McDermott International, Inc. (NYSE: MDR) (“McDermott” or the “Company”) and GE Oil & Gas (NYSE: GE) (“GE”) today launched io oil & gas consulting, a new independent venture to transform front-end offshore field development.

Unlike any other consultancy in the market today, io will consider the full field as one system and have the technical insight to develop every aspect of the front-end solution. It offers a new consulting model that leverages the breadth of the contractor community knowledge base end-to-end in a way that will allow clients to buy a holistic service from one integrated and unified service provider. The consultancy will be the first in the industry to enable greater certainty for energy companies in the design and planning phase of offshore oil and gas field developments to help guide clients through the challenging front-end arena.

“The io holistic offering is an innovative approach that leverages the experience of two leading contractors, which can remove the inefficiencies and interfaces between the major components of field development that have historically increased risks, uncertainty and costs for oil and gas operators,” said David Dickson, President and Chief Executive Officer, McDermott.

McDermott’s investment in io aligns with the Company’s strategy to become more client-focused and responsive to operators’ challenges. Through early engagement at the front end of complex field development projects, io can help ensure sound engineering design from the beginning to create execution efficiencies and improved constructability.

While io is a venture of McDermott and GE Oil & Gas, its independent operating model will ensure it provides the impartial advice that energy companies are seeking, while benefiting from having on-demand access to specialist resources to assist in technical and commercial validation of its work. io offers energy companies more efficient, customized solutions at all project development stages – from portfolio evaluation, exploration and planning support, appraisal and feasibility, conceptual engineering, FEED and final investment decision support.

“io has the right end-to-end DNA and brings a new style of free thinking that we expect will drive change in how projects are brought to market. Focused on its clients’ priorities, io offers unique value through broad and comprehensive field development expertise. As a leading offshore engineering and construction contractor, McDermott is proud to support io through its depth of technical knowledge, experience and access to the right knowledge for engineering, procurement, construction and installation services, and specialist construction equipment,” said Dickson.

ABOUT McDERMOTT

McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream 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 14,000 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.

To learn more please visit our website at www.mcdermott.com.

FORWARD-LOOKING STATEMENTS

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott International, Inc. cautions that statements in this press release which are forward-looking and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott's actual results of operations. The forward-looking statements in this press release include, among other things, the expected benefits and increased efficiencies resulting from the creation of io. Although McDermott's management believes that the expectations reflected in those forward-looking statements are reasonable, McDermott can give no assurance that those expectations will prove to have been correct. Those statements are made based on various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including without limitation, adverse change in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the scope or timing of contracts, and contract cancellations, change orders and other modifications. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. For a more complete discussion of these and other risk factors please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2013 and subsequent quarterly reports on Form 10-Q. This news release reflects management’s views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.