Exhibit 99.4 Confidential All post-Q3’19 information presented in this document is estimated Project Sprint Updated Business Plan Review – MB 2020 December 18, 2019 Supplemental Materials December 30, 2019 – January 7, 2020 Private and ConfidentialExhibit 99.4 Confidential All post-Q3’19 information presented in this document is estimated Project Sprint Updated Business Plan Review – MB 2020 December 18, 2019 Supplemental Materials December 30, 2019 – January 7, 2020 Private and Confidential

Confidential These materials have been prepared by Evercore Group L.L.C., AlixPartners LLP and Kirkland & Ellis LLP (collectively the “Advisors”), for the creditors (the “Creditors”) to McDermott International, Inc. (the “Company”) to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with the Advisors. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by the Advisors. The Advisors assume no responsibility for independent investigation or verification of such information and have relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Company and/or other potential transaction participants or obtained from public sources, the Advisors have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to the Advisors and were prepared exclusively for the benefit and internal use of the Creditors. Any values or estimates of sale proceeds herein are for illustrative purposes only. Nothing in these materials should be construed as a valuation of the Company or any of its businesses. These materials were compiled on a confidential basis for use of the Creditors in evaluating the potential transaction described herein and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of the Advisors. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by the Advisors (or any affiliates) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. The Advisors assume no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of the Advisors and their affiliates. The Advisors and their affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by the Advisors or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors’ regarding the impact of the transactions or matters described herein. 1 Private and ConfidentialConfidential These materials have been prepared by Evercore Group L.L.C., AlixPartners LLP and Kirkland & Ellis LLP (collectively the “Advisors”), for the creditors (the “Creditors”) to McDermott International, Inc. (the “Company”) to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with the Advisors. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by the Advisors. The Advisors assume no responsibility for independent investigation or verification of such information and have relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Company and/or other potential transaction participants or obtained from public sources, the Advisors have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to the Advisors and were prepared exclusively for the benefit and internal use of the Creditors. Any values or estimates of sale proceeds herein are for illustrative purposes only. Nothing in these materials should be construed as a valuation of the Company or any of its businesses. These materials were compiled on a confidential basis for use of the Creditors in evaluating the potential transaction described herein and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of the Advisors. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by the Advisors (or any affiliates) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. The Advisors assume no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of the Advisors and their affiliates. The Advisors and their affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by the Advisors or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors’ regarding the impact of the transactions or matters described herein. 1 Private and Confidential

Confidential Forward-Looking Statements In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that statements in these materials which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact the Company’s actual results of operations. Although the Company does believe that the expectations reflected in those forward-looking statements are reasonable, the Company can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: risks relating to the effects of the filing of the Company’s Chapter 11 cases (the “Chapter 11 Cases”) on its business and the interest of various constituents, including stockholders; any inability to maintain relationships with suppliers, customers, employees and other third parties as a result of the Chapter 11 Cases; the potential adverse effects of the Chapter 11 Cases on the Company’s liquidity and results of operations; risks attendant to ongoing negotiations with various third parties; adverse changes in the markets in which the Company operates or credit markets; the Company’s inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts; contract cancellations; change orders and other modifications and actions by the Company’s customers and other business counterparties; changes in industry norms; and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see the Company’s annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. These materials reflect management’s views as of the date thereof. Except to the extent required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statement. 2 Private and ConfidentialConfidential Forward-Looking Statements In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that statements in these materials which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact the Company’s actual results of operations. Although the Company does believe that the expectations reflected in those forward-looking statements are reasonable, the Company can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: risks relating to the effects of the filing of the Company’s Chapter 11 cases (the “Chapter 11 Cases”) on its business and the interest of various constituents, including stockholders; any inability to maintain relationships with suppliers, customers, employees and other third parties as a result of the Chapter 11 Cases; the potential adverse effects of the Chapter 11 Cases on the Company’s liquidity and results of operations; risks attendant to ongoing negotiations with various third parties; adverse changes in the markets in which the Company operates or credit markets; the Company’s inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts; contract cancellations; change orders and other modifications and actions by the Company’s customers and other business counterparties; changes in industry norms; and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see the Company’s annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. These materials reflect management’s views as of the date thereof. Except to the extent required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statement. 2 Private and Confidential

Confidential Executive Summary McDermott International, Inc. (“MDR” or the “Company”) has prepared a five-year business plan (“MB’20”) which considers the Company’s current business condition and contemplates a deleveraging transaction consummated through a Chapter 11 process to address unsustainable leverage and liquidity constraints n Given the current uncertain business environment, the Company has been engaging with key customers regarding MDR’s prospects n As part of developing MB’20, MDR has engaged customers for support and assistance. Several of the Company’s larger customers have been proactive with creative solutions to address project specific vendor issues „ There’s no precedent within the industry for this type of customer relief program „ An estimate of achievable margin enhancement has been included in MB’20 „ These customers, and others, have been supportive of MDR’s requests, and certain customers have directly expressed the importance of MDR to their supply chain, indicating that support and contract awards will resume if there is certainty regarding MDR’s viability „ Certain customers have established a process to assist paying vendors related to their specific projects to support MDR’s liquidity situation „ While only temporal relief, certain customers have advanced milestone payments to provide short term liquidity relief „ Certain customers have indicated that MDR remains on the disqualified to bid list, but have met with management and its advisors in Houston in an effort to better understand if MDR has a path forward so that it can explain why they should continue to award work, even during the Chapter 11 process „ Certain customers have made similar comments that a quick resolution to MDR’s financial condition would allow contract awards to resume 3 Private and ConfidentialConfidential Executive Summary McDermott International, Inc. (“MDR” or the “Company”) has prepared a five-year business plan (“MB’20”) which considers the Company’s current business condition and contemplates a deleveraging transaction consummated through a Chapter 11 process to address unsustainable leverage and liquidity constraints n Given the current uncertain business environment, the Company has been engaging with key customers regarding MDR’s prospects n As part of developing MB’20, MDR has engaged customers for support and assistance. Several of the Company’s larger customers have been proactive with creative solutions to address project specific vendor issues „ There’s no precedent within the industry for this type of customer relief program „ An estimate of achievable margin enhancement has been included in MB’20 „ These customers, and others, have been supportive of MDR’s requests, and certain customers have directly expressed the importance of MDR to their supply chain, indicating that support and contract awards will resume if there is certainty regarding MDR’s viability „ Certain customers have established a process to assist paying vendors related to their specific projects to support MDR’s liquidity situation „ While only temporal relief, certain customers have advanced milestone payments to provide short term liquidity relief „ Certain customers have indicated that MDR remains on the disqualified to bid list, but have met with management and its advisors in Houston in an effort to better understand if MDR has a path forward so that it can explain why they should continue to award work, even during the Chapter 11 process „ Certain customers have made similar comments that a quick resolution to MDR’s financial condition would allow contract awards to resume 3 Private and Confidential

Confidential Executive Summary (continued) n While funding tranche B of the super senior credit facility has provided additional runway for MDR and conveyed some lender cooperation to the marketplace, significant uncertainty remains, which is a material concern for customers and vendors „ Certain customers have withdrawn contract awards and some have placed MDR on disqualified bid lists (with or without formal notification) „ Bookings for the second half of 2019 have trailed off significantly ● Currently projecting less than $3 billion during second half of 2019 vs. ~$14 billion during first half of the year ● Projected bookings for the 1st quarter are entirely dependent upon MDR having a positive message to the marketplace regarding MDR’s future and the timing upon which it can return to ordinary course operations „ Vendor issues continue to persist due to the liquidity situation ● Liens continue to be asserted and filed on construction sites ● MDR increasingly has limited supplier options and many suppliers have suspended accepting purchase order requests and removed themselves from job sites ● Many projects, in particular in North America, are carrying additional costs as critical path items are delayed due to vendor related issues impacting project completion schedules ● Customers are aware of these project delays and have threatened to suspend or suspended payments to MDR unless and until project related vendors are made current 4 Private and ConfidentialConfidential Executive Summary (continued) n While funding tranche B of the super senior credit facility has provided additional runway for MDR and conveyed some lender cooperation to the marketplace, significant uncertainty remains, which is a material concern for customers and vendors „ Certain customers have withdrawn contract awards and some have placed MDR on disqualified bid lists (with or without formal notification) „ Bookings for the second half of 2019 have trailed off significantly ● Currently projecting less than $3 billion during second half of 2019 vs. ~$14 billion during first half of the year ● Projected bookings for the 1st quarter are entirely dependent upon MDR having a positive message to the marketplace regarding MDR’s future and the timing upon which it can return to ordinary course operations „ Vendor issues continue to persist due to the liquidity situation ● Liens continue to be asserted and filed on construction sites ● MDR increasingly has limited supplier options and many suppliers have suspended accepting purchase order requests and removed themselves from job sites ● Many projects, in particular in North America, are carrying additional costs as critical path items are delayed due to vendor related issues impacting project completion schedules ● Customers are aware of these project delays and have threatened to suspend or suspended payments to MDR unless and until project related vendors are made current 4 Private and Confidential

