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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
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<P align="center" style="font-size: 14pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>

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

<DIV align="center" style="font-size: 12pt"><B><HR size="1" noshade width="25%" align="center"></B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8<BR>
REGISTRATION STATEMENT</B>

<DIV align="center" style="font-size: 10pt"><B><I>Under</I></B></DIV>


<DIV align="center" style="font-size: 10pt"><B><I>The Securities Act of 1933</I></B>
<HR size="1" noshade width="25%" align="center"></DIV>


<P align="center" style="font-size: 24pt"><B>MCDERMOTT INTERNATIONAL, INC.</B>

<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"><HR size="1" noshade width="25%" align="center"></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="30%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>REPUBLIC OF PANAMA</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>72-0593134</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>(State or other jurisdiction of</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(I.R.S. Employer</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>incorporation or organization)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Identification Number)</B></TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>1450 POYDRAS STREET<BR>
NEW ORLEANS, LOUISIANA 70112-6050<BR>
(Address, including zip code, of registrant&#146;s principal executive offices)</B><BR>
<HR size="1" noshade width="25%" align="center">


<DIV align="center" style="font-size: 10pt"><B>MCDERMOTT INTERNATIONAL, INC.</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>1992 SENIOR MANAGEMENT STOCK PLAN</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(AS AMENDED AND RESTATED</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>EFFECTIVE FEBRUARY 1, 2002)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Full title of the Plan)</B>
<HR size="1" noshade width="25%" align="center"></DIV>


<DIV align="center" style="font-size: 10pt"><B>JOHN T. NESSER, III</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>Executive Vice President, General Counsel</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>and Corporate Secretary</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>1450 Poydras Street,</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>Post Office Box 61961</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>New Orleans, Louisiana 70161</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(504)&nbsp;587-5400</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Name, address, and telephone number, including area code, of agent for service)</B>
<HR size="1" noshade width="25%" align="center"></DIV>


<DIV align="center" style="font-size: 10pt"><I>Copy to:</I></DIV>


<DIV align="center" style="font-size: 10pt"><B>Ted W. Paris</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>Baker Botts L.L.P</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>3000 One Shell Plaza</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>910 Louisiana</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>Houston, Texas 77002-4995</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(713)&nbsp;229-1838</B></DIV>



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of securities to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>be registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registered (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>per share</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>fee</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock, $1.00 par value (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">16.435</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16,435,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">2,082.31</TD>
    <TD nowrap>(4)</TD>
</TR>

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</TABLE>
</DIV>



<P>
<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="1%" nowrap align="right">(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>

</TABLE>


<P>
<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="1%" nowrap align="right">(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>

</TABLE>


<P>
<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="1%" nowrap align="right">(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 $16.435 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 December&nbsp;2, 2004.</TD>
</TR>

</TABLE>


<P>
<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="1%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of the registration fee was calculated pursuant to Section 6(b) of the Securities Act,
which states that the adjusted fee rate for fiscal 2004 shall be &#147;$126.70 per $1&nbsp;million&#148; of the maximum
aggregate offering price at which the securities are proposed to be offered. The registration fee is
therefore calculated by multiplying the proposed maximum aggregate offering price by 0.0001267.</TD>
</TR>

</TABLE>


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

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










<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption From Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="h20697exv4w6.txt">1992 Senior Management Stock Plan, as amended</A></TD></TR>
<TR><TD colspan="9"><A HREF="h20697exv5w1.txt">Opinion of Durling & Durling</A></TD></TR>
<TR><TD colspan="9"><A HREF="h20697exv23w2.txt">Consent of PricewaterhouseCoopers LLP</A></TD></TR>
</TABLE>
</CENTER>
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<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: This Registration Statement relates to the registration of 1,000,000
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 1992 Senior Management Stock Plan (as amended and restated
effective February&nbsp;1, 2002) (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&nbsp;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.

