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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>REGISTRATION STATEMENT</B><BR>
<B><I>Under<BR>
The Securities Act of 1933</I></B></DIV>

<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MCDERMOTT INTERNATIONAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>


<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>REPUBLIC OF PANAMA<BR>
(State or other jurisdiction of<BR>
incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>72-0593134<BR>
(I.R.S. Employer<BR>
Identification Number)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>777 N. ELDRIDGE PARKWAY<BR>
HOUSTON, TEXAS 77079<BR>
(Address, including zip code, of registrant&#146;s principal executive offices)</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt"><B>MCDERMOTT INTERNATIONAL, INC.<br>
2001 DIRECTORS AND OFFICERS<br>
LONG-TERM INCENTIVE PLAN<br>
(AS AMENDED AND RESTATED<br>
EFFECTIVE FEBRUARY 28, 2006)<br>
(Full title of the Plan)</B>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt"><B>JOHN T. NESSER, III<br>
Executive Vice President and General Counsel<br>
777 N. Eldridge Parkway<br>
Houston, Texas 77079<br>
(281)&nbsp;870-5000<br>
(Name, address, and telephone number, including area code, of agent for service)
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B></DIV>


<DIV align="center" style="font-size: 10pt"><I>Copy to:</I><B><br>
Ted W. Paris<br>
Baker Botts L.L.P<br>
3000 One Shell Plaza<br>
910 Louisiana<br>
Houston, Texas 77002-4995<br>
(713)&nbsp;229-1838</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of securities to</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>registration</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>registered (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>per share</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $1.00 par value (2)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">2,500,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">69.995</TD>
    <TD nowrap style="border-top: 2px solid #000000">(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">174,987,500</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">18,723.66</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This registration statement shall also cover any additional shares of common stock that become
issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction
effected without the receipt of consideration that results in an increase in the number of the outstanding
shares of common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes associated rights to purchase Series&nbsp;D Participating Preferred Stock of McDermott
International, Inc., which initially are attached to and trade with the shares of Common Stock being
registered hereby.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The proposed maximum offering price per share was determined pursuant to Rule 457(h) under the
Securities Act of 1933, as amended, to be equal to $69.995 per share, the average of the high and low
price of the registrant&#146;s common stock as reported on The New York Stock Exchange on May&nbsp;8, 2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: This Registration Statement relates to the registration of 2,500,000 shares of the
common stock, $1.00 par value per share (the &#147;Common Stock&#148;), of McDermott International, Inc.
(&#147;McDermott&#148;) reserved for issuance under McDermott&#146;s 2001 Directors and Officers Long-Term
Incentive Plan (as amended and restated effective February&nbsp;28, 2006) (the &#147;Plan&#148;). The documents
containing the employee benefit plan information required by Item&nbsp;1 of Form S-8 and the statement
of availability of registrant information and any other information required by Item&nbsp;2 of Form S-8
will be, or previously have been, sent or given to participants under the plan as specified by Rule
428 under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;). In accordance with Rule&nbsp;428 of
the 1933 Act and the requirements of Part&nbsp;I of Form S-8, such documents are not being filed with
the Securities and Exchange Commission (the &#147;Commission&#148;) either as a part of this Registration
Statement or as a prospectus or prospectus supplement pursuant to Rule&nbsp;424 under the 1933 Act.
McDermott will maintain a file of such documents in accordance with the provisions of Rule&nbsp;428.
Upon request, McDermott will furnish to the Commission or its staff a copy or copies of all of the
documents included in such file.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents and information have been filed by McDermott with the Commission and
are incorporated herein by reference:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2005,
filed with the Commission on March&nbsp;1, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Annual Report on Form 10-K/A for the year ended December&nbsp;31, 2005,
filed with the Commission on March&nbsp;31, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2006,
filed with the Commission on May&nbsp;3, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Current Reports on Form 8-K dated January&nbsp;17, 2006, February&nbsp;23,
2006, March&nbsp;3, 2006, March&nbsp;31, 2006 and May&nbsp;4, 2006; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of Common Stock contained in McDermott&#146;s Registration Statement
on Form 8-A dated December&nbsp;7, 1982 filed with the Commission, as amended by Form 8-A/A
filed with the Commission on December&nbsp;11, 2001, and the description of McDermott&#146;s
preferred stock purchase rights registered on Form 8-A filed with the Commission on
October&nbsp;17, 2001.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the 1934 Act prior to the filing of a post-effective amendment that indicates that all
securities offered have been sold or that deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference in this Registration Statement and to be part hereof from
the respective date of filing of such documents (other than current reports furnished under Item
2.02 and Item&nbsp;7.01 of Form 8-K).