Confidential Executive Summary (continued) n In light of these circumstances, MDR has prepared this business plan with a perspective of providing a value-maximizing path forward with the following strategic tenets: „ Agreement on a consensual balance sheet restructuring with MDR’s first lien creditors and potentially junior stakeholders „ Economic support along with material risk mitigation changes with respect to MDR’s largest projects „ Short duration in Chapter 11 (90 to 180 days) along with a solid communications message at the commencement of such proceedings indicating an agreement to de-lever the balance sheet, financial support during the proceedings, and a path to exit ● This plan assumes MDR can return to booking orders if it can demonstrate support and a path forward through this restructuring process n The business plan has been developed based on the following key strategic parameters: „ Sale of MDR’s Technology business during the 1st half of 2020 with the selection of a stalking horse bidder to maximize sale proceeds ● The plan assumes 100% of MDR’s interest in Tech is sold with no corresponding benefits of downstream petrochemical pull-through from any type of strategic alliance „ Stabilization and optimization of the portfolio with the completion of legacy CB&I high risk focus projects including Cameron, Freeport, the Power portfolio and several others ● Significant effort relative to focus project portfolio has resulted in projected overall improvement of $36 million in MB’20 through 2020 vs. Financing Case. More specifically, customer assistance efforts are estimated to pull charges of $87 million into fourth quarter of 2019, generating improvement of $123 million vs. Financing Case during 2020 5 Private and ConfidentialConfidential Executive Summary (continued) n In light of these circumstances, MDR has prepared this business plan with a perspective of providing a value-maximizing path forward with the following strategic tenets: „ Agreement on a consensual balance sheet restructuring with MDR’s first lien creditors and potentially junior stakeholders „ Economic support along with material risk mitigation changes with respect to MDR’s largest projects „ Short duration in Chapter 11 (90 to 180 days) along with a solid communications message at the commencement of such proceedings indicating an agreement to de-lever the balance sheet, financial support during the proceedings, and a path to exit ● This plan assumes MDR can return to booking orders if it can demonstrate support and a path forward through this restructuring process n The business plan has been developed based on the following key strategic parameters: „ Sale of MDR’s Technology business during the 1st half of 2020 with the selection of a stalking horse bidder to maximize sale proceeds ● The plan assumes 100% of MDR’s interest in Tech is sold with no corresponding benefits of downstream petrochemical pull-through from any type of strategic alliance „ Stabilization and optimization of the portfolio with the completion of legacy CB&I high risk focus projects including Cameron, Freeport, the Power portfolio and several others ● Significant effort relative to focus project portfolio has resulted in projected overall improvement of $36 million in MB’20 through 2020 vs. Financing Case. More specifically, customer assistance efforts are estimated to pull charges of $87 million into fourth quarter of 2019, generating improvement of $123 million vs. Financing Case during 2020 5 Private and Confidential

Confidential Executive Summary (continued) „ Optimize and reposition the portfolio by de-risking the business from bid through execution in the following segments: ● Offshore Middle East where deep relationships exist, familiar track record with in-house fabrication and assets ● Selective Offshore / Subsea projects that are bespoke with acceptable margins ● Specialized LNG projects with limited construction risk and modularization where possible ● Downstream refining and petrochemical linked with Technology / FEED ● Tanks „ Order win rate returning to a representative historical level by 2H 2020 „ Significant improvements within direct operating expenses, including: ● Fixed overhead reductions within PED function ● Improvement in utilization of fabrication yards and engineering based on current bookings ● Targeted cost reductions within marine and other support functions „ Adequate liquidity and credit support during a Chapter 11 process to provide confidence to the marketplace and MDR’s vendor base to continue to support current and future projects „ Although bookings recently have been at historic lows, MDR has secured over 90% and 60% of 2020 and 2021 revenue, respectively, in backlog ● At this time in 2018, MDR had secured only 65% and 25% of 2019 and 2020 revenue 6 Private and ConfidentialConfidential Executive Summary (continued) „ Optimize and reposition the portfolio by de-risking the business from bid through execution in the following segments: ● Offshore Middle East where deep relationships exist, familiar track record with in-house fabrication and assets ● Selective Offshore / Subsea projects that are bespoke with acceptable margins ● Specialized LNG projects with limited construction risk and modularization where possible ● Downstream refining and petrochemical linked with Technology / FEED ● Tanks „ Order win rate returning to a representative historical level by 2H 2020 „ Significant improvements within direct operating expenses, including: ● Fixed overhead reductions within PED function ● Improvement in utilization of fabrication yards and engineering based on current bookings ● Targeted cost reductions within marine and other support functions „ Adequate liquidity and credit support during a Chapter 11 process to provide confidence to the marketplace and MDR’s vendor base to continue to support current and future projects „ Although bookings recently have been at historic lows, MDR has secured over 90% and 60% of 2020 and 2021 revenue, respectively, in backlog ● At this time in 2018, MDR had secured only 65% and 25% of 2019 and 2020 revenue 6 Private and Confidential

Confidential Executive Summary (continued) n The current business plan analysis contained herein will bridge current projections with the Financing Case provided previously „ Current business plan is generally consistent with recent discussions contemplating an in-court restructuring „ Current projections are materially different from the Financing Case, as the following factors that are present in MDR’s business today were not anticipated previously: ● Sale of the Technology business and loss of pull through ● Portfolio repositioning (i.e., not bidding on certain potential work) ● Significant stress in the supply chain due to lack of liquidity ● Material reduction in bookings that began in late Q3 of 2019 and will continue through 1H 2020 „ However, if MDR can achieve a short and relatively consensual restructuring with access to adequate liquidity during a Chapter 11 process and post effective date, the plan assumes above-breakeven operating cash flows in ’21 and in excess of $0.5 billion in ’22 and ’23 ● Working capital swings, a young project portfolio and loss of orders during 2H’19 through 1H’20 are driving cash flow issues in 2021 n Management strongly believes it can successfully execute this plan based on the key assumptions contained herein if there is a path to exit and stabilize operations during the 1H 2020 „ While discussions with customers regarding economic support and de-risking options have been challenging, customers recognize the value MDR provides with its demonstrated skills and performance in Engineering, Project and Supply Chain Management, Fabrication and Construction and Marine Assets „ MDR benefits from a young portfolio where 76% of current backlog revenue is from projects less than 25% complete allowing for EBITDA uplift through strong project management discipline to harvest the benefits of contingencies „ Potential for further deleveraging through monetization of Pipes business 7 Private and ConfidentialConfidential Executive Summary (continued) n The current business plan analysis contained herein will bridge current projections with the Financing Case provided previously „ Current business plan is generally consistent with recent discussions contemplating an in-court restructuring „ Current projections are materially different from the Financing Case, as the following factors that are present in MDR’s business today were not anticipated previously: ● Sale of the Technology business and loss of pull through ● Portfolio repositioning (i.e., not bidding on certain potential work) ● Significant stress in the supply chain due to lack of liquidity ● Material reduction in bookings that began in late Q3 of 2019 and will continue through 1H 2020 „ However, if MDR can achieve a short and relatively consensual restructuring with access to adequate liquidity during a Chapter 11 process and post effective date, the plan assumes above-breakeven operating cash flows in ’21 and in excess of $0.5 billion in ’22 and ’23 ● Working capital swings, a young project portfolio and loss of orders during 2H’19 through 1H’20 are driving cash flow issues in 2021 n Management strongly believes it can successfully execute this plan based on the key assumptions contained herein if there is a path to exit and stabilize operations during the 1H 2020 „ While discussions with customers regarding economic support and de-risking options have been challenging, customers recognize the value MDR provides with its demonstrated skills and performance in Engineering, Project and Supply Chain Management, Fabrication and Construction and Marine Assets „ MDR benefits from a young portfolio where 76% of current backlog revenue is from projects less than 25% complete allowing for EBITDA uplift through strong project management discipline to harvest the benefits of contingencies „ Potential for further deleveraging through monetization of Pipes business 7 Private and Confidential

