#USA #Houston #McDermott International #Michael Martino #Farhad Nanji

McDermott International Strengthens Board of Directors

On July 17, 2025, McDermott International, Ltd. announced significant changes to its Board of Directors, marking a pivotal moment in the company's strategic direction. Effective August 15, 2025, Michael Martino and Farhad Nanji will join the board, bringing extensive investment management experience that aligns with McDermott’s long-term vision. This strategic move is aimed at reinforcing the company's leadership while enhancing investor confidence.

Michael McKelvy, the current President and CEO of McDermott, will transition to the position of Chair of the Board. Alongside him, Neil Bruce has been appointed as the Lead Independent Director. McKelvy expressed enthusiasm regarding the appointments, stating, "We are excited about this development. 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."

Michael Martino, co-founder of Mason Capital Management, LLC, has over 20 years of experience in investment management and has been pivotal in leading Mason to recognize the strengths and operational strategies of various companies, including McDermott. He believes that McDermott's strong leadership and operational strategy will play an essential role in guiding the company into a successful future. Martino also has a robust background, having served as Executive Director at Oppenheimer & Co. and holding key positions at GE Capital Corporation.

Farhad Nanji, who co-founded MFN Partners Management, LP in Boston, Massachusetts, is touted for his value-oriented investment approach. Previously, he held notable positions including Managing Director at Highfields Capital Management LP. His experience in corporate governance, as a member of the PennyMac Board since its inception, complements his role at McDermott, as he aims to create value for stakeholders through effective collaboration with the board and leadership team.

These directorial appointments fill the gaps left by the recent retirements of Nils Larsen and Tom Burke, who contributed significantly to McDermott's turnaround since joining. McKelvy emphasized that Larsen, who served as Chair of the Board, has been a strategic ally in the company’s successes. “Nils 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,” he stated.

McDermott International has established itself as a premier provider of engineering and construction solutions focused on the energy sector. With operations spanning over 54 countries and a workforce of over 30,000, the company is committed to leveraging its cutting-edge technology to transform global energy resources into sustainable solutions for the future. McDermott aims to advance the next generation of energy infrastructure, ensuring a brighter and more sustainable future for all.

As the company embarks on this new chapter of leadership and strategy, the newly appointed directors are expected to bring their extensive industry expertise to redefine McDermott’s approach to business challenges and growth opportunities. Investors and stakeholders alike view these changes as an indicator of McDermott's commitment to innovation and success in the evolving energy landscape.

About McDermott

McDermott International is dedicated to providing integrated solutions in engineering and construction for the energy sector. The firm prides itself on its technology-driven approach, applying innovative solutions that responsibly harness global energy resources. To learn more about McDermott and its initiatives, interested parties can visit www.mcdermott.com.