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1 INVESTOR OVERVIEWMAY 20182 McDermott cautions that statements in this presentation which are forward-looking, and provide other than historical information, involve risks , contingencies and uncertainties that may impact actual results of operations. These forward-looking statements include, among other things, statements about global demand, backlog and revenue pipeline, anticipated cost and revenue synergies, revenue stability, accretion, best-in-class operations, opportunities to capture additional value from markettrends, pull-through opportunities, maintenance of a consistent customer approach to pricing, safety and transition issues, free cash flow, plans to de-lever, capital investment andshareholder value.

2 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: the possibility that the expected synergies from the recently completed combination will not be realized, or will not be realized within the expected time period; difficulties related to theintegration of the two companies; disruption from the combination making it more difficult to maintain relationships with customers, employees, regulators or suppliers; the diversionof management time and attention related to integration matters; adverse changes in the markets in which the company operates.

3 The inability 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; change orders and other modifications and actions by customers and other business counterparties; changes in industry norms; 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. You should not place undue reliance on forward-looking statements. For a more complete discussion of these and other risk factors, please see the company s most recent filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly report on Form 10-Q.

4 This presentation reflects the views of the company s management as of the date hereof. Except to the extent required by applicable law, the company undertakes no obligation to update or revise any forward-looking LOOKING STATEMENTSNON-G A A P D I S C L O S U R E SThis presentation includes several non-GAAP financial measures as defined under Regulation G of the Securities Exchange Act of 1934, as amended. McDermott reports its financial results in accordance with generally accepted accounting principles, but the company believes that certain non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of its ongoing operations and are useful for period-over-period comparisons of those operations.

5 The non-GAAP measures in this presentation include Backlog, Conformed OperatingIncome and Margin, EBITDA, Adjusted EBITDA and Adjusted Unlevered Pretax Cash Flow. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with of these non-GAAP financial measures to the most comparable GAAP measures are provided on pages 3, 20, 23 and 24of this A premier $10 billion1global, fully vertically integrated onshore-offshore EPCI provider with a market-leading technology portfolio Diversified capabilities, well positioned globally in attractive high-growth markets with a $14 billion2backlog 40,000 employees worldwide with a culture focused on safety.

6 Fixed-price lump-sum contracting and customer engagement1 Revenue is the sumof McDermott and CB&I LTM revenue as of 12/31/17and does not reflect any pro forma is the sum of McDermott and CB&I remaining performance obligations of $ billion and backlog from equity method investments of $ billion as of 3/31/18. Backlog is a non-GAAP measure defined as remaining performance obligations plus backlog from equity method investments, which we believe provides a better indication of the total unearned value of our new E V E N U E P R O F I L E55%45%USInternational69%31%OnshoreOffsh oreComplementary geographic portfolio drives diversity and provides enhanced revenue stabilityMix of onshore and offshore diversifies exposure and provides more cyclical balanceBY GEOGRAPHYBY MARKET89%11%Fixed priceProject control through vertical integration, combined with rigorous risk management .

7 Provides differentiation as a best-in-class fixed-price operatorBY CONTRACT TYPE4 Positioned to demonstrate SIGNIFICANT EARNING POWER AND IMPROVED MULTIPLES, fueled by anticipated increased capex spend in served marketsCompetitively differentiated: FULLY VERTICALLY INTEGRATED across onshore and offshore, upstream and downstream markets SCALE AND DIVERSIFICATION across attractive geographies combined with ability to leverage LOCAL CONTENT, MODULARIZATION AND IN-MARKET CAPABILITIES Proven LEADERSHIP team Uniquely focused on TECHNOLOGY World leader in TANKS AND STORAGE VESSELS Tier one LNG contractor Versatile MARINE FLEET and strategically locatedFABRICATION facilitiesCommitted to driving shareholder value through: PERFORMANCE, TRANSPARENCY AND ACCOUNTABILITY Alignment with the INTERESTS OF SHAREHOLDERSSHAREHOLDER VALUE DRIVERS5 GROW revenue and earnings by.

8 Leveraging end-to-end ONSHORE/OFFSHORE TOTAL-SOLUTION OFFERINGto global energy customers Steadily EXPANDING EPC PORTFOLIO IN PETROCHEMICAL AND REFININGby capitalizing on pull-through opportunities provided by TECHNOLOGY BUSINESS Maximizing the benefit of REVENUE AND COST SYNERGIES, with relentless focus on RISK MANAGEMENTand OPERATING EFFICIENCY EXPAND LEADERSHIP POSITIONin served markets and technologySustain TIER ONE SAFETY PERFORMANCEM aintain DISCIPLINED CAPITAL ALLOCATION plan REDUCE TOTAL DEBT, with a targeted total debt/EBITDA ratio of less than BY 2020 Maintain competitive level of CAPITAL INVESTMENTSTRATEGIC OBJECTIVES6 END-TO-END INTEGRATED OFFERINGFROMTHE WELLHEAD TO THE STORAGE TANK7 FULL VERTICAL INTEGRATION OF CAPABILITIESCONCEPT / PRE-FEED (IO)

9 FEEDTECHNOLOGY LICENSINGPROJECT MANAGEMENTSTART-UP & DEBOTTLENECKUPGRADE & REVAMPTECHNICAL CONSULTING & ENGINEERINGDIGITAL TWINAPPRAISE / SELECTEXECUTEGREENFEILD/BROWNFIELD DECOMDEFINE15 TO 40 YEAR ASSET LIFETIME PULL-THROUGH OPPORTUNITIESFIDENGINEERING, PROCUREMENT, CONSTRUCTION, INSTALLATIONFULLYVERTICALLY INTEGRATEDDECONSTRUCT& DISPOSECAPABILITIESSERVING THE CUSTOMER THROUGHOUT THE LIFE OF THE ASSET8 INCREASED SCALE CREATES A MORE COMPETITIVE GLOBAL LEADERMITIGATES RISK OF CYCLICALITYINTEGRATED OFFERING ENHANCES COMPETITIVENESSLEVERAGES FIXED COST BASE ACROSS LARGER BUSINESSR evenue ($Bn, LTM as of 12/31/17)05101520 MORE INTEGRATED1213 Source: Public filings 1 Per company press release on merger. 2 Sum of McDermott and CB&I LTM as of 12/31/17, does not reflect any pro forma adjustments.

10 3 Per IBES median estimates as at INTEGRATED, LOCALLY FOCUSED1024338513,14917,157 Source: McKinseySource: NexantSource: BP Energy Outlook 2017*Liquids, Gas, Coal, Other 2015203524641520162025201520304,4163,650 Source: NexantESTIMATED GLOBAL LNG DEMAND (MT/yr)ESTIMATED GLOBAL OIL & GAS DEMAND*(MToe)ESTIMATED GLOBAL REFINED PRODUCTS DEMAND(MT/yr)ESTIMATED GLOBAL PETROCHEMICAL DEMAND(MT/yr) CAGRSTRATEGICALLY POSITIONED IN GROWING MARKETS2035201511 President & Chief Executive OfficerDAVID DICKSONP resident and Chief Executive Officer and member of the Board of Directors (since December 2013 at MDR).More than 29 years industry experience, including 11 years with technip Served as President of technip Inc.