Confidential Executive Summary (continued) MB’20 is materially different than the Financing case (from a bookings perspective primarily). That said, it is broadly in line with the Chapter 11 adjusted scenario of the Financing Case. The below compares the current business plan vs. Scenario 2 st of the Financing Case (prepackaged case with 1 Lien Lenders) New Orders Revenue $14,440 $11,026 $10,369 $1,069 1,031 $9,736 Tech Tech $9,445 $11,969 $11,487 551 $8,224 $707 $10,369 $13,372 $9,995 $9,736 $11,969 $8,894 $11,487 $7,517 Scenario 2 MB’20 Scenario 2 MB’20 Scenario 2 MB’20 Scenario 2 MB’20 2020E 2021E 2020E 2021E 1 Adj. EBITDA DIP Need and Prepetition Super-priority Balance $919 Tech -$760 316 $668 Cash Need -$1,200 $561 $533 -$640 190 L/C Need -$600 $668 $603 $533 -$1,000 $371 SPF -$650 -$2,400 -$2,450 Scenario 2 MB’20 Scenario 2 MB’20 Prior Case Expected Case 2020E 2021E 1. Prior case DIP need uses Scenario 2 Low Case 8 Private and ConfidentialConfidential Executive Summary (continued) MB’20 is materially different than the Financing case (from a bookings perspective primarily). That said, it is broadly in line with the Chapter 11 adjusted scenario of the Financing Case. The below compares the current business plan vs. Scenario 2 st of the Financing Case (prepackaged case with 1 Lien Lenders) New Orders Revenue $14,440 $11,026 $10,369 $1,069 1,031 $9,736 Tech Tech $9,445 $11,969 $11,487 551 $8,224 $707 $10,369 $13,372 $9,995 $9,736 $11,969 $8,894 $11,487 $7,517 Scenario 2 MB’20 Scenario 2 MB’20 Scenario 2 MB’20 Scenario 2 MB’20 2020E 2021E 2020E 2021E 1 Adj. EBITDA DIP Need and Prepetition Super-priority Balance $919 Tech -$760 316 $668 Cash Need -$1,200 $561 $533 -$640 190 L/C Need -$600 $668 $603 $533 -$1,000 $371 SPF -$650 -$2,400 -$2,450 Scenario 2 MB’20 Scenario 2 MB’20 Prior Case Expected Case 2020E 2021E 1. Prior case DIP need uses Scenario 2 Low Case 8 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) Consolidated 2020-2024 P&L and Key Metrics n The business plan reflects the impact of the current liquidity challenges and anticipated Chapter 11 case, as well as the sale of Tech and prospective portfolio repositioning n The projected cash flow incorporates a $300 million paydown of trade payables in 2020 n While New Orders and Backlog are lower than Financing Case due to portfolio repositioning and restructuring, MDR anticipates to return to positive FCF in ’21, in particular when excluding negative JV CFOA within certain projects as cash advances are consumed n Large step down in order run rate: 1 MB'20 „ 3Q’19 and 4Q’19 have been ($ in millions) TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 challenged „ Sale of Technology 1 New Orders $ 1 6,650 $ 1 1,487 $ 2 1 1,969 $ 1 2,786 $ 1 2,999 $ 13,024 „ Portfolio repositioning Backlog - RPO 1 8,792 19,771 2 1,370 20,194 2 0,250 19,592 „ Assumed some orders moved to Revenue $ 8,777 $ 9,736 $ 10,369 $ 13,962 $ 1 2,943 $ 1 3,683 1Q’20 and 2Q’20 2 n 2021 and beyond have built in a book to Project Gross Profit 565 915 980 1,399 1 ,371 1 ,590 3 bill of ~1.2x to 0.9x PGP % of Revenue 6.4% 9.4% 9.5% 10.0% 10.6% 11.6% 3 n Project Gross Profit is still challenged in 4 Unallocated DOE U/(O) 249 202 199 184 190 188 1H’20 as MDR finalizes Cameron and Gross Profit 315 713 781 1 ,216 1,181 1,402 Freeport projects with no combined GP % of Revenue 3.6% 7.3% 7.5% 8.7% 9.1% 10.2% revenue R&D 35 16 13 17 18 19„ 2021 and beyond margins improve as repositioning of portfolio begins to 5 Total SG&A 266 292 244 263 234 220 show Other Operating (Inc) Exp 6 1 ,887 103 (1) (1) (1) (1) - - - - - - „ MENA project growth Operating Income $ (1,873) $ 301 $ 525 $ 938 $ 930 $ 1 ,164 n 4 Unallocated Direct Operating Expenses is OI % of Revenue -21.3% 3.1% 5.1% 6.7% 7.2% 8.5% - - - - - - both unabsorbed costs from underutilization of vessels and fabrication CFOA $ (1,095) $ (381) $ 7 211 $ 718 $ 564 $ 1,201 [1] yards and $75 to $100 million per year of Capex 96 169 155 81 58 42 bidding costs Free Cash Flow (1,191) (550) 56 637 506 1 ,159 n 5 $50 million of bonus cost not included in Adjusted Op Income (54) 386 527 938 930 1,164 2019; increased litigation costs in 2020 Adj. EBITDA $ 183 $ 533 $ 668 $ 1,088 $ 1 ,110 $ 1,327 6 n Goodwill and intangibles impairment of $1.5 billion and loss on sale of APP of CFOA $ (381) $ 211 $ 718 $ 564 $ 1,201 1 [2] $101 million; 2020 includes $50 million of JV CFOA (11) (167) (22) (30) 121 retention and $26 million of restructuring Net MDR CFOA $ (370) $ 379 $ 739 $ 594 $ 1,080 costs and Tech sale advisor costs n Proportion of Joint Venture; Project pulled 7 1. Represents proportionally consolidated portion of JV CFOA, and not MDR’s direct CFOA. Two projects received significant advanced payments cash into 2020 for DIP and no incremental cash injections are expected. More than $225 million was received in a projects JV in the first month of the project. 9 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) Consolidated 2020-2024 P&L and Key Metrics n The business plan reflects the impact of the current liquidity challenges and anticipated Chapter 11 case, as well as the sale of Tech and prospective portfolio repositioning n The projected cash flow incorporates a $300 million paydown of trade payables in 2020 n While New Orders and Backlog are lower than Financing Case due to portfolio repositioning and restructuring, MDR anticipates to return to positive FCF in ’21, in particular when excluding negative JV CFOA within certain projects as cash advances are consumed n Large step down in order run rate: 1 MB'20 „ 3Q’19 and 4Q’19 have been ($ in millions) TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 challenged „ Sale of Technology 1 New Orders $ 1 6,650 $ 1 1,487 $ 2 1 1,969 $ 1 2,786 $ 1 2,999 $ 13,024 „ Portfolio repositioning Backlog - RPO 1 8,792 19,771 2 1,370 20,194 2 0,250 19,592 „ Assumed some orders moved to Revenue $ 8,777 $ 9,736 $ 10,369 $ 13,962 $ 1 2,943 $ 1 3,683 1Q’20 and 2Q’20 2 n 2021 and beyond have built in a book to Project Gross Profit 565 915 980 1,399 1 ,371 1 ,590 3 bill of ~1.2x to 0.9x PGP % of Revenue 6.4% 9.4% 9.5% 10.0% 10.6% 11.6% 3 n Project Gross Profit is still challenged in 4 Unallocated DOE U/(O) 249 202 199 184 190 188 1H’20 as MDR finalizes Cameron and Gross Profit 315 713 781 1 ,216 1,181 1,402 Freeport projects with no combined GP % of Revenue 3.6% 7.3% 7.5% 8.7% 9.1% 10.2% revenue R&D 35 16 13 17 18 19„ 2021 and beyond margins improve as repositioning of portfolio begins to 5 Total SG&A 266 292 244 263 234 220 show Other Operating (Inc) Exp 6 1 ,887 103 (1) (1) (1) (1) - - - - - - „ MENA project growth Operating Income $ (1,873) $ 301 $ 525 $ 938 $ 930 $ 1 ,164 n 4 Unallocated Direct Operating Expenses is OI % of Revenue -21.3% 3.1% 5.1% 6.7% 7.2% 8.5% - - - - - - both unabsorbed costs from underutilization of vessels and fabrication CFOA $ (1,095) $ (381) $ 7 211 $ 718 $ 564 $ 1,201 [1] yards and $75 to $100 million per year of Capex 96 169 155 81 58 42 bidding costs Free Cash Flow (1,191) (550) 56 637 506 1 ,159 n 5 $50 million of bonus cost not included in Adjusted Op Income (54) 386 527 938 930 1,164 2019; increased litigation costs in 2020 Adj. EBITDA $ 183 $ 533 $ 668 $ 1,088 $ 1 ,110 $ 1,327 6 n Goodwill and intangibles impairment of $1.5 billion and loss on sale of APP of CFOA $ (381) $ 211 $ 718 $ 564 $ 1,201 1 [2] $101 million; 2020 includes $50 million of JV CFOA (11) (167) (22) (30) 121 retention and $26 million of restructuring Net MDR CFOA $ (370) $ 379 $ 739 $ 594 $ 1,080 costs and Tech sale advisor costs n Proportion of Joint Venture; Project pulled 7 1. Represents proportionally consolidated portion of JV CFOA, and not MDR’s direct CFOA. Two projects received significant advanced payments cash into 2020 for DIP and no incremental cash injections are expected. More than $225 million was received in a projects JV in the first month of the project. 9 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) 2021 Adj. EBITDA to CFOA Conversion n Adj. EBITDA to CFOA variance explained primarily by Project A and Project B (positive $124.5mm PGP, negative $107mm CFOA) and Project C (positive $65.4mm PGP, negative $212.5mm CFOA) n Project C negative cash in 2021 primarily due to pull-forward 2021 planned receipts of $160 million into 2020 to support near term liquidity. In addition, overall project included significant advance payments in early stage of project (2019-20) 2021 Adj. EBITDA to CFOA Conversion $667.8 $(106.8) $(124.8) $(277.9) $211.3 $52.9 TY’21 Adj. EBITDA Project A Project B Project C Other TY’21 CFOA 10 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) 2021 Adj. EBITDA to CFOA Conversion n Adj. EBITDA to CFOA variance explained primarily by Project A and Project B (positive $124.5mm PGP, negative $107mm CFOA) and Project C (positive $65.4mm PGP, negative $212.5mm CFOA) n Project C negative cash in 2021 primarily due to pull-forward 2021 planned receipts of $160 million into 2020 to support near term liquidity. In addition, overall project included significant advance payments in early stage of project (2019-20) 2021 Adj. EBITDA to CFOA Conversion $667.8 $(106.8) $(124.8) $(277.9) $211.3 $52.9 TY’21 Adj. EBITDA Project A Project B Project C Other TY’21 CFOA 10 Private and Confidential

