Baupost – McDermott

WA-20030

Baupost Group Securities, L.L.C. (**Baupost**) proposes to acquire a non-controlling, minority equity position in McDermott International, Ltd (**McDermott**) as part of an equity rights offering (the **Acquisition**). Baupost is the nominee entity for The Baupost Group, L.L.C., a private hedge fund headquartered in Boston, Massachusetts, founded in 1982. It manages a portfolio invested across a range of asset classes, including publicly traded debt and equity securities, private credit, private equity, and real estate investments. Its investments span a range of sectors, including technology, insurance and financial services, industrial distribution, and healthcare. McDermott, established under the laws of Bermuda and headquartered in Houston, Texas, supplies engineering, procurement, fabrication, construction and installation (**EPCI**) solutions to the energy industry. It designs and builds end-to-end infrastructure solutions to transport and transform oil and gas into a variety of products. Its technologies, expertise and solutions, including in relation to energy transition, are utilised for offshore, subsea, LNG, and downstream energy projects globally. McDermott’s customers include national and major integrated oil and gas companies, as well as producers of petrochemicals and electric power. McDermott operates in over 30 countries, including most major energy-producing regions throughout the world, and has more than 30,000 employees.