McDermott International Ltd. announced that it has completed the transactions contemplated by the Transaction Support Agreement ("TSA"), including the successful conclusion of the interrelated Dutch and UK legal processes that support the TSA, full resolution of the Reficar arbitration award related liabilities, and the amendment and extension of McDermott's letter of credit and term loan facilities. As reported in September 2023, the Transaction Support Agreement reflects strong support of the Company's owners and lenders; extends McDermott's letter of credit and term loan facilities for three years, until mid-2027; and resets McDermott's capital structure for long-term growth and success. All respective courts have approved and confirmed the Company's plans.

This includes approval of the plans of McDermott International Holdings B.V. and Lealand Finance Company B.V. in the Netherlands under the Dutch Act on Confirmation of Extrajudicial Plans (Wet Homologatie Onderhands Akkoord or "WHOA"), and the plan of CB&I UK Limited under Part 26A of the Companies Act 2006 (UK) in England. Following that, on March 22, the U.S. Court recognized the Dutch and UK rulings pursuant to Chapter 15. These court orders fully resolve the Reficar arbitration award and related liabilities.

Kirkland & Ellis LLP and NautaDutilh served as legal counsel to McDermott; Credit Suisse/UBS served as the Company's financial advisor; and Alvarez & Marsal served as restructuring advisor. Davis Polk advised an ad hoc group of crossover lenders and equityholders of McDermott International Ltd. in connection with a cross-border restructuring of roughly $4 billion of McDermott's secured and unsecured indebtedness.