Progress updated as of Jan. 6, 2020 Confidential Executive Summary (continued) ($ in millions) MDR is pursuing cash improvements, L/C reductions, and risk mitigation enhancements across its portfolio n The Company expects that only a portion of the gross requests will be achieved, and much of the targeted relief will be in the form of risk mitigation rather than incremental P&L benefit to the business plan Assumed Achievable Targets Customer Assistance Impact $1,084MM $287 27% $903MM $405 $544MM 37% Risk Mitigation $1,084 (50%) million $400MM Risk Mitigation (44%) $247 $110 23% 10% $287MM $35 L/C Impact $287MM (27%) 3% L/C Impact (32%) Price Increase / Cost Recovery L/D Relief JV Recovery Other De-Risking L/C Relief $253MM $216MM P&L Impact* P&L Impact* (23%) (24%) Assumed Achievable Target Achieved To Date * P&L Impact is based off of the P&L as adjusted by the Business Plan, and the numbers stated are subject to change due to final form of assistance and actual impact 11 Private and ConfidentialProgress updated as of Jan. 6, 2020 Confidential Executive Summary (continued) ($ in millions) MDR is pursuing cash improvements, L/C reductions, and risk mitigation enhancements across its portfolio n The Company expects that only a portion of the gross requests will be achieved, and much of the targeted relief will be in the form of risk mitigation rather than incremental P&L benefit to the business plan Assumed Achievable Targets Customer Assistance Impact $1,084MM $287 27% $903MM $405 $544MM 37% Risk Mitigation $1,084 (50%) million $400MM Risk Mitigation (44%) $247 $110 23% 10% $287MM $35 L/C Impact $287MM (27%) 3% L/C Impact (32%) Price Increase / Cost Recovery L/D Relief JV Recovery Other De-Risking L/C Relief $253MM $216MM P&L Impact* P&L Impact* (23%) (24%) Assumed Achievable Target Achieved To Date * P&L Impact is based off of the P&L as adjusted by the Business Plan, and the numbers stated are subject to change due to final form of assistance and actual impact 11 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) Customer Assistance – Impact on Adj. EBITDA Bridge n While the Company is pursuing these requests, it expects that the customer assistance achieved will be significantly less than the total gross ask „ Furthermore, a significant portion of the customer assistance is in the form of risk mitigation of the business plan and is not an incremental P&L impact to the plan „ The net P&L impact reflected in the business plan is approximately $225 million $511 $223 $43 $180 $290 $533 $354 -$22 -$65 Q4’19 - Q4’20 Adj. EBITDA Adjustments Q4’19 - Q4’20 Adj. EBITDA w/o Customer Assistance w/ Customer Assistance Q4’19 TY’20 12 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) Customer Assistance – Impact on Adj. EBITDA Bridge n While the Company is pursuing these requests, it expects that the customer assistance achieved will be significantly less than the total gross ask „ Furthermore, a significant portion of the customer assistance is in the form of risk mitigation of the business plan and is not an incremental P&L impact to the plan „ The net P&L impact reflected in the business plan is approximately $225 million $511 $223 $43 $180 $290 $533 $354 -$22 -$65 Q4’19 - Q4’20 Adj. EBITDA Adjustments Q4’19 - Q4’20 Adj. EBITDA w/o Customer Assistance w/ Customer Assistance Q4’19 TY’20 12 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) NCSA Cost Improvement (Q4’19 – Q4’20) Individual Q4’19 Project Cost Increases Aggregate Project Cost Decrease Net of Downsides Q4'19 2020E Total Freeport $38 Increase in Estimate $157 $-- $157 1 at Completion Project Costs Cameron $30 2 -- 62 62 Plus: Additional Downside Project A $25 Less: Financing Case Downside (70) (185) (255) Project B $25 MB'20 Increase / (Decrease) in $87 ($123) ($36) Costs vs. Financing Case Project C $16 Project D $12 $87 million of costs originally projected to occur in 2020 were shifted forward and impacted Q4’19 Project E $8 However, MDR was able to decrease total project costs (on an aggregate basis) by $36 million Project F $3 Does not include customer assistance Project G $2 concessions that are underway 1. Increases in EAC costs vs. Financing Case 2. Unidentified downside on portfolio remaining in MB’20 13 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) NCSA Cost Improvement (Q4’19 – Q4’20) Individual Q4’19 Project Cost Increases Aggregate Project Cost Decrease Net of Downsides Q4'19 2020E Total Freeport $38 Increase in Estimate $157 $-- $157 1 at Completion Project Costs Cameron $30 2 -- 62 62 Plus: Additional Downside Project A $25 Less: Financing Case Downside (70) (185) (255) Project B $25 MB'20 Increase / (Decrease) in $87 ($123) ($36) Costs vs. Financing Case Project C $16 Project D $12 $87 million of costs originally projected to occur in 2020 were shifted forward and impacted Q4’19 Project E $8 However, MDR was able to decrease total project costs (on an aggregate basis) by $36 million Project F $3 Does not include customer assistance Project G $2 concessions that are underway 1. Increases in EAC costs vs. Financing Case 2. Unidentified downside on portfolio remaining in MB’20 13 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) Q4’19 Adj. EBITDA Bridge: Financing Case to MB’20 Q4’19 Adj. EBITDA Bridge Timing = $177 million Impact of Current Condition = $117 $300 $241 ($19) ($24) ($47) $200 ($87) $100 ($13) ($16) ($22) ($79) ($65) ($22) $43 $-- 1 2 3 4 5 6 7 8 9 ($100) Financing Customer / Q4’19 GP '20 NCSA Other SG&A and Cost Standards MB'20 Excl. Customer MB'20 Case Insurance Contingent Recognition Downsides Retention Increases Impact and Customer Assistance Settlements Shifted to '20 Accelerated and Award Lower Assistance Plan Items Slipped to '20 Accelerated to Q4'19 Slippage Recoveries Plan to Q3’19 n Cost recovery slippage from two projects - shift to Q2’20 and shift to n Retention bonuses, litigation, legal liabilities, software costs and SEC 1 6 2020 respectively matter n 2 Reversal of contingent items accelerated into Q3’19 n 7 Other project cost increases and slippages in Q4 awards in the Middle East n Slippage, project delays, lower recognition and push out of contingency 3 8 releasen Impact of new TY’20 cost standards applied to projects in Q4’19; higher under recoveries due to lower fabrication activity, lower revenue and n Financing Case downsides accelerated to Q4’19 via increased NCSA higher costs from delay in pipe fabrication divestiture 4 estimate at completion costs for focus projects 9 n Impact from customer assistance plan at various projects n Technology segment and other immaterial changes 5 14 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) Q4’19 Adj. EBITDA Bridge: Financing Case to MB’20 Q4’19 Adj. EBITDA Bridge Timing = $177 million Impact of Current Condition = $117 $300 $241 ($19) ($24) ($47) $200 ($87) $100 ($13) ($16) ($22) ($79) ($65) ($22) $43 $-- 1 2 3 4 5 6 7 8 9 ($100) Financing Customer / Q4’19 GP '20 NCSA Other SG&A and Cost Standards MB'20 Excl. Customer MB'20 Case Insurance Contingent Recognition Downsides Retention Increases Impact and Customer Assistance Settlements Shifted to '20 Accelerated and Award Lower Assistance Plan Items Slipped to '20 Accelerated to Q4'19 Slippage Recoveries Plan to Q3’19 n Cost recovery slippage from two projects - shift to Q2’20 and shift to n Retention bonuses, litigation, legal liabilities, software costs and SEC 1 6 2020 respectively matter n 2 Reversal of contingent items accelerated into Q3’19 n 7 Other project cost increases and slippages in Q4 awards in the Middle East n Slippage, project delays, lower recognition and push out of contingency 3 8 releasen Impact of new TY’20 cost standards applied to projects in Q4’19; higher under recoveries due to lower fabrication activity, lower revenue and n Financing Case downsides accelerated to Q4’19 via increased NCSA higher costs from delay in pipe fabrication divestiture 4 estimate at completion costs for focus projects 9 n Impact from customer assistance plan at various projects n Technology segment and other immaterial changes 5 14 Private and Confidential