<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

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


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<DIV align="left"><A NAME="002"></A></DIV>

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



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


<P>
<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="4%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2003, filed with the Commission on March&nbsp;15, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(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, 2003, filed with the Commission on March&nbsp;30, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Annual Report on Form 10-K/A for the year ended
December&nbsp;31, 2003, filed with the Commission on April&nbsp;14, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Quarterly Report on Form 10-Q for the quarter ended
March&nbsp;31, 2004, filed with the Commission on May&nbsp;10, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Quarterly Report on Form 10-Q for the quarter ended
June&nbsp;30, 2004, filed with the Commission on August&nbsp;9, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Quarterly Report on Form 10-Q for the quarter ended
September&nbsp;30, 2004, filed with the Commission on November&nbsp;9, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McDermott&#146;s Current Reports on Form 8-K dated March&nbsp;25, March
26, August&nbsp;10 (Item&nbsp;5 only), August&nbsp;27, October&nbsp;12 and November&nbsp;2,
2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(h)</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</TD>
</TR>

</TABLE>

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

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


<P><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="4%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preferred stock purchase rights registered on Form 8-A filed with
the Commission on October&nbsp;17, 2001; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All other reports filed by McDermott pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934, as amended (the
&#147;1934 Act&#148;), since the end of the fiscal year covered by the
registrant document referred to in (a)&nbsp;above.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 date of filing of such documents (other than current reports
furnished under item 2.02 and Item&nbsp;7.01 of Form 8-K).

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

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<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

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<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">Panama Law



<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">By-Laws of McDermott



<P align="left" style="font-size: 10pt">&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:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VI &#151; INDEMNIFICATION


<P align="left" style="font-size: 10pt">&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


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

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



<P align="left" style="font-size: 10pt">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.


<P align="left" style="font-size: 10pt">&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&nbsp;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&nbsp;1, if (i)
he has been wholly successful on the merits or otherwise in respect thereof, or
(ii)&nbsp;the Board of Directors acting by a 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)&nbsp;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.


<P align="left" style="font-size: 10pt">&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
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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">Other Indemnification Arrangements





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

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

<P align="left" style="font-size: 10pt">&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)&nbsp;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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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

<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption From Registration Claimed.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&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"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Document</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" 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&#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">
    <TD align="center" 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 align="center" 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 (incorporated by
reference herein to Exhibit&nbsp;3.2 to McDermott&#146;s Annual Report on
Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2003 (File No.
1-08430)).</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" 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
and Equiserve Trust Company, N.A., as Rights Agent (incorporated
by reference herein to Exhibit&nbsp;1 to McDermott&#146;s Current Report on
Form&nbsp;8-K dated October&nbsp;17, 2001 (File No.&nbsp;1-08430)).</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" 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&#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">
    <TD align="center" 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 align="center" 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&#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">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McDermott International, Inc. 1992 Senior Management Stock Plan
(as Amended and Restated Effective February&nbsp;1, 2002).</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Durling &#038; Durling.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1&nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Durling and Durling (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2&nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney from Certain Directors and Officers of McDermott
(included on the signatures pages of this Registration Statement).</TD>
</TR>

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




<P>
<HR size="1" width="18%" align="left" noshade>

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

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Incorporated by reference to the filing indicated.</TD>
</TR>

</TABLE>


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

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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





<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

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




<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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:



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



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Securities Exchange Act of 1934 that are incorporated
by reference in this Registration Statement.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the
Securities 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.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&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.


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

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, 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 December&nbsp;2, 2004.