</DIV>

<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;4.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Description of Securities.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;5.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Interests of Named Experts and Counsel.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;6.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Indemnification of Directors and Officers.</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Panama Law
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Civil Code of the Republic of Panama (the &#147;PCC&#148;), an agent is indemnified against
liability incurred in acting without fault or imprudence on behalf of the agent&#146;s principal. It is
the opinion of Durling &#038; Durling, McDermott&#146;s Panamanian counsel (&#147;Panamanian Counsel&#148;), that this
provision would apply to indemnify directors and officers against liability incurred in connection
with the performance of their duties. According to Panamanian Counsel, Panamanian law does not
recognize the concept of actions brought by stockholders in the right of the corporation against
directors or officers (i.e., derivative actions). Directors can be held liable to the corporation
or stockholders only on demand made by resolution of the stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">By-Laws of McDermott
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VI of the Amended and Restated By-laws of McDermott provides for the indemnification
of officers and directors as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VI &#151; INDEMNIFICATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. Each person (and the heirs, executors and administrators of such person) who is or
was a director or officer of the Company shall in accordance with Section&nbsp;2 of this Article&nbsp;VI be
indemnified by the Company against any and all liability and reasonable expense that may be paid or
incurred by him in connection with or resulting from any actual or threatened claim, action, suit
or proceeding (whether brought by or in the right of the Company or otherwise), civil, criminal,
administrative or investigative, or in connection with an appeal relating thereto, in which he may
become involved, as a party or otherwise, by reason of his being or having been a director or
officer of the Company or, if he shall be serving or shall have served in such capacity at the
request of the Company, a director, officer, employee or agent of another corporation or any
partnership, joint venture, trust or other entity whether or not he continues to be such at the
time such liability or expense shall have been paid or incurred, provided such person acted, in
good faith, in a manner he reasonably believed to be in or not opposed to the best interest of the
Company and in addition, in criminal actions or proceedings, had no reasonable cause to believe
that his conduct was unlawful. As used in this ARTICLE VI, the terms, &#147;liability&#148; and &#147;expense&#148;
shall include, but shall not be limited to, counsel fees and disbursements and amounts of
judgments, fines or penalties against, and amounts paid in settlement by, such director or officer.
The termination of any actual or threatened claim, action, suit or proceeding, civil, criminal,
administrative, or investigative, by judgment, settlement (whether with or without court approval),
conviction or upon a plea of guilty or nolo contendere, or its equivalent, shall not create a
presumption that such director or officer did not meet the standards of conduct set forth in this
Section&nbsp;1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. Every such director and officer shall be entitled to indemnification under Section
1 of this ARTICLE VI with respect to any claim, action, suit or proceeding of the character
described in such Section&nbsp;1 in which he may become in any way involved as set forth in such Section
1, if (i)&nbsp;he has been wholly successful on the merits or otherwise in respect thereof, or (ii)&nbsp;the
Board of Directors acting by a

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">majority vote of a quorum consisting of directors who are not parties to (or who have been wholly
successful with respect to) such claim, action, suit or proceeding, finds that such director or
officer has met the standards of conduct set forth in such Section&nbsp;1 with respect thereto, or (iii)
a court determines that he has met such standards with respect thereto, or (iv)&nbsp;independent legal
counsel (who may be the regular counsel of the Company) deliver to the Company their written advice
that, in their opinion, he has met such standards with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. If and whenever any person who is or becomes, on or after March&nbsp;1, 2002, a director
or officer of the Company, has become or been threatened to become, as of that date or at any time
thereafter, a party to any actual or threatened claim, action, suit or proceeding of any kind that
might give right to that person to indemnification under Section&nbsp;1 of this Article&nbsp;VI (each, a
&#147;Matter&#148;), the Company will advance all expenses reasonably incurred by or on behalf of that person
in connection with that Matter, provided that that person shall have delivered an undertaking by or
on behalf of that person to repay to the Company any expenses so advanced if it is ultimately
determined that that person is not entitled to be indemnified by the Company under that Section&nbsp;1
in respect of those expenses. The Company will accept any such undertaking of any such person
without regard to the financial ability of such person to make such payment. Notwithstanding the
foregoing, this Section&nbsp;3 will not require the Company to advance expenses with respect to any
Matter initiated by or on behalf of any such person against the Company or any of its subsidiaries,
whether as an initial action or by counter or similar claim, without the prior approval of the
Board of Directors. The provisions of this Section&nbsp;3 shall inure to the benefit of the heirs,