Confidential Executive Summary (continued) Business Disruption Assumptions & Impact - Bridging the MB’20 to the Prior Financing Case n In order to effectively evaluate the updated business plan (MB’20) relative to the Financing Case, the differences between the two forecasts have been categorized into the following groups: „ Portfolio Repositioning – Includes the wind-down of the power portfolio, risk-mitigated LNG bidding and reduced bidding 1 on working capital-heavy projects „ Customer Assistance – Includes additional advances of in-quarter receipts or customer concessions. Requests include: 2 ● Increased Contract Price, L/D Relief, JV Recovery and L/C Relief 3 „ Sale of Technology – Financial contribution excluded given the assumption for 100% sale of Technology „ Technology Pull Through – A conservative estimate assuming 100% loss of all targeted projects (17) differentiated by the 4 Technology business ● A relatively minor impact in 2020 – 2021 but with a rising impact going forward 5 „ Restructuring / Timing / Other – Collectively includes the following adjustments: ● Loss/Delay of Expected New Order Awards: Both current projects and new awards that are specifically impacted by the current financing and pending restructuring process − Loss of expected new order awards as a result of restructuring − Project delays that drive liquidated damage claims that will directly offset profits near project completion ● Excessively Stretched Vendors: Increase in estimated project costs, LDs and operational impacts to alleviate stretched accounts payable, mitigate risk of project disruptions and normalize operations ● Opportunity Lost for Contingencies: Previously anticipated opportunities to realize cost savings on existing projects that have been negated by the pending restructuring process − Decreased opportunity for existing projects to realize contingencies, decreased costs, marine campaign savings or any final project close savings 15 Private and ConfidentialConfidential Executive Summary (continued) Business Disruption Assumptions & Impact - Bridging the MB’20 to the Prior Financing Case n In order to effectively evaluate the updated business plan (MB’20) relative to the Financing Case, the differences between the two forecasts have been categorized into the following groups: „ Portfolio Repositioning – Includes the wind-down of the power portfolio, risk-mitigated LNG bidding and reduced bidding 1 on working capital-heavy projects „ Customer Assistance – Includes additional advances of in-quarter receipts or customer concessions. Requests include: 2 ● Increased Contract Price, L/D Relief, JV Recovery and L/C Relief 3 „ Sale of Technology – Financial contribution excluded given the assumption for 100% sale of Technology „ Technology Pull Through – A conservative estimate assuming 100% loss of all targeted projects (17) differentiated by the 4 Technology business ● A relatively minor impact in 2020 – 2021 but with a rising impact going forward 5 „ Restructuring / Timing / Other – Collectively includes the following adjustments: ● Loss/Delay of Expected New Order Awards: Both current projects and new awards that are specifically impacted by the current financing and pending restructuring process − Loss of expected new order awards as a result of restructuring − Project delays that drive liquidated damage claims that will directly offset profits near project completion ● Excessively Stretched Vendors: Increase in estimated project costs, LDs and operational impacts to alleviate stretched accounts payable, mitigate risk of project disruptions and normalize operations ● Opportunity Lost for Contingencies: Previously anticipated opportunities to realize cost savings on existing projects that have been negated by the pending restructuring process − Decreased opportunity for existing projects to realize contingencies, decreased costs, marine campaign savings or any final project close savings 15 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case - Orders n Order intake in the business plan during 2020 and 2021 is $6,028 and $7,044 million lower, respectively, vs. the Financing Case „ Only select orders expected to be secured during the Chapter 11 case followed by order recovery in the second half of 2020 „ Sale of Technology and loss of related pull through orders „ Portfolio repositioning resulting in a narrower bid focus on Offshore, Petrochem, Tanks, and select, risk-mitigated LNG n The forecast orders are dependent upon MDR’s ability to provide clarity on the Company’s path forward and provide assurance that the Company will execute on its projects 2020E New Order Awards Bridge $17,515 ($2,840) ($734) $11,487 ($2,453) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 2021E New Order Awards Bridge $19,012 ($3,850) ($1,187) ($360) $11,969 ($1,646) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 16 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case - Orders n Order intake in the business plan during 2020 and 2021 is $6,028 and $7,044 million lower, respectively, vs. the Financing Case „ Only select orders expected to be secured during the Chapter 11 case followed by order recovery in the second half of 2020 „ Sale of Technology and loss of related pull through orders „ Portfolio repositioning resulting in a narrower bid focus on Offshore, Petrochem, Tanks, and select, risk-mitigated LNG n The forecast orders are dependent upon MDR’s ability to provide clarity on the Company’s path forward and provide assurance that the Company will execute on its projects 2020E New Order Awards Bridge $17,515 ($2,840) ($734) $11,487 ($2,453) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 2021E New Order Awards Bridge $19,012 ($3,850) ($1,187) ($360) $11,969 ($1,646) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 16 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case - Revenue n Revenue in the business plan in 2020 and 2021 is $2,737 and $3,933 million lower, respectively, vs. the Financing Case „ Similar to the order intake, forecast revenue in 2020 and 2021 is impacted by the loss and deferral of new orders as a result of the Chapter 11 case. This impact was not reflected in the base Financing Case „ Revenue is further impacted by the sale of Tech, loss of associated pull-through, and the repositioning to a narrower, risk- mitigated portfolio 2020E Revenue Bridge Impact from Q3 and Q4 $12,473 of 2019 work shifting and $153 prospective work lost 91% in backlog ($485) ($597) $9,736 ($1,808) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 2021E Revenue Bridge Same impact in 2021 as the $14,303 $22 dip in orders manifests ($605) 62% in backlog ($28) ($1,146) $10,369 ($2,177) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 17 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case - Revenue n Revenue in the business plan in 2020 and 2021 is $2,737 and $3,933 million lower, respectively, vs. the Financing Case „ Similar to the order intake, forecast revenue in 2020 and 2021 is impacted by the loss and deferral of new orders as a result of the Chapter 11 case. This impact was not reflected in the base Financing Case „ Revenue is further impacted by the sale of Tech, loss of associated pull-through, and the repositioning to a narrower, risk- mitigated portfolio 2020E Revenue Bridge Impact from Q3 and Q4 $12,473 of 2019 work shifting and $153 prospective work lost 91% in backlog ($485) ($597) $9,736 ($1,808) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 2021E Revenue Bridge Same impact in 2021 as the $14,303 $22 dip in orders manifests ($605) 62% in backlog ($28) ($1,146) $10,369 ($2,177) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 17 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case – Project Gross Profit 2020E Project Gross Profit Bridge $179 $1,238 ($31) ($204) $87 $915 ($354) Financing Case Portfolio Customer Sale of Technology Restructuring / Timing Accelarated MB'20 Repositioning Assistance Technology Pull-Through / Other Downside to Q4'19 2021E Project Gross Profit Bridge $1,567 $4 ($54) ($353) ($3) $980 ($181) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 18 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case – Project Gross Profit 2020E Project Gross Profit Bridge $179 $1,238 ($31) ($204) $87 $915 ($354) Financing Case Portfolio Customer Sale of Technology Restructuring / Timing Accelarated MB'20 Repositioning Assistance Technology Pull-Through / Other Downside to Q4'19 2021E Project Gross Profit Bridge $1,567 $4 ($54) ($353) ($3) $980 ($181) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 18 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case – Adjusted EBITDA n Adjusted EBITDA in the business plan in 2020 and 2021 is $441 and $632 million lower, respectively, vs. the Financing Case „ Forecast adjusted EBITDA in 2020 and 2021 is impacted by the loss and deferral of new orders and increased cost of projects delays as a result of the Chapter 11 case „ Adjusted EBITDA is further impacted by the sale of Tech, loss of associated pull-through, and the repositioning to a narrower, risk- mitigated portfolio 2020E Adj. EBITDA Bridge Impact from lost revenue per page 15 $179 and $97 million under-absorption, $975 offset by cost reductions ($31) ($199) $533 $87 ($478) Financing Case Portfolio Customer Sale of Technology Restructuring / Timing Accelarated MB'20 Repositioning Assistance Technology Pull-Through / Other Downside to Q4'19 2021E Adj. EBITDA Bridge $1,300 $4 ($54) $85 million under-absorption ($308) ($14) $668 ($260) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 19 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case – Adjusted EBITDA n Adjusted EBITDA in the business plan in 2020 and 2021 is $441 and $632 million lower, respectively, vs. the Financing Case „ Forecast adjusted EBITDA in 2020 and 2021 is impacted by the loss and deferral of new orders and increased cost of projects delays as a result of the Chapter 11 case „ Adjusted EBITDA is further impacted by the sale of Tech, loss of associated pull-through, and the repositioning to a narrower, risk- mitigated portfolio 2020E Adj. EBITDA Bridge Impact from lost revenue per page 15 $179 and $97 million under-absorption, $975 offset by cost reductions ($31) ($199) $533 $87 ($478) Financing Case Portfolio Customer Sale of Technology Restructuring / Timing Accelarated MB'20 Repositioning Assistance Technology Pull-Through / Other Downside to Q4'19 2021E Adj. EBITDA Bridge $1,300 $4 ($54) $85 million under-absorption ($308) ($14) $668 ($260) Financing Case Portfolio Repositioning Customer Sale of Technology Restructuring / Timing / MB'20 Assistance Technology Pull-Through Other 19 Private and Confidential

Confidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case – CFOA 2020E CFOA Bridge $250 $58 $424 ($202) $205 ($1,116) ($381) Financing Case Cash Interest on Portfolio Customer Sale of Technology Restructuring / Timing MB'20 1 Funded Debt Repositioning Assistance Technology Pull-Through / Other 2021E CFOA Bridge $386 $905 ($545) ($65) $211 ($350) ($21) ($99) Financing Case Cash Interest on Portfolio Customer Sale of Technology Restructuring / Timing MB'20 1 Funded Debt Repositioning Assistance Technology Pull-Through / Other 1. Cash interest expense from funded debt (revolving credit facility, term loan and senior notes) removed as it is not factored into the MB’20 20 Private and ConfidentialConfidential Executive Summary (continued) ($ in millions) 2020-2021 Bridge to the Financing Case – CFOA 2020E CFOA Bridge $250 $58 $424 ($202) $205 ($1,116) ($381) Financing Case Cash Interest on Portfolio Customer Sale of Technology Restructuring / Timing MB'20 1 Funded Debt Repositioning Assistance Technology Pull-Through / Other 2021E CFOA Bridge $386 $905 ($545) ($65) $211 ($350) ($21) ($99) Financing Case Cash Interest on Portfolio Customer Sale of Technology Restructuring / Timing MB'20 1 Funded Debt Repositioning Assistance Technology Pull-Through / Other 1. Cash interest expense from funded debt (revolving credit facility, term loan and senior notes) removed as it is not factored into the MB’20 20 Private and Confidential

Confidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and ConfidentialConfidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and Confidential

Confidential Fundamental Operating Assumptions MB’20 has been prepared on a granular bottom’s up basis taking into consideration the Company’s current financial situation with customers and vendors, which has been impacted by record low bookings, loss of contract awards, and significant vendor stress and project disruptions n While the Company’s detailed budgeting process was utilized to formulate these projections, a number of key operating principles were considered in order to develop MB’20 as noted below n These key operating principles are essential to understanding the assumptions and management’s perspective as to what conditions are necessary to achieve these projections n Consensual reorganization plan reached with first-lien lenders and as many junior stakeholders resulting in either a pre-arranged / pre-packaged Chapter 11 filing n MB’20 assumes message to customers can include 1) MDR’s future has certainty beyond Chapter 11; 2) the objective of the Chapter 11 process is to effectuate the sale of Tech and delever the balance sheet; 3) MDR will emerge with a normalized capital structure and access to liquidity to support execution of projects n 100% of MDR’s interest in Tech sold with no continuing strategic alliance providing no EPC pull-through benefits n Expected Case duration of 3 to 4 months with a January 15, 2020 illustrative filing date; Alternative Case Case adds two additional months to illustrate additional credit support requirements for operations Assumptions n Neither the Expected Case or Alternative Case are meant to illustrate the time required to close a Tech sale, which will be depend upon the buyer and regulatory approval requirements n No impairment of trade payables and assumes adequate liquidity to maintain normalized vendor payments throughout duration of case n Limited order intake during the 1H 2020 consistent with current results, but assume orders can be booked during the Chapter 11 process if the message about certainty is clear and without any material risk of success n MB’20 does assume a robust recovery in 2H 2020 21 Private and ConfidentialConfidential Fundamental Operating Assumptions MB’20 has been prepared on a granular bottom’s up basis taking into consideration the Company’s current financial situation with customers and vendors, which has been impacted by record low bookings, loss of contract awards, and significant vendor stress and project disruptions n While the Company’s detailed budgeting process was utilized to formulate these projections, a number of key operating principles were considered in order to develop MB’20 as noted below n These key operating principles are essential to understanding the assumptions and management’s perspective as to what conditions are necessary to achieve these projections n Consensual reorganization plan reached with first-lien lenders and as many junior stakeholders resulting in either a pre-arranged / pre-packaged Chapter 11 filing n MB’20 assumes message to customers can include 1) MDR’s future has certainty beyond Chapter 11; 2) the objective of the Chapter 11 process is to effectuate the sale of Tech and delever the balance sheet; 3) MDR will emerge with a normalized capital structure and access to liquidity to support execution of projects n 100% of MDR’s interest in Tech sold with no continuing strategic alliance providing no EPC pull-through benefits n Expected Case duration of 3 to 4 months with a January 15, 2020 illustrative filing date; Alternative Case Case adds two additional months to illustrate additional credit support requirements for operations Assumptions n Neither the Expected Case or Alternative Case are meant to illustrate the time required to close a Tech sale, which will be depend upon the buyer and regulatory approval requirements n No impairment of trade payables and assumes adequate liquidity to maintain normalized vendor payments throughout duration of case n Limited order intake during the 1H 2020 consistent with current results, but assume orders can be booked during the Chapter 11 process if the message about certainty is clear and without any material risk of success n MB’20 does assume a robust recovery in 2H 2020 21 Private and Confidential

