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McDermott Selects New Building for Corporate Headquarters

Press Release from CB&I

HOUSTON, Dec. 18, 2018 /PRNewswire/ --McDermott International, Inc. (NYSE: MDR) has signed a lease for the new office building to serve as its corporate headquarters and will consolidate approximately 1,700 employees across five locations in the Houston area into one location.

McDermott signed a 16-year lease for Energy Center Five, an 18-story, 524,000-square-foot office tower located at 915 North Eldridge Parkway. McDermott will be the sole tenant in the building and will lease the building from the property landlord, TCH Energy Venture Corridor LLC. CBRE Group, Inc. represented McDermott as the broker for the lease.

"The new, state-of-the-art building will enhance collaboration and productivity among our employees and drive efficiency and cost savings for the company," said David Dickson, McDermott's President and Chief Executive Officer. "We are also staying in Houston's Energy Corridor, which is strategic for McDermott given the close proximity to many of our customers and partners."

The facility has amenities such as an active greenspace, a fitness center, cafeteria, multi-purpose rooms for large meetings, on-site parking garage and a water feature to provide outdoor areas for employee enjoyment. The building is certified as a Gold LEED building. The building is located in the energy corridor in Houston, with close access to Beltway 8, Interstate 10 and key decision makers.

McDermott plans to begin operations in the new building beginning in the third quarter of 2019 and will gradually transition its workforce into the new building by the end of 2019.

The company presently leases buildings at 10 locations in the Houston area and will consolidate five of those locations to fill the new building. After moving into the new building, the company is expected to have five site locations and more than 2,000 employees in the overall Houston metropolitan area.

About McDermott

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 40,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit www.mcdermott.com.

Contacts:

Investor Relations

Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com

Global Media Relations

Gentry Brann
Global Vice President, Communications
+1 281 870 5269
Gentry.Brann@McDermott.com

new McDermott logo (PRNewsfoto/McDermott International, Inc.)

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SOURCE McDermott International, Inc.

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