<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">&nbsp;</TD>
    <TD colspan="3">MCDERMOTT INTERNATIONAL, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Bruce W. Wilkinson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Bruce W. Wilkinson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Chairman of the Board<BR>
Chief Executive Officer and
Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENT, that each person whose signature
appears below constitutes and appoints Bruce W. Wilkinson, Francis S. Kalman,
John T. Nesser, III, James R. Easter 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Bruce W. Wilkinson
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="center" valign="top">December&nbsp;2, 2004</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Francis S. Kalman
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Francis S. Kalman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President
and Chief Financial
Officer (Principal
Financial and Accounting
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;2, 2004</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Bruce DeMars
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruce DeMars
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;2, 2004</TD>
</TR>

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



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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<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="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Ronald C. Cambre
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald C. Cambre
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;2, 2004</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Joe B. Foster
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joe B. Foster
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;2, 2004</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert L. Howard
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert L. Howard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;2, 2004</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Oliver D.
Kingsley,
Jr.
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver D.
Kingsley, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;2, 2004</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ D. Bradley
McWilliams
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Bradley McWilliams
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;2, 2004</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Thomas C.
Schievelbein
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas C. Schievelbein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;2, 2004</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Richard E. Woolbert
<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard E. Woolbert
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;2, 2004</TD>
</TR>

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



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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

<!-- link1 "INDEX TO EXHIBITS " -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&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"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Document</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" 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&#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">
    <TD align="center" 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 align="center" 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 (incorporated by
reference herein to Exhibit&nbsp;3.2 to McDermott&#146;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2003 (File No.
1-08430)).</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" 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
and Equiserve Trust Company, N.A., as Rights Agent (incorporated
by reference herein to Exhibit&nbsp;1 to McDermott&#146;s Current Report on
Form&nbsp;8-K dated October&nbsp;17, 2001 (File No.&nbsp;1-08430)).</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" 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&#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">
    <TD align="center" 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 align="center" 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&#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">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McDermott International, Inc. 1992 Senior Management Stock Plan
(as Amended and Restated Effective February&nbsp;1, 2002).</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Durling &#038; Durling.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1&nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Durling and Durling (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2&nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, Independent Accountants.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney from Certain Directors and Officers of McDermott
(included on the signatures pages of this Registration Statement).</TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Incorporated by reference to the filing indicated.</TD>
</TR>