Confidential Fundamental Operating Assumptions n MB’20 and future bookings based on portfolio repositioning focused on Offshore/Subsea, Onshore EPC portfolio focused on Petro-Chem with a linkage to technology and FEED, more selective/de-risked LNG projects, as well as Tanks n Bottom-up analysis created on a project-by-project basis, reflecting backlog roll-off and new order forecasts, with both business segment and geographic region drill down n No strategic alliance/benefit assumed with Tech buyer, resulting in reduced order intake due to removal of Tech-related pull through from budget Business Plan n Presented largely on an unlevered basis with no funded debt beginning January 1, 2020 Foundations n Assumes ability to achieve projected customer concessions and targeted fixed cost reductions n Assumes First Day Order relief is granted to pay ~$900 million of pre-petition trade payables including lienholders and foreign vendors. DIP budget assumes payments in accordance with current practice (i.e. no paydown immediately after order is granted) Vendor n Cash flows assume ability to maintain vendors at approximately 60 day terms with no contraction of terms Assumptions during case n Post-Effective minimum liquidity includes an assumption for an approximately $300 million permanent paydown of trade payables to ensure sustainable go-forward trade payables for the business 22 Private and ConfidentialConfidential Fundamental Operating Assumptions n MB’20 and future bookings based on portfolio repositioning focused on Offshore/Subsea, Onshore EPC portfolio focused on Petro-Chem with a linkage to technology and FEED, more selective/de-risked LNG projects, as well as Tanks n Bottom-up analysis created on a project-by-project basis, reflecting backlog roll-off and new order forecasts, with both business segment and geographic region drill down n No strategic alliance/benefit assumed with Tech buyer, resulting in reduced order intake due to removal of Tech-related pull through from budget Business Plan n Presented largely on an unlevered basis with no funded debt beginning January 1, 2020 Foundations n Assumes ability to achieve projected customer concessions and targeted fixed cost reductions n Assumes First Day Order relief is granted to pay ~$900 million of pre-petition trade payables including lienholders and foreign vendors. DIP budget assumes payments in accordance with current practice (i.e. no paydown immediately after order is granted) Vendor n Cash flows assume ability to maintain vendors at approximately 60 day terms with no contraction of terms Assumptions during case n Post-Effective minimum liquidity includes an assumption for an approximately $300 million permanent paydown of trade payables to ensure sustainable go-forward trade payables for the business 22 Private and Confidential

Confidential Fundamental Operating Assumptions (continued) n Over $200 million of profit improvement and $250 million of L/C reduction is incorporated into the business plan n Concessions include several levers, many of which provide de-risking benefits and margin protection rather than incremental gross margin: n Risk mitigation and margin protection such as L/D waivers, contract amount increases offsetting cost incurred and included in most recent EAC projections Customer n L/C relief such as accelerated run off and step-downs Assistance n Gross Profit Improvements such as contract amount increases, confirmation/acceleration of change orders not currently forecasted, offsets to existing L/D’s incurred n Impact on the Plan reflects expected concessions or actual agreements and not the gross ask n Assumes ability to provide assurances to customers that MDR will assume contracts and complete projects in exchange for required concessions n Assumes ability to execute Chapter 11 as a pre-packaged / pre-arranged case, and that select new orders are secured during the pendency of the case, with return to normalized new order pattern starting 2H’20 Order In-Take n Normalized order intake reduced vs. Financing Case due to sale of Tech and related pull-through, as well Assumptions as narrower, risk-mitigated bidding focus within the Onshore EPC segment 23 Private and ConfidentialConfidential Fundamental Operating Assumptions (continued) n Over $200 million of profit improvement and $250 million of L/C reduction is incorporated into the business plan n Concessions include several levers, many of which provide de-risking benefits and margin protection rather than incremental gross margin: n Risk mitigation and margin protection such as L/D waivers, contract amount increases offsetting cost incurred and included in most recent EAC projections Customer n L/C relief such as accelerated run off and step-downs Assistance n Gross Profit Improvements such as contract amount increases, confirmation/acceleration of change orders not currently forecasted, offsets to existing L/D’s incurred n Impact on the Plan reflects expected concessions or actual agreements and not the gross ask n Assumes ability to provide assurances to customers that MDR will assume contracts and complete projects in exchange for required concessions n Assumes ability to execute Chapter 11 as a pre-packaged / pre-arranged case, and that select new orders are secured during the pendency of the case, with return to normalized new order pattern starting 2H’20 Order In-Take n Normalized order intake reduced vs. Financing Case due to sale of Tech and related pull-through, as well Assumptions as narrower, risk-mitigated bidding focus within the Onshore EPC segment 23 Private and Confidential

Confidential Fundamental Operating Assumptions (continued) n In contrast to the current business plan, the base Financing Case assumed: n Stability in the supply chain, with no adverse impact from vendors on operations n No sale of Tech and loss of pull-through n No change to strategic framework relative to LNG and Power Comparison to n No consideration of a potential Chapter 11 filing Financing Case n No management and employee distractions due to distress from current situation n Continued support from the customer base, with sustained new orders n MB‘20 for 2020 and 2021 is broadly in line with Chapter 11 scenarios which were prepared and shared as part of the Strategic Alternatives presentation on November 11, 2019 n Underlying cash flow requirements based on the business plan with no further adjustments to business assumptions n Incorporates estimated administrative costs associated with Chapter 11 process n Vendor assumptions include no impairment of trade, First Day Order relief of ~$900 million and no DIP contraction in trade terms Assumptions n L/C (including bi-lats) and surety requirements : n All L/Cs for new projects assumed to be placed on the DIP as well as all renewals of secured L/Cs n Assumes continued renewals of expiring bilateral L/Cs n Assumes continued renewals of expiring surety bonds n Business plan assumes 100% of Tech is sold and no benefit from a commercial arrangement with the Pull Through buyer Assumptions n All orders related to pull through have been removed from the business plan 24 Private and ConfidentialConfidential Fundamental Operating Assumptions (continued) n In contrast to the current business plan, the base Financing Case assumed: n Stability in the supply chain, with no adverse impact from vendors on operations n No sale of Tech and loss of pull-through n No change to strategic framework relative to LNG and Power Comparison to n No consideration of a potential Chapter 11 filing Financing Case n No management and employee distractions due to distress from current situation n Continued support from the customer base, with sustained new orders n MB‘20 for 2020 and 2021 is broadly in line with Chapter 11 scenarios which were prepared and shared as part of the Strategic Alternatives presentation on November 11, 2019 n Underlying cash flow requirements based on the business plan with no further adjustments to business assumptions n Incorporates estimated administrative costs associated with Chapter 11 process n Vendor assumptions include no impairment of trade, First Day Order relief of ~$900 million and no DIP contraction in trade terms Assumptions n L/C (including bi-lats) and surety requirements : n All L/Cs for new projects assumed to be placed on the DIP as well as all renewals of secured L/Cs n Assumes continued renewals of expiring bilateral L/Cs n Assumes continued renewals of expiring surety bonds n Business plan assumes 100% of Tech is sold and no benefit from a commercial arrangement with the Pull Through buyer Assumptions n All orders related to pull through have been removed from the business plan 24 Private and Confidential

Confidential MB’20 Business Plan Development Process MB’20 provides more granular details than the Financing Case and has been updated through a rigorous process to reflect MDR’s current perspective on bookings, backlog and the overall market outlook n The MB’20 utilized a bottoms-up analysis created on a project-by-project basis, reflecting backlog roll-off and forecasted new orders „ Forecast orders for Onshore EPC and Offshore / Subsea were done on a binary basis (assumed either won or lost) with no partial win assumptions „ Forecast orders for Tanks were done on a binary basis for large orders and a probability weighted basis for mid-to-small orders n Process started in October with initial selection of forecast orders by the areas, followed by multiple rounds of review and resubmission with Executive management, with the final budget reviewed by the Board in December n The MB’20 includes visibility into MDR’s business segments (in addition to geographic areas) and includes revenue, project gross profit and cash flows Business Plan Comparison: MB’20 vs. Financing Case Description Financing Case Updated Business Plan (MB’20) Process Mid-year update More robust and detailed annual budget process Date of Forecast Prepared in July / August 2019 Latest View (Nov / Dec 2019) Monthly (2020) Forecast Detail Quarterly (2020) Quarterly (2021) (Revenue, PGP and CFOA) Annual (2021-2024) Annual (2022-2024) Cash Flow Detail Summary cash flow information Cash flow detail Presentation Areas Areas and business segments 25 Private and ConfidentialConfidential MB’20 Business Plan Development Process MB’20 provides more granular details than the Financing Case and has been updated through a rigorous process to reflect MDR’s current perspective on bookings, backlog and the overall market outlook n The MB’20 utilized a bottoms-up analysis created on a project-by-project basis, reflecting backlog roll-off and forecasted new orders „ Forecast orders for Onshore EPC and Offshore / Subsea were done on a binary basis (assumed either won or lost) with no partial win assumptions „ Forecast orders for Tanks were done on a binary basis for large orders and a probability weighted basis for mid-to-small orders n Process started in October with initial selection of forecast orders by the areas, followed by multiple rounds of review and resubmission with Executive management, with the final budget reviewed by the Board in December n The MB’20 includes visibility into MDR’s business segments (in addition to geographic areas) and includes revenue, project gross profit and cash flows Business Plan Comparison: MB’20 vs. Financing Case Description Financing Case Updated Business Plan (MB’20) Process Mid-year update More robust and detailed annual budget process Date of Forecast Prepared in July / August 2019 Latest View (Nov / Dec 2019) Monthly (2020) Forecast Detail Quarterly (2020) Quarterly (2021) (Revenue, PGP and CFOA) Annual (2021-2024) Annual (2022-2024) Cash Flow Detail Summary cash flow information Cash flow detail Presentation Areas Areas and business segments 25 Private and Confidential