executors and administrators of any person entitled to the benefits of this Section&nbsp;3. No amendment
to this Section&nbsp;3, directly or by amendment to any other provision of these By-laws, shall have any
retroactive effect with respect to any Matter arising from or based on any act or omission to act
by any person which occurs prior to the effectiveness of that amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. The rights of indemnification under this ARTICLE VI shall be in addition to any
rights to which any such director or officer or any other person may otherwise be entitled by
contract or as a matter of law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Other Indemnification Arrangements
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, McDermott&#146;s Articles of Incorporation, as amended, contain a provision that
eliminates the personal liability of each director to McDermott or its stockholders for monetary
damages for breach of the director&#146;s fiduciary duty as a director, except for liability for (i)&nbsp;any
breach of the director&#146;s duty of loyalty to McDermott or its stockholders, (ii)&nbsp;acts or omissions
not in good faith or which involve intentional misconduct or a knowing violation of law, (iii)
unlawful payment of dividends or an unlawful stock purchase or redemption or (iv)&nbsp;any transaction
from which that director derived an improper personal benefit. As a result, stockholders may be
unable to recover monetary damages against directors for negligent or grossly negligent acts or
omissions in violation of their duty of care.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDermott also maintains directors&#146; and officers&#146; liability insurance for its directors and
officers that protects them from certain losses arising from claims or charges made against them in
their capacities as directors or officers of McDermott.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreements McDermott may enter into with underwriters, dealers and agents who participate in
the distribution of securities of McDermott may contain provisions relating to the indemnification
of McDermott&#146;s officers and directors
</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;7.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Exemption From Registration Claimed.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;8.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Exhibits.</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation, as amended, of McDermott
International, Inc. (incorporated by reference herein to
Exhibit&nbsp;3.1 to McDermott International, Inc.&#146;s Annual Report
on Form&nbsp;10-K for the fiscal year ended March&nbsp;31, 1996 (File
No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated By-Laws of McDermott International, Inc.
(incorporated by reference herein to Exhibit&nbsp;3.1 to McDermott
International, Inc.&#146;s Current Report on Form&nbsp;8-K dated May&nbsp;4,
2006 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement dated as of October&nbsp;17, 2001 between
McDermott International, Inc. and Equiserve Trust Company,
N.A., as Rights Agent (incorporated by reference herein to
Exhibit&nbsp;1 to McDermott International, Inc.&#146;s Current Report
on Form&nbsp;8-K dated October&nbsp;17, 2001 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen of Common Stock certificate (incorporated by
reference herein to Exhibit&nbsp;3.1 to McDermott International,
Inc.&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended
March&nbsp;31, 1995 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Designation of Series&nbsp;D
Participating Preferred Stock of McDermott International,
Inc. (incorporated by reference herein to Exhibit&nbsp;3.3 to
McDermott International, Inc.&#146;s Quarterly Report on Form&nbsp;10-Q
for the quarter ended September&nbsp;30, 2001 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McDermott International, Inc. 2001 Directors and Officers
Long-Term Incentive Plan (as Amended and Restated Effective
February&nbsp;28, 2006) (incorporated by reference herein to
Appendix&nbsp;B to McDermott International, Inc.&#146;s Proxy Statement
dated March&nbsp;31, 2006 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Durling &#038; Durling.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Durling &#038; Durling (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney from Certain Directors and Officers of
McDermott International, Inc. (included on the signatures
pages of this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to the filing indicated.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the 1933 Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information
set forth in this Registration Statement; and
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution
not previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided, however, that the undertakings set forth in paragraphs (a)(1)(i) and
(a)(1)(ii) above do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed by the registrant
pursuant to Section&nbsp;13 or Section 15(d) of the 1934 Act that are incorporated by reference
in this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the 1933 Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the 1933 Act, each filing of the registrant&#146;s annual report pursuant to Section
13(a) or Section 15(d) of the 1934 Act (and, where applicable, each filing of an employee benefit
plan&#146;s annual report pursuant to Section 15(d) of the 1934 Act) that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the 1933 Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the 1933 Act and will be governed by
the final adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the 1933 Act, McDermott International, Inc. certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Houston, State of Texas, on May&nbsp;10, 2006.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MCDERMOTT INTERNATIONAL, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Bruce W. Wilkinson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Bruce W. Wilkinson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman of the Board<br>
