McDermott Forms Joint Venture To Deliver Offshore Solutions In Ghana

HOUSTON and ACCRA, Ghana—April 23, 2015—McDermott International, Inc. (NYSE: MDR) announced today the creation of a new joint venture, McDermott Marine Construction Ghana Limited (MMCGL), that will pursue key offshore opportunities in Ghana and other developments in the African market.

Building McDermott’s presence in Ghana with minority partner Hydra Offshore Group of Accra, Ghana, the MMCGL joint venture will optimise both local and international expertise to support the development and growth of Ghana’s offshore oil and gas industry.

McDermott’s investment in this new joint venture is in line with its commitment to pursue future offshore opportunities in the African market.

“We believe the combination of McDermott’s global industry knowledge and track record of deepwater field development success, alongside Hydra Offshore’s strong local record in the Ghanaian market, optimizes this joint venture’s position to deliver the right offshore solutions and support future growth and experience transfer in Ghana,” said Scott Munro, McDermott’s Vice President, Americas, Europe & Africa.

“As Ghana’s deepwater developments become more challenging we look forward to a long and successful association building on McDermott’s extensive experience,” said Delali Otchi, Group CEO, Hydra Offshore Group.

MMCGL will operate out of Accra, Ghana. Any initial support to develop and operate the joint venture will be provided from London, UK and Houston, USA.

Hydra Offshore is an indigenous Ghanaian offshore company with a track record in field development and conceptual studies; subsea pipeline, riser engineering and detailed design.

http://www.hydraoffshoregroup.com/
ABOUT McDERMOTT
McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services forupstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons.

Our clients include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 13,400 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices.

We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923 and is listed on the New York Stock Exchange. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates.