McDermott names new senior VP and CFO

McDermott International, Inc. has appointed Michael S. Taff to the position of senior VP and CFO, replacing Francis (Frank) S. Kalman, who has announced his intent to retire as executive VP on Sept. 30, 2007. Kalman will remain an officer of the company for six months during a transition period.

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HOUSTON --McDermott International, Inc. has appointed Michael S. Taff to the position of senior VP and CFO, replacing Francis (Frank) S. Kalman, who has announced his intent to retire as executive VP on Sept. 30, 2007. Kalman will remain an officer of the company for six months during a transition period.

Taff joined McDermott in June 2005 as VP and chief accounting officer. Prior to joining McDermott, he served as VP and CFO of HMT Inc. and as VP and corporate controller with Philip Services Corp.

Taff holds a bachelor's degree in Accounting from Stephen F. Austin State University and is a Certified Public Accountant.

Kalman has served as CFO of the Company since 2002 and he continues to serve on the Board of Directors of Pride International and is chair of their audit committee.

"Mike comes to his new role with McDermott well-prepared and possessing a high degree of integrity, intellect, energy and experience," said Bruce W. Wilkinson, chairman and CEO of McDermott. "Having worked closely with him for almost two years now, I am confident in his ability to continue providing strong financial leadership, which is a prime component necessary in delivering shareholder value.

"Frank's business and financial acumen, keen strategic thinking and analytical skills have made him an invaluable advisor and colleague," said Wilkinson. "In addition to the substantial credit Frank deserves for his part in McDermott's turnaround, he also built an exceptional finance and accounting organization at McDermott as part of his continuing legacy."

3/30/2007

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