Chief Executive Officer and
Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Bruce W. Wilkinson, Francis S. Kalman, John T. Nesser, III, James C. Lewis and Liane
K. Hinrichs, and each of them severally, his true and lawful attorney or attorneys and agent or
agents with power to act with or without the others and with full power of substitution and
resubstitution, for him and in his name, place and stead in his capacity as a director or officer
or both, as the case may be, to sign in his or her name, place and stead, in his or her capacity as
director, officer or both, as the case maybe, of McDermott, this Registration Statement and any and
all amendments (including post-effective amendments) thereto and all exhibits and instruments and
documents said attorney or attorneys shall deem necessary, advisable or appropriate to comply with
the 1933 Act and all other federal and state securities laws in connection therewith, and to file
the same or cause the same to be filed with the Commission, with full power and authority to each
of said attorneys and agents to do and perform in the name and on behalf of each of said directors
or officers, or both, as the case may be, each and every act whatsoever necessary, advisable or
appropriate and to all intents and purposes as any such director or officer, or both, as the case
may be, might or could do in person.
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed by
the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bruce W. Wilikinson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Bruce W. Wilkinson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board
and Chief Executive
Officer and Director
(Principal Executive
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Francis S. Kalman
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Francis S. Kalman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President and Chief
Financial Officer
(Principal Financial
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael S. Taff
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael S. Taff
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and
Chief Accounting
Officer (Principal
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Roger A. Brown
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Roger A. Brown
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ronald C. Cambre
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ronald C. Cambre
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bruce DeMars
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Bruce DeMars
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert W. Goldman
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert W. Goldman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert L. Howard
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert L. Howard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Oliver D. Kingsley, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Oliver D. Kingsley, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ D. Bradley McWilliams
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
D. Bradley McWilliams
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Thomas C. Schievelbein
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Thomas C. Schievelbein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;10, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation, as amended, of McDermott
International, Inc. (incorporated by reference herein to
Exhibit&nbsp;3.1 to McDermott International, Inc.&#146;s Annual Report
on Form&nbsp;10-K for the fiscal year ended March&nbsp;31, 1996 (File
No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated By-Laws of McDermott International, Inc.
(incorporated by reference herein to Exhibit&nbsp;3.1 to McDermott
International, Inc.&#146;s Current Report on Form&nbsp;8-K dated May&nbsp;4,
2006 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement dated as of October&nbsp;17, 2001 between
McDermott International, Inc. and Equiserve Trust Company,
N.A., as Rights Agent (incorporated by reference herein to
Exhibit&nbsp;1 to McDermott International, Inc.&#146;s Current Report on
Form&nbsp;8-K dated October&nbsp;17, 2001 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen of Common Stock certificate (incorporated by
reference herein to Exhibit&nbsp;3.1 to McDermott International,
Inc.&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended
March&nbsp;31, 1995 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Designation of Series&nbsp;D
Participating Preferred Stock of McDermott International, Inc.
(incorporated by reference herein to Exhibit&nbsp;3.3 to McDermott
International, Inc.&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarter ended September&nbsp;30, 2001 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McDermott International, Inc. 2001 Directors and Officers
Long-Term Incentive Plan (as Amended and Restated Effective
February&nbsp;28, 2006) (incorporated by reference herein to
Appendix&nbsp;B to McDermott International, Inc.&#146;s Proxy Statement
dated March&nbsp;31, 2006 (File No.&nbsp;1-08430)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Durling &#038; Durling.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Durling &#038; Durling (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, Independent Accountants.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney from Certain Directors and Officers of
McDermott International, Inc. (included on the signatures
pages of this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to the filing indicated.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">8
</DIV>

</BODY>
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sv8
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
The Securities Act of 1933
MCDERMOTT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
REPUBLIC OF PANAMA
(State or other jurisdiction of
incorporation or organization)
72-0593134
(I.R.S. Employer
Identification Number)
777 N. ELDRIDGE PARKWAY
HOUSTON, TEXAS 77079
(Address, including zip code, of registrant's principal executive offices)
MCDERMOTT INTERNATIONAL, INC.
