093 - ---------------------------------------------- ----------- ----------- Operating Income (Loss) (673,760) 75,372 - ---------------------------------------------- ----------- ----------- Other Income (Expense): Interest income 8,560 19,561 Interest expense (15,124) (39,663) Estimated loss on The Babcock & Wilcox Company bankruptcy settlement (86,377) - Gain on sale of McDermott Engineers & Constructors (Canada) Ltd. - 27,996 Curtailments and settlements of employee benefit plans - (4,000) Other-net (4,440) 6,641 - ---------------------------------------------- ----------- ----------- (97,381) 10,535 - ---------------------------------------------- ----------- ----------- Income (Loss) from Continuing Operations before Provision for Income Taxes and Extraordinary Item (771,141) 85,907 Provision for Income Taxes 15,063 110,329 - ---------------------------------------------- ----------- ----------- Loss from Continuing Operations before Extraordinary Item (786,204) (24,422) Income from Discontinued Operations 9,469 3,565 - ---------------------------------------------- ----------- ----------- Loss before Extraordinary Item (776,735) (20,857) Extraordinary Gain on Debt Extinguishment 341 835 - ---------------------------------------------- ----------- ----------- Net Loss $ (776,394) $ (20,022) - ---------------------------------------------- ----------- ----------- Loss per Common Share: Basic: Loss from Continuing Operations before Extraordinary Item $ (12.71) $ (0.40) Net Loss $ (12.55) $ (0.33) Diluted: Loss from Continuing Operations before Extraordinary Item $ (12.71) $ (0.40) Net Loss $ (12.55) $ (0.33) - ---------------------------------------------- ----------- ----------- Cash Dividends: Per Common Share $ - $ - - ---------------------------------------------- ----------- -----------
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. McDERMOTT INTERNATIONAL INC. By: /s/Thomas A. Henzler ----------------------------- Thomas A. Henzler Vice President and Corporate Controller March 25, 2003 -----END PRIVACY-ENHANCED MESSAGE-----