HOUSTON, Nov. 5, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced the appointment of
Chris Krummel as Executive Vice
President, Chief Financial Officer, effective immediately. Mr.
Krummel joined McDermott in 2016 and previously served as the
company's Global Vice President, Finance and Chief Accounting
Officer. He replaces Stuart Spence,
who has resigned from McDermott to pursue other opportunities.
"Chris has worked closely and collaboratively with our
leadership team for the past three years and has clearly
demonstrated the business and financial acumen that McDermott
needs," said David Dickson,
McDermott's President and Chief Executive Officer. "I'm confident
in his ability to lead our Finance organization as we work to
rebuild our capital structure to match and support the strength of
our operating business. We wish Stuart success in his future
endeavors and appreciate his significant contributions to McDermott
over the past five years."
Mr. Krummel has 25 years of finance leadership experience. Prior
to joining McDermott, he served as: a consultant of American
Industrial Partners, a firm engaging in private equity investments
in industrial businesses in the United
States and Canada; Chief
Financial Officer and Vice President of EnTrans International, LLC,
a global manufacturer of aluminum tank trailers, heavy lift
trailers and oilfield pressure pumping equipment used in hydraulic
fracturing and other well services; and Chief Accounting Officer,
Vice President and Corporate Controller/Vice President of Finance
of Cameron International, a worldwide provider of flow equipment
products, systems and services to oil, gas and process
industries.
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 32,000
employees, a diversified fleet of specialty marine construction
vessels and fabrication facilities around the world. To learn more,
visit www.mcdermott.com.
Forward-Looking Statements
In accordance with the Safe
Harbor provisions of the Private Securities Litigation Reform Act
of 1995, McDermott 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. These
forward-looking statements include, among other things, statements
about rebuilding our capital structure to match and support the
strength of our operating business. Although we believe that the
expectations reflected in those forward-looking statements are
reasonable, we can give no assurance that those expectations will
prove to have been correct. Those statements are made by using
various underlying assumptions and are subject to numerous risks,
contingencies and uncertainties, including, among others: adverse
changes in the markets in which McDermott operates or credit or
capital markets; the inability of McDermott to execute on contracts
in backlog successfully; changes in project design or schedules;
the availability of qualified personnel; changes in the terms,
scope or timing of contracts; contract cancellations; negotiations
with lenders and noteholders; change orders and other modifications
and actions by customers and other business counterparties of
McDermott; changes in industry norms; negotiations with third
parties with respect to the strategic alternatives process for our
Lummus Technology business and the sale of our pipe fabrication
business; and adverse outcomes in legal or other dispute resolution
proceedings. If one or more of these risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. 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, 2018 and subsequent
quarterly reports on Form 10-Q. This press 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.
Contacts:
Investor Relations
Scott
Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Senior Vice President, Communications, Marketing and
Administration
+1 281 870 5269
Gentry.Brann@McDermott.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/mcdermott-appoints-chris-krummel-as-chief-financial-officer-300951304.html
SOURCE McDermott International, Inc.