2001 DIRECTORS AND OFFICERS
LONG-TERM INCENTIVE PLAN
(AS AMENDED AND RESTATED
EFFECTIVE FEBRUARY 28, 2006)
(Full title of the Plan)
JOHN T. NESSER, III
Executive Vice President and General Counsel
777 N. Eldridge Parkway
Houston, Texas 77079
(281) 870-5000
(Name, address, and telephone number, including area code, of agent for service)
Copy to:
Ted W. Paris
Baker Botts L.L.P
3000 One Shell Plaza
910 Louisiana
Houston, Texas 77002-4995
(713) 229-1838
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Amount
maximum
maximum
Amount of
Title of securities to
to be
offering price
aggregate
registration
be registered
registered (1)
per share
offering price
fee
Common Stock, $1.00 par value (2)
2,500,000
$
69.995
(3)
$
174,987,500
$
18,723.66
(1)
This registration statement shall also cover any additional shares of common stock that become
issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction
effected without the receipt of consideration that results in an increase in the number of the outstanding
shares of common stock.
(2)
Includes associated rights to purchase Series D Participating Preferred Stock of McDermott
International, Inc., which initially are attached to and trade with the shares of Common Stock being
registered hereby.
(3)
The proposed maximum offering price per share was determined pursuant to Rule 457(h) under the
Securities Act of 1933, as amended, to be equal to $69.995 per share, the average of the high and low
price of the registrant's common stock as reported on The New York Stock Exchange on May 8, 2006.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Note: This Registration Statement relates to the registration of 2,500,000 shares of the
common stock, $1.00 par value per share (the "Common Stock"), of McDermott International, Inc.
("McDermott") reserved for issuance under McDermott's 2001 Directors and Officers Long-Term
Incentive Plan (as amended and restated effective February 28, 2006) (the "Plan"). The documents
containing the employee benefit plan information required by Item 1 of Form S-8 and the statement
of availability of registrant information and any other information required by Item 2 of Form S-8
will be, or previously have been, sent or given to participants under the plan as specified by Rule
428 under the Securities Act of 1933, as amended (the "1933 Act"). In accordance with Rule 428 of
the 1933 Act and the requirements of Part I of Form S-8, such documents are not being filed with
the Securities and Exchange Commission (the "Commission") either as a part of this Registration
Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the 1933 Act.
McDermott will maintain a file of such documents in accordance with the provisions of Rule 428.
Upon request, McDermott will furnish to the Commission or its staff a copy or copies of all of the
documents included in such file.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents and information have been filed by McDermott with the Commission and
are incorporated herein by reference:
(a)
McDermott's Annual Report on Form 10-K for the year ended December 31, 2005,
filed with the Commission on March 1, 2006;
(b)
McDermott's Annual Report on Form 10-K/A for the year ended December 31, 2005,
filed with the Commission on March 31, 2006;
(c)
McDermott's Quarterly Report on Form 10-Q for the quarter ended March 31, 2006,
filed with the Commission on May 3, 2006;
(d)
McDermott's Current Reports on Form 8-K dated January 17, 2006, February 23,
2006, March 3, 2006, March 31, 2006 and May 4, 2006; and
(e)
The description of Common Stock contained in McDermott's Registration Statement
on Form 8-A dated December 7, 1982 filed with the Commission, as amended by Form 8-A/A
filed with the Commission on December 11, 2001, and the description of McDermott's
preferred stock purchase rights registered on Form 8-A filed with the Commission on
October 17, 2001.
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the 1934 Act prior to the filing of a post-effective amendment that indicates that all
securities offered have been sold or that deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference in this Registration Statement and to be part hereof from
the respective date of filing of such documents (other than current reports furnished under Item
2.02 and Item 7.01 of Form 8-K).
1
Item 4.
Description of Securities.
Not Applicable.
Item 5.
Interests of Named Experts and Counsel.
Not Applicable.
Item 6.
Indemnification of Directors and Officers.
