McDermott Announces Results of Special General Meeting of Members

HOUSTON, Dec. 3, 2024 /PRNewswire/ -- McDermott International, Ltd (the "Company") today announced the final voting results of its Special General Meeting of Members held virtually on Monday, December 2, 2024.

At the meeting, Members approved an increase in the authorized share capital of the Company from $2,400,000 to $12,100,000. In addition, Members approved the consolidation of the entire issued Class A Ordinary Shares in the share capital of the Company at a ratio not less than 25-to-1 and not greater than 250-to-1, with the exact ratio to be set within that range at the discretion of the Board. Finally, Members approved an amendment to the Company's Amended and Restated Bye-Laws to increase the par value of the Class A Ordinary Shares and Class B Ordinary Shares to an amount per share proportional to the corresponding consolidation of the share capital of the Company. 

With approximately 76% of the outstanding Class A Ordinary Shares present in person or represented by proxy at the meeting, each proposal received votes in favor representing at least 93% of the shares present, indicating strong support for the proposals, which are related to the previously announced redemption and exchange of the Company's Series A Preference Shares into Class A Ordinary Shares (the "Preference Share Transaction") and subsequent share consolidation. 

Investor Contact:
Kevin Leader 
Vice President, Treasurer
+1 (281) 870-5695
[email protected]

Media Contact:
Reba Reid
Senior Director, Global Communications and Marketing
+1 (281) 219-5844
[email protected]

Forward-Looking Statements

The information and statements included herein includes forward-looking statements, including statements regarding the consummation of the Preference Share Transaction and the potential for increased liquidity and a higher stock price of the Class A Ordinary Shares. These forward-looking statements may be, but are not necessarily, identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," and similar expressions. Such statements reflect the current views and assumptions of the Company and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These risks include, but are not limited to, risks relating to the volatility of the market price of the Class A Ordinary Shares, adverse investor reaction to the adoption of the proposals and general market and economic conditions.

The Company undertakes no obligation to update or revise the forward-looking statements included herein, whether as a result of new information, future events, or otherwise. The Company's capital structure, stock price and liquidity and actual results, performance, or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements.

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SOURCE McDermott International, Ltd