
HOUSTON, January 28, 2025 — McDermott International, Ltd (“McDermott” or the “Company”) today announced a 125-to-1 share consolidation, a reverse stock split, reducing its outstanding Class A ordinary shares from 3,552,951,586 (par value $0.001) to approximately 28,423,613 (par value $0.125) as of January 28, 2025.
The Board of Directors set the ratio, considering the January 16, 2025 closing share price, within the range approved at the December 2, 2024 special general meeting. Trading of the Class A Ordinary Shares will reflect this consolidation from January 29, 2025.
For 20 business days, Class A Ordinary Shares will trade under the symbol MCDID, reverting to MCDIF afterward.
This consolidation follows the redemption and exchange of all outstanding Series A preference shares. Every 125 Class A Ordinary Shares will be automatically merged into one. This affects all Class A Ordinary Share holders equally, not altering percentage ownership except for minor adjustments for fractional shares (permitted under Bermuda law).
About McDermott
McDermott is a leading, fully-integrated provider of engineering and construction solutions for the energy industry. We deliver technology-driven solutions to responsibly manage and transform global energy resources. From initial concept to completion, McDermott’s expertise develops next-generation energy infrastructure, promoting a sustainable future. Operating in over 54 countries, McDermott employs over 30,000, utilizing a diversified fleet and global fabrication facilities.
Forward-Looking Statements
This release contains forward-looking statements regarding the share consolidation’s benefits and its anticipated timing. Such statements, often including words like “anticipate,” “believe,” “intend,” “estimate,” “expect,” and similar terms, reflect McDermott’s current views and are subject to risks and uncertainties. These include market price volatility of Class A Ordinary Shares and general market conditions. McDermott doesn’t guarantee updating these statements.
Contacts:
Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
SOURCE McDermott International, Ltd