McDermott International Terminates Proposal

July 29, 1999

The Finance Committee of the Board of Directors of McDermott International, Inc. has terminated discussions with the Independent Committee of the Board of Directors of its majority-owned subsidiary, J. Ray McDermott S.A., concerning the possible acquisition by McDermott International of the publicly held shares of J. Ray McDermott. The committee said the discussions were terminated because the parties were unable to reach an acceptable financial agreement. The companies will continue to operate under the current corporate and operational management structure.

McDermott International Terminates Proposal

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