Panama Law
Under the Civil Code of the Republic of Panama (the "PCC"), an agent is indemnified against
liability incurred in acting without fault or imprudence on behalf of the agent's principal. It is
the opinion of Durling & Durling, McDermott's Panamanian counsel ("Panamanian Counsel"), that this
provision would apply to indemnify directors and officers against liability incurred in connection
with the performance of their duties. According to Panamanian Counsel, Panamanian law does not
recognize the concept of actions brought by stockholders in the right of the corporation against
directors or officers (i.e., derivative actions). Directors can be held liable to the corporation
or stockholders only on demand made by resolution of the stockholders.
By-Laws of McDermott
Article VI of the Amended and Restated By-laws of McDermott provides for the indemnification
of officers and directors as follows:
ARTICLE VI — INDEMNIFICATION
Section 1. Each person (and the heirs, executors and administrators of such person) who is or
was a director or officer of the Company shall in accordance with Section 2 of this Article VI be
indemnified by the Company against any and all liability and reasonable expense that may be paid or
incurred by him in connection with or resulting from any actual or threatened claim, action, suit
or proceeding (whether brought by or in the right of the Company or otherwise), civil, criminal,
administrative or investigative, or in connection with an appeal relating thereto, in which he may
become involved, as a party or otherwise, by reason of his being or having been a director or
officer of the Company or, if he shall be serving or shall have served in such capacity at the
request of the Company, a director, officer, employee or agent of another corporation or any
partnership, joint venture, trust or other entity whether or not he continues to be such at the
time such liability or expense shall have been paid or incurred, provided such person acted, in
good faith, in a manner he reasonably believed to be in or not opposed to the best interest of the
Company and in addition, in criminal actions or proceedings, had no reasonable cause to believe
that his conduct was unlawful. As used in this ARTICLE VI, the terms, "liability" and "expense"
shall include, but shall not be limited to, counsel fees and disbursements and amounts of
judgments, fines or penalties against, and amounts paid in settlement by, such director or officer.
The termination of any actual or threatened claim, action, suit or proceeding, civil, criminal,
administrative, or investigative, by judgment, settlement (whether with or without court approval),
conviction or upon a plea of guilty or nolo contendere, or its equivalent, shall not create a
presumption that such director or officer did not meet the standards of conduct set forth in this
Section 1.
Section 2. Every such director and officer shall be entitled to indemnification under Section
1 of this ARTICLE VI with respect to any claim, action, suit or proceeding of the character
described in such Section 1 in which he may become in any way involved as set forth in such Section
1, if (i) he has been wholly successful on the merits or otherwise in respect thereof, or (ii) the
Board of Directors acting by a
2
majority vote of a quorum consisting of directors who are not parties to (or who have been wholly
successful with respect to) such claim, action, suit or proceeding, finds that such director or
officer has met the standards of conduct set forth in such Section 1 with respect thereto, or (iii)
a court determines that he has met such standards with respect thereto, or (iv) independent legal
counsel (who may be the regular counsel of the Company) deliver to the Company their written advice
that, in their opinion, he has met such standards with respect thereto.
Section 3. If and whenever any person who is or becomes, on or after March 1, 2002, a director
or officer of the Company, has become or been threatened to become, as of that date or at any time
thereafter, a party to any actual or threatened claim, action, suit or proceeding of any kind that
might give right to that person to indemnification under Section 1 of this Article VI (each, a
"Matter"), the Company will advance all expenses reasonably incurred by or on behalf of that person
in connection with that Matter, provided that that person shall have delivered an undertaking by or
on behalf of that person to repay to the Company any expenses so advanced if it is ultimately
determined that that person is not entitled to be indemnified by the Company under that Section 1
in respect of those expenses. The Company will accept any such undertaking of any such person
without regard to the financial ability of such person to make such payment. Notwithstanding the
foregoing, this Section 3 will not require the Company to advance expenses with respect to any
Matter initiated by or on behalf of any such person against the Company or any of its subsidiaries,
whether as an initial action or by counter or similar claim, without the prior approval of the
Board of Directors. The provisions of this Section 3 shall inure to the benefit of the heirs,
executors and administrators of any person entitled to the benefits of this Section 3. No amendment
to this Section 3, directly or by amendment to any other provision of these By-laws, shall have any
retroactive effect with respect to any Matter arising from or based on any act or omission to act
by any person which occurs prior to the effectiveness of that amendment.