Confidential Customer Perspective The case assumes that MDR is able to retain backlog and achieve some limited awards during the pendency of the case, with a quick recovery in orders after emergence n Given that customer awards are large and lumpy any variance in these assumptions could have a significant impact on the forecast n MDR’s customer base has expressed concern, and this has translated into some losses of projects previously awarded or work where the company was the front-runner n There has been an extensive campaign of education and transparency of our current situation; there has been engagement at both Project and Senior Executive levels with our clients n The following table illustrates current opportunities that have either been lost or are expected to be lost by end January 2020 Lost bids and projects at risk represent over $3bn of revenue opportunity 26 Private and ConfidentialConfidential Customer Perspective The case assumes that MDR is able to retain backlog and achieve some limited awards during the pendency of the case, with a quick recovery in orders after emergence n Given that customer awards are large and lumpy any variance in these assumptions could have a significant impact on the forecast n MDR’s customer base has expressed concern, and this has translated into some losses of projects previously awarded or work where the company was the front-runner n There has been an extensive campaign of education and transparency of our current situation; there has been engagement at both Project and Senior Executive levels with our clients n The following table illustrates current opportunities that have either been lost or are expected to be lost by end January 2020 Lost bids and projects at risk represent over $3bn of revenue opportunity 26 Private and Confidential

12/14/19: Updated Confidential Potential Bookings 2020 ($ in millions) n The below customers have been fully engaged throughout the current MDR situation. The situation with MDR will likely be improved once MDR has a ‘story’ to tell. This is the current status with the main Clients for the 2020 prospect forecasts: n Woodside – have come out publicly supporting MDR, and are proactively looking at mechanisms to keep MDR involved on the project; FID expected in June / July n Customer A – Whilst having asked for a partner to come in with MDR, they are still standing by MDR for 50% of the project and have delayed FID until April n Customer B – FID is not expected until June / July of 2020; they have stated MDR should continue with the FEED n Customer C – Have awarded Tech and FEED recently. MDR expected to continue with the FEED through whatever process n Customer D – A process will be an issue for them, but they have remained fully engaged and will award as soon as MDR can satisfy them of our stability MDR’s customers are being met with to put their concerns at ease. MDR is working to ensure MDR is transparent and that their understanding of the situation is accurate and up to date. Customers are in the mindset that MDR will become stronger than before after this situation has passed. 27 Private and Confidential12/14/19: Updated Confidential Potential Bookings 2020 ($ in millions) n The below customers have been fully engaged throughout the current MDR situation. The situation with MDR will likely be improved once MDR has a ‘story’ to tell. This is the current status with the main Clients for the 2020 prospect forecasts: n Woodside – have come out publicly supporting MDR, and are proactively looking at mechanisms to keep MDR involved on the project; FID expected in June / July n Customer A – Whilst having asked for a partner to come in with MDR, they are still standing by MDR for 50% of the project and have delayed FID until April n Customer B – FID is not expected until June / July of 2020; they have stated MDR should continue with the FEED n Customer C – Have awarded Tech and FEED recently. MDR expected to continue with the FEED through whatever process n Customer D – A process will be an issue for them, but they have remained fully engaged and will award as soon as MDR can satisfy them of our stability MDR’s customers are being met with to put their concerns at ease. MDR is working to ensure MDR is transparent and that their understanding of the situation is accurate and up to date. Customers are in the mindset that MDR will become stronger than before after this situation has passed. 27 Private and Confidential

Confidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and ConfidentialConfidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and Confidential

Confidential MDR Integrated Business Model: Maximizing Value 1 n Focused on a selected group of long-term, valuable customers… „ Customer focus: 5-10 customers represent 90% of backlog, highly selective bidding process n …stabilizing operations by de-risking the current portfolio and targeting future backlog in core products… 2 „ Increasing liquidity: Engaging customers and achieved $903M of improvement to date „ Stabilizing Operations: Focus projects ending, remaining portfolio is young, proactive de-risking underway, opportunity growth to harvest contingencies (targeting 2% increase in GP across project life beyond 2020) n …creating value by integrating our technology partnerships, FEED, smart modularization and 3 fabrication… „ Integration with Technology partner: Potential $255M of longer-term run rate annual operating income pull through for MDR „ Integration with MDR Operations FEED, smart modularization, fabrication and Marine assets 4 n producing predictable returns and stable free cash flow with a lean, accountable organization. „ Lean organization with clear accountability: significant cost improvement opportunity beyond 2020 28 Private and ConfidentialConfidential MDR Integrated Business Model: Maximizing Value 1 n Focused on a selected group of long-term, valuable customers… „ Customer focus: 5-10 customers represent 90% of backlog, highly selective bidding process n …stabilizing operations by de-risking the current portfolio and targeting future backlog in core products… 2 „ Increasing liquidity: Engaging customers and achieved $903M of improvement to date „ Stabilizing Operations: Focus projects ending, remaining portfolio is young, proactive de-risking underway, opportunity growth to harvest contingencies (targeting 2% increase in GP across project life beyond 2020) n …creating value by integrating our technology partnerships, FEED, smart modularization and 3 fabrication… „ Integration with Technology partner: Potential $255M of longer-term run rate annual operating income pull through for MDR „ Integration with MDR Operations FEED, smart modularization, fabrication and Marine assets 4 n producing predictable returns and stable free cash flow with a lean, accountable organization. „ Lean organization with clear accountability: significant cost improvement opportunity beyond 2020 28 Private and Confidential

Confidential 1 Top 7 Customers Are 82% of Current Backlog % of backlog 82% 10% 8% 120 revenue 100% 100 1% 1% 1% 1% 2% 2% 2% 4% 80 4% 4% 6% 17% 60 20% 40 28% Customer concentration expected to further increase in future 20 0 Others Total % of 10% 11% 79% customers Source 1. Based on backlog revenue as of September 2019 Note: Total may not sum due to rounding. Includes backlog revenue for offshore, LNG, downstream, and tanks product lines only, but not technology. Projects without customer information corresponding to 7% of future revenue is not included. Numbers are based on MDR share of CV 29 Private and ConfidentialConfidential 1 Top 7 Customers Are 82% of Current Backlog % of backlog 82% 10% 8% 120 revenue 100% 100 1% 1% 1% 1% 2% 2% 2% 4% 80 4% 4% 6% 17% 60 20% 40 28% Customer concentration expected to further increase in future 20 0 Others Total % of 10% 11% 79% customers Source 1. Based on backlog revenue as of September 2019 Note: Total may not sum due to rounding. Includes backlog revenue for offshore, LNG, downstream, and tanks product lines only, but not technology. Projects without customer information corresponding to 7% of future revenue is not included. Numbers are based on MDR share of CV 29 Private and Confidential

Confidential 2 Focus Projects Are Nearing Completion On or Ahead of Schedule Ahead of schedule Driven by operational performance LNG Specialized Train 1 Train 2 Train 3 Mechanical comp. 11 80% 2-3X 15% Ready for start-up 13 Cameron Reduction in Higher loop test Higher electrical & 1 punch items completion rate instrumentation completion Initial production 16 Substantial completion Initial production Freeport 50% 3X 50% Substantial completion Reduction in Increase in loop checks Increase in fireproofing Train 2 vs. Train Train 3 vs. Train 1 installation Train 3 vs. Train 1 equipment trips 1 Power MCPS LCPS SCPS Back feed 90 61 7 Improving based on Experienced Forecasting Mech. Complete Entergy previous build Entergy crews hired accuracy improved experience to complete project Substantial completion 164 46 8 # Completed On track Days ahead of plan th 1. Update since December 18 presentation: achieved 20 days ahead of schedule on December 21, 2019 30 Private and ConfidentialConfidential 2 Focus Projects Are Nearing Completion On or Ahead of Schedule Ahead of schedule Driven by operational performance LNG Specialized Train 1 Train 2 Train 3 Mechanical comp. 11 80% 2-3X 15% Ready for start-up 13 Cameron Reduction in Higher loop test Higher electrical & 1 punch items completion rate instrumentation completion Initial production 16 Substantial completion Initial production Freeport 50% 3X 50% Substantial completion Reduction in Increase in loop checks Increase in fireproofing Train 2 vs. Train Train 3 vs. Train 1 installation Train 3 vs. Train 1 equipment trips 1 Power MCPS LCPS SCPS Back feed 90 61 7 Improving based on Experienced Forecasting Mech. Complete Entergy previous build Entergy crews hired accuracy improved experience to complete project Substantial completion 164 46 8 # Completed On track Days ahead of plan th 1. Update since December 18 presentation: achieved 20 days ahead of schedule on December 21, 2019 30 Private and Confidential

