MDR McDermott International Inc

On April 14, 2016, McDermott International, Inc. (“McDermott”) announced that it made a technical amendment to the 2016 McDermott International, Inc. Long-Term Incentive Plan (the “2016 LTIP”) to reflect new guidance issued by the Financial Accounting Standards Board (the “FASB”) on March 30, 2016 and set forth in the FASB’s Accounting Standards Update (“ASU”) 2016-09, Compensation—Stock Compensation (Topic 718): Improvement to Employee Share-Based Payment Accounting . Among other things, ASU 2016-09 allows companies to withhold shares for tax purposes using rates up to the maximum individual statutory tax rate for each applicable tax jurisdiction, rather than being limited to “minimum withholding taxes” in accordance with prior FASB guidance. Although the 2016 LTIP does not reflect a limitation on share withholding (those limitations are to be addressed in connection with awards to be made under the plan), Section 4.1 of the 2016 LTIP, which addresses the number of shares available for grant under the plan, provides that shares withheld as full or partial payment of withholding taxes related to the vesting or settlement of an award (other than options) shall become available again for awards under the plan. In accordance with the change in accounting guidance, the amendment to the 2016 LTIP deleted the word “minimum” from the phrase “minimum withholding taxes” in the relevant provisions of Section 4.1 to remove this limitation. The 2016 LTIP, as amended, remains subject to stockholder approval at the Annual Meeting of Stockholders to be held on April 29, 2016, as further described below.

The foregoing summary is qualified in its entirety by reference to the 2016 LTIP, as amended, a copy of which is attached hereto as Exhibit 10.1 and is incorporated into this item by reference.