Section 4. The rights of indemnification under this ARTICLE VI shall be in addition to any
rights to which any such director or officer or any other person may otherwise be entitled by
contract or as a matter of law.
Other Indemnification Arrangements
Additionally, McDermott's Articles of Incorporation, as amended, contain a provision that
eliminates the personal liability of each director to McDermott or its stockholders for monetary
damages for breach of the director's fiduciary duty as a director, except for liability for (i) any
breach of the director's duty of loyalty to McDermott or its stockholders, (ii) acts or omissions
not in good faith or which involve intentional misconduct or a knowing violation of law, (iii)
unlawful payment of dividends or an unlawful stock purchase or redemption or (iv) any transaction
from which that director derived an improper personal benefit. As a result, stockholders may be
unable to recover monetary damages against directors for negligent or grossly negligent acts or
omissions in violation of their duty of care.
McDermott also maintains directors' and officers' liability insurance for its directors and
officers that protects them from certain losses arising from claims or charges made against them in
their capacities as directors or officers of McDermott.
Agreements McDermott may enter into with underwriters, dealers and agents who participate in
the distribution of securities of McDermott may contain provisions relating to the indemnification
of McDermott's officers and directors
3
Item 7.
Exemption From Registration Claimed.
Not Applicable.
Item 8.
Exhibits.
Exhibit
Number
Document
4.1*
Articles of Incorporation, as amended, of McDermott
International, Inc. (incorporated by reference herein to
Exhibit 3.1 to McDermott International, Inc.'s Annual Report
on Form 10-K for the fiscal year ended March 31, 1996 (File
No. 1-08430)).
4.2*
Amended and Restated By-Laws of McDermott International, Inc.
(incorporated by reference herein to Exhibit 3.1 to McDermott
International, Inc.'s Current Report on Form 8-K dated May 4,
2006 (File No. 1-08430)).
4.3*
Rights Agreement dated as of October 17, 2001 between
McDermott International, Inc. and Equiserve Trust Company,
N.A., as Rights Agent (incorporated by reference herein to
Exhibit 1 to McDermott International, Inc.'s Current Report
on Form 8-K dated October 17, 2001 (File No. 1-08430)).
4.4*
Specimen of Common Stock certificate (incorporated by
reference herein to Exhibit 3.1 to McDermott International,
Inc.'s Annual Report on Form 10-K for the fiscal year ended
March 31, 1995 (File No. 1-08430)).
4.5*
Amended and Restated Certificate of Designation of Series D
Participating Preferred Stock of McDermott International,
Inc. (incorporated by reference herein to Exhibit 3.3 to
McDermott International, Inc.'s Quarterly Report on Form 10-Q
for the quarter ended September 30, 2001 (File No. 1-08430)).
4.6*
McDermott International, Inc. 2001 Directors and Officers
Long-Term Incentive Plan (as Amended and Restated Effective
February 28, 2006) (incorporated by reference herein to
Appendix B to McDermott International, Inc.'s Proxy Statement
dated March 31, 2006 (File No. 1-08430)).
5.1
Opinion of Durling & Durling.
23.1
Consent of Durling & Durling (included in Exhibit 5.1).
23.2
Consent of PricewaterhouseCoopers LLP.
24
Power of Attorney from Certain Directors and Officers of
McDermott International, Inc. (included on the signatures
pages of this Registration Statement).
*
Incorporated by reference to the filing indicated.
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the 1933 Act;
(ii) To reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information
set forth in this Registration Statement; and
4
(iii) To include any material information with respect to the plan of distribution
not previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;
provided, however, that the undertakings set forth in paragraphs (a)(1)(i) and
(a)(1)(ii) above do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed by the registrant
pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated by reference
in this Registration Statement.
(2) That, for the purpose of determining any liability under the 1933 Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the 1933 Act, each filing of the registrant's annual report pursuant to Section
13(a) or Section 15(d) of the 1934 Act (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the 1934 Act) that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the 1933 Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the 1933 Act and will be governed by
the final adjudication of such issue.
5
SIGNATURES
Pursuant to the requirements of the 1933 Act, McDermott International, Inc. certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Houston, State of Texas, on May 10, 2006.
MCDERMOTT INTERNATIONAL, INC.
