McDermott Appoints Michael Martino, Farhad Nanji to Board of Directors

Michael McKelvy Named Chair of the Board
Neil Bruce Named Lead Independent Director

HOUSTON, July 17, 2025 /PRNewswire/ -- McDermott International, Ltd today announced the appointments of Michael Martino, co-founder and principal of Mason Capital Management, LLC (Mason), and Farhad Nanji, co-founder of MFN Partners, LP, to the company's Board of Directors effective August 15, 2025.

The company also announced the appointment of Michael McKelvy, President and CEO of McDermott, as Chair of the Board, and Neil Bruce as Lead Independent Director.

"We are excited about this development," said Mr. McKelvy. "As long-term investors, Michael and Farhad know our business, strengths, and vision well. It is a great sign of confidence for them to join our Board, and I look forward to working together to deliver our strategy."

Mr. Martino commented, "As an investor, I have seen firsthand the strength of McDermott's leadership, operational strategy, and long-term vision for the company. I am eager to take a more active role in its successful future."

"With current management and Michael's leadership, McDermott has started a new chapter," said Mr. Nanji. "I look forward to working with the Board and management to create value for McDermott stakeholders."

"Both directors bring critical, relevant experience in addition to their position as long-term owners," said Craig Broderick, Chair of the Board Governance Committee. Mr. Martino has led Mason, a global investment management firm, for more than 20 years. He served as Executive Director, Risk Arbitrage, at Oppenheimer & Company and held leadership positions in information systems and business analysis at GE Capital Corporation. Mr. Martino serves as a director of ATS Corporation and CB&I, which McDermott divested in 2024. Mr. Martino graduated from Fairfield University with a degree in Political Science and earned a Master of Business Administration in Finance from New York University's Stern School of Business.

Mr. Nanji co-founded MFN Partners Management, LP, a value-oriented investment management firm based in Boston, Massachusetts, in 2016. He was managing director of Highfields Capital Management LP. Mr. Nanji has been a member of the PennyMac Board since the company's formation in December 2012, and he chairs the Compensation Committee. He holds an M.B.A. from Harvard Business School and a Bachelor of Commerce degree from McGill University.

These appointments fill vacancies on the Board following the retirements of Nils Larsen, who joined the Board in 2020 and served as Chair of the Board from 2020 to 2025, and Tom Burke, who joined the Board in 2023. Mr. McKelvy said, "Nils Larsen brought me to McDermott and has been a strategic partner in our successes during his tenure. On behalf of our Board and management team, I thank Nils and Tom for their counsel and guidance to McDermott's turnaround, through a reorganization, successful refinancing, strategic divestment, and simplification of our capital structure."

About McDermott

McDermott is a premier, fully integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 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

McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies, and uncertainties that may impact McDermott's actual results of operations. 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 we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders, and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders and other creditors of McDermott 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. This communication 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.

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SOURCE McDermott International, Ltd