Confidential 2 Future Portfolio is Young, >75% of Backlog is <25% Complete Portfolio is young…creating opportunity to improve performance going forward 100% 4.8% 7.5% 90% 11.4% 8.4% 80% 7.2% 8.4% 70% 60% 50% 40% 76.6% 75.7% 30% 20% 10% 0% Current Backlog Revenue Current Backlog GP <25% 25 - 50% 50 - 75% >75% 31 Private and Confidential % of completionConfidential 2 Future Portfolio is Young, >75% of Backlog is <25% Complete Portfolio is young…creating opportunity to improve performance going forward 100% 4.8% 7.5% 90% 11.4% 8.4% 80% 7.2% 8.4% 70% 60% 50% 40% 76.6% 75.7% 30% 20% 10% 0% Current Backlog Revenue Current Backlog GP <25% 25 - 50% 50 - 75% >75% 31 Private and Confidential % of completion

Confidential 2 ($ in millions) Actions to De-Risk Creating Potential for Higher Gross Profit November 2019 status +$539 $1,832 Mitigate $415 $1,294 Increase $983 ($859) Capture Current Backlog GP Risk Contingency Opportunity Current Upside Potential Source: MDR’s business plan 32 Private and ConfidentialConfidential 2 ($ in millions) Actions to De-Risk Creating Potential for Higher Gross Profit November 2019 status +$539 $1,832 Mitigate $415 $1,294 Increase $983 ($859) Capture Current Backlog GP Risk Contingency Opportunity Current Upside Potential Source: MDR’s business plan 32 Private and Confidential

Confidential 2 Portfolio Repositioning from Bid through Execution Offshore LNG Offshore Refining & Selective Tanks Specialized ME Petchem. Subsea Subject to no Fully 100% EP+C LSTK Projects without bid“ or high level Projects with no MDR Main Installation vessel Lumpsum contracts technology partner or involvement Projects with poorly with no partner of scrutiny FEED participation defined scope at involvement contract signing LSTK Stick builds unless partner/or material risk mitigation of Construction in place Limited construction Lummus exclusive Independent P&L Product line Strong relationships Bespoke risk partnership responsibility specific de- risking actions In house fabrication & Acceptable margin v FEED ; Modularisation Fit for purpose installation assets recovery balance where possible operating procedures FEED Track Io/FEED Partners – segmented Diverse portfolio record/repeatable partnerships risk 33 Private and ConfidentialConfidential 2 Portfolio Repositioning from Bid through Execution Offshore LNG Offshore Refining & Selective Tanks Specialized ME Petchem. Subsea Subject to no Fully 100% EP+C LSTK Projects without bid“ or high level Projects with no MDR Main Installation vessel Lumpsum contracts technology partner or involvement Projects with poorly with no partner of scrutiny FEED participation defined scope at involvement contract signing LSTK Stick builds unless partner/or material risk mitigation of Construction in place Limited construction Lummus exclusive Independent P&L Product line Strong relationships Bespoke risk partnership responsibility specific de- risking actions In house fabrication & Acceptable margin v FEED ; Modularisation Fit for purpose installation assets recovery balance where possible operating procedures FEED Track Io/FEED Partners – segmented Diverse portfolio record/repeatable partnerships risk 33 Private and Confidential

Confidential 3 Customers Want Technology/FEED Integrated with EPC % customers rated criteria important or very important Most important customer needs determined by '19 customer survey conducted by 1 90% Superior process technology 2 85% Competitive pricing 3 75% Reliable, capable technical support Collaboration with customers on unique 60% 4 requirements 55% 5 Integrated Technology/FEED with EPC Source: BCG Process Technology Decision-Maker Survey (May 2019) Note: n=80 respondents; Q: Think back to the last time when you evaluated or worked with a process technology supplier. How important were the following attributes for evaluating the process technology supplier? 34 Private and ConfidentialConfidential 3 Customers Want Technology/FEED Integrated with EPC % customers rated criteria important or very important Most important customer needs determined by '19 customer survey conducted by 1 90% Superior process technology 2 85% Competitive pricing 3 75% Reliable, capable technical support Collaboration with customers on unique 60% 4 requirements 55% 5 Integrated Technology/FEED with EPC Source: BCG Process Technology Decision-Maker Survey (May 2019) Note: n=80 respondents; Q: Think back to the last time when you evaluated or worked with a process technology supplier. How important were the following attributes for evaluating the process technology supplier? 34 Private and Confidential

Confidential 3 Critical Steps to Integrated Delivery Model Win IT Do IT Run IT A B C D E F Exclusive FEED Smart Fabrication Marine technology & io strategy Modularization Yards fit for purpose Technical and digital services partnership 1 4 7 Shape projects – set technology Design modules to minimize cost - specs and complete feasibility study pre-commissioning 2 Design FEED with Smart Modularization and fabrication built into execution plan, cost estimation and schedule Offer optimization service (e.g., digital twin, Ops practices) 3 Define advanced work packages (AWPs) for fabrication and materials, including predictable site installation 5 Plan for Marine Capacity to align with project schedules 6 Ensure Continuity of EPC project team and vendors across project life $2B Potential 16 FEED Pull Through Projects in 2018 35 Private and ConfidentialConfidential 3 Critical Steps to Integrated Delivery Model Win IT Do IT Run IT A B C D E F Exclusive FEED Smart Fabrication Marine technology & io strategy Modularization Yards fit for purpose Technical and digital services partnership 1 4 7 Shape projects – set technology Design modules to minimize cost - specs and complete feasibility study pre-commissioning 2 Design FEED with Smart Modularization and fabrication built into execution plan, cost estimation and schedule Offer optimization service (e.g., digital twin, Ops practices) 3 Define advanced work packages (AWPs) for fabrication and materials, including predictable site installation 5 Plan for Marine Capacity to align with project schedules 6 Ensure Continuity of EPC project team and vendors across project life $2B Potential 16 FEED Pull Through Projects in 2018 35 Private and Confidential

Confidential 3 MDR Differentiated from Competitors through Integrated Business Model Especially strong in Highly mature in Best in class downstream technologies field technology Very limited presence technology: with a strong partnership in Strong presence in offshore and No presence Hydrogen, polymers presence in all areas: downstream and Technology only in LNG field downstream (e.g., polystyrene, offshore, LNG coupled with PET, PTT), and downstream, and offshore/subsea ethylene LNG capability Best in class FEED Good level of FEED capabilities in all Highly capable in Notable presence Notable presence capabilities areas: offshore, providing FEED in all and experience in all High capability in FEED & io and experience in all concentrated on downstream and areas: offshore, areas except offshore providing FEED Strategy areas except LNG onshore and LNG. Known downstream and oil & gas downstream primarily with FEED LNG capabilities Limited smart Strong track record of Relatively limited modularization Has notable track smart modularization Using extensive smart modularization Very limited Smart experience, highly record in LNG field in especially in offshore experience capabilities and track record Modularization focused on offshore but not in other areas offshore, downstream for onshore projects experience field and LNG Has 4 fabrication Has a fabrication Has no fabrication yards all around the yard in China. Previously they had a yard but it has a world. Strong Relatively low fabrication yard but Limited notable experience in capabilities in all Fabrication capability but high No presence they have closed. presence leveraging other areas: offshore, Yards potential for future Good track record in players' fabrication onshore, due to their current LNG yards downstream, and LNG project LNG Has notable Operates a fleet of Marine Fit No presence No presence No presence presence in marine No presence construction and for Purpose field multi-service vessels. 0 1 2 3 4 N/A Nascent Advanced Source: MDR Management 36 Private and ConfidentialConfidential 3 MDR Differentiated from Competitors through Integrated Business Model Especially strong in Highly mature in Best in class downstream technologies field technology Very limited presence technology: with a strong partnership in Strong presence in offshore and No presence Hydrogen, polymers presence in all areas: downstream and Technology only in LNG field downstream (e.g., polystyrene, offshore, LNG coupled with PET, PTT), and downstream, and offshore/subsea ethylene LNG capability Best in class FEED Good level of FEED capabilities in all Highly capable in Notable presence Notable presence capabilities areas: offshore, providing FEED in all and experience in all High capability in FEED & io and experience in all concentrated on downstream and areas: offshore, areas except offshore providing FEED Strategy areas except LNG onshore and LNG. Known downstream and oil & gas downstream primarily with FEED LNG capabilities Limited smart Strong track record of Relatively limited modularization Has notable track smart modularization Using extensive smart modularization Very limited Smart experience, highly record in LNG field in especially in offshore experience capabilities and track record Modularization focused on offshore but not in other areas offshore, downstream for onshore projects experience field and LNG Has 4 fabrication Has a fabrication Has no fabrication yards all around the yard in China. Previously they had a yard but it has a world. Strong Relatively low fabrication yard but Limited notable experience in capabilities in all Fabrication capability but high No presence they have closed. presence leveraging other areas: offshore, Yards potential for future Good track record in players' fabrication onshore, due to their current LNG yards downstream, and LNG project LNG Has notable Operates a fleet of Marine Fit No presence No presence No presence presence in marine No presence construction and for Purpose field multi-service vessels. 0 1 2 3 4 N/A Nascent Advanced Source: MDR Management 36 Private and Confidential

Confidential 3 Higher Fab Yard Utilization in 2020 Reducing Unallocated Overheads Large scale Local content Asian, Onshore Local content Altamira QMW Jebel Ali Dammam $58M improved Utilization Baystar in 2020 Batam Large scale Asian, Offshore Source: MDR, BCG analysis 37 Private and ConfidentialConfidential 3 Higher Fab Yard Utilization in 2020 Reducing Unallocated Overheads Large scale Local content Asian, Onshore Local content Altamira QMW Jebel Ali Dammam $58M improved Utilization Baystar in 2020 Batam Large scale Asian, Offshore Source: MDR, BCG analysis 37 Private and Confidential

Confidential 3 ($ in millions) 2020 