By:
/s/ Bruce W. Wilkinson
Bruce W. Wilkinson
Chairman of the Board
Chief Executive Officer and
Director
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Bruce W. Wilkinson, Francis S. Kalman, John T. Nesser, III, James C. Lewis and Liane
K. Hinrichs, and each of them severally, his true and lawful attorney or attorneys and agent or
agents with power to act with or without the others and with full power of substitution and
resubstitution, for him and in his name, place and stead in his capacity as a director or officer
or both, as the case may be, to sign in his or her name, place and stead, in his or her capacity as
director, officer or both, as the case maybe, of McDermott, this Registration Statement and any and
all amendments (including post-effective amendments) thereto and all exhibits and instruments and
documents said attorney or attorneys shall deem necessary, advisable or appropriate to comply with
the 1933 Act and all other federal and state securities laws in connection therewith, and to file
the same or cause the same to be filed with the Commission, with full power and authority to each
of said attorneys and agents to do and perform in the name and on behalf of each of said directors
or officers, or both, as the case may be, each and every act whatsoever necessary, advisable or
appropriate and to all intents and purposes as any such director or officer, or both, as the case
may be, might or could do in person.
6
Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed by
the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Bruce W. Wilikinson
Bruce W. Wilkinson
Chairman of the Board
and Chief Executive
Officer and Director
(Principal Executive
Officer)
May 10, 2006
/s/ Francis S. Kalman
Francis S. Kalman
Executive Vice
President and Chief
Financial Officer
(Principal Financial
Officer)
May 10, 2006
/s/ Michael S. Taff
Michael S. Taff
Vice President and
Chief Accounting
Officer (Principal
Accounting Officer)
May 10, 2006
/s/ Roger A. Brown
Roger A. Brown
Director
May 10, 2006
/s/ Ronald C. Cambre
Ronald C. Cambre
Director
May 10, 2006
/s/ Bruce DeMars
Bruce DeMars
Director
May 10, 2006
/s/ Robert W. Goldman
Robert W. Goldman
Director
May 10, 2006
/s/ Robert L. Howard
Robert L. Howard
Director
May 10, 2006
/s/ Oliver D. Kingsley, Jr.
Oliver D. Kingsley, Jr.
Director
May 10, 2006
/s/ D. Bradley McWilliams
D. Bradley McWilliams
Director
May 10, 2006
/s/ Thomas C. Schievelbein
Thomas C. Schievelbein
Director
May 10, 2006
7
INDEX TO EXHIBITS
Exhibit
Number
Document
4.1*
Articles of Incorporation, as amended, of McDermott
International, Inc. (incorporated by reference herein to
Exhibit 3.1 to McDermott International, Inc.'s Annual Report
on Form 10-K for the fiscal year ended March 31, 1996 (File
No. 1-08430)).
4.2*
Amended and Restated By-Laws of McDermott International, Inc.
(incorporated by reference herein to Exhibit 3.1 to McDermott
International, Inc.'s Current Report on Form 8-K dated May 4,
2006 (File No. 1-08430)).
4.3*
Rights Agreement dated as of October 17, 2001 between
McDermott International, Inc. and Equiserve Trust Company,
N.A., as Rights Agent (incorporated by reference herein to
Exhibit 1 to McDermott International, Inc.'s Current Report on
Form 8-K dated October 17, 2001 (File No. 1-08430)).
4.4*
Specimen of Common Stock certificate (incorporated by
reference herein to Exhibit 3.1 to McDermott International,
Inc.'s Annual Report on Form 10-K for the fiscal year ended
March 31, 1995 (File No. 1-08430)).
4.5*
Amended and Restated Certificate of Designation of Series D
Participating Preferred Stock of McDermott International, Inc.
(incorporated by reference herein to Exhibit 3.3 to McDermott
International, Inc.'s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2001 (File No. 1-08430)).
4.6*
McDermott International, Inc. 2001 Directors and Officers
Long-Term Incentive Plan (as Amended and Restated Effective
February 28, 2006) (incorporated by reference herein to
Appendix B to McDermott International, Inc.'s Proxy Statement
dated March 31, 2006 (File No. 1-08430)).
5.1
Opinion of Durling & Durling.
23.1
Consent of Durling & Durling (included in Exhibit 5.1).
23.2
Consent of PricewaterhouseCoopers LLP, Independent Accountants.
24
Power of Attorney from Certain Directors and Officers of
McDermott International, Inc. (included on the signatures
pages of this Registration Statement).
*
Incorporated by reference to the filing indicated.
8