</TABLE>




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


</BODY>
</HTML>
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sv8
Table of Contents
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
72-0593134
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification Number)
1450 POYDRAS STREET
NEW ORLEANS, LOUISIANA 70112-6050
(Address, including zip code, of registrant's principal executive offices)
MCDERMOTT INTERNATIONAL, INC.
1992 SENIOR MANAGEMENT STOCK PLAN
(AS AMENDED AND RESTATED
EFFECTIVE FEBRUARY 1, 2002)
(Full title of the Plan)
JOHN T. NESSER, III
Executive Vice President, General Counsel
and Corporate Secretary
1450 Poydras Street,
Post Office Box 61961
New Orleans, Louisiana 70161
(504) 587-5400
(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)
1,000,000
$
16.435
(3)
$
16,435,000
$
2,082.31
(4)
(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 $16.435 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 December 2, 2004.
(4)
The amount of the registration fee was calculated pursuant to Section 6(b) of the Securities Act,
which states that the adjusted fee rate for fiscal 2004 shall be "$126.70 per $1 million" of the maximum
aggregate offering price at which the securities are proposed to be offered. The registration fee is
therefore calculated by multiplying the proposed maximum aggregate offering price by 0.0001267.
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption From Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
INDEX TO EXHIBITS
1992 Senior Management Stock Plan, as amended
Opinion of Durling & Durling
Consent of PricewaterhouseCoopers LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Note: This Registration Statement relates to the registration of 1,000,000
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 1992 Senior Management Stock Plan (as amended and restated
effective February 1, 2002) (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, 2003, filed with the Commission on March 15, 2004;
(b)
McDermott's Annual Report on Form 10-K/A for the year ended
December 31, 2003, filed with the Commission on March 30, 2004;
(c)
McDermott's Annual Report on Form 10-K/A for the year ended
December 31, 2003, filed with the Commission on April 14, 2004;
(d)
McDermott's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2004, filed with the Commission on May 10, 2004;
(e)
McDermott's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2004, filed with the Commission on August 9, 2004;
(f)
McDermott's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2004, filed with the Commission on November 9, 2004;
(g)
McDermott's Current Reports on Form 8-K dated March 25, March
26, August 10 (Item 5 only), August 27, October 12 and November 2,
2004;
(h)
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
II-1
Table of Contents
preferred stock purchase rights registered on Form 8-A filed with
the Commission on October 17, 2001; and
(i)
All other reports filed by McDermott pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934, as amended (the
"1934 Act"), since the end of the fiscal year covered by the
registrant document referred to in (a) above.
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 date of filing of such documents (other than current reports
furnished under item 2.02 and Item 7.01 of Form 8-K).
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
II-2
Table of Contents
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 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
II-3
Table of Contents
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
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'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 (incorporated by
reference herein to Exhibit 3.2 to McDermott's Annual Report on
Form 10-K for the fiscal year ended December 31, 2003 (File No.
1-08430)).
4.3*
Rights Agreement dated as of October 17, 2001 between McDermott
and Equiserve Trust Company, N.A., as Rights Agent (incorporated
by reference herein to Exhibit 1 to McDermott'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'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's
Quarterly Report on Form 10-Q for the quarter ended September 30,
2001 (File No. 1-08430)).
4.6
McDermott International, Inc. 1992 Senior Management Stock Plan
(as Amended and Restated Effective February 1, 2002).
5.1
Opinion of Durling & Durling.
23.1
Consent of Durling and Durling (included in Exhibit 5.1).
23.2
Consent of PricewaterhouseCoopers LLP.
24
Power of Attorney from Certain Directors and Officers of McDermott
(included on the signatures pages of this Registration Statement).
*
Incorporated by reference to the filing indicated.
II-4
Table of Contents
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
(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 Securities Exchange Act of 1934 that are incorporated
by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities 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.
II-5
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, 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 December 2, 2004.
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 PRESENT, that each person whose signature
appears below constitutes and appoints Bruce W. Wilkinson, Francis S. Kalman,
John T. Nesser, III, James R. Easter 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.
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/ Bruce W. Wilkinson
Bruce W. Wilkinson
Chairman of the Board and
Chief Executive Officer and
Director (Principal Executive
Officer)
December 2, 2004
/s/ Francis S. Kalman
Francis S. Kalman
Executive Vice President
and Chief Financial
Officer (Principal
Financial and Accounting
Officer)
December 2, 2004
/s/ Bruce DeMars
Bruce DeMars
Director
December 2, 2004
II-6
Table of Contents
/s/ Ronald C. Cambre
Ronald C. Cambre
Director
December 2, 2004
/s/ Joe B. Foster
Joe B. Foster
Director
December 2, 2004
/s/ Robert L. Howard
Robert L. Howard
Director
December 2, 2004
/s/ Oliver D.
Kingsley,
Jr.
Oliver D.
Kingsley, Jr.
Director
December 2, 2004
/s/ D. Bradley
McWilliams
D. Bradley McWilliams
Director
December 2, 2004
/s/ Thomas C.
Schievelbein
Thomas C. Schievelbein
Director
December 2, 2004
/s/ Richard E. Woolbert
Richard E. Woolbert
Director
December 2, 2004
II-7
Table of Contents
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'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 (incorporated by
reference herein to Exhibit 3.2 to McDermott's Annual Report on
Form 10-K for the year ended December 31, 2003 (File No.
1-08430)).
4.3*
Rights Agreement dated as of October 17, 2001 between McDermott
and Equiserve Trust Company, N.A., as Rights Agent (incorporated
by reference herein to Exhibit 1 to McDermott'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'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's
Quarterly Report on Form 10-Q for the quarter ended September 30,
2001 (File No. 1-08430)).
4.6
McDermott International, Inc. 1992 Senior Management Stock Plan
(as Amended and Restated Effective February 1, 2002).
5.1
Opinion of Durling & Durling.
23.1
Consent of Durling and 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
(included on the signatures pages of this Registration Statement).
*
Incorporated by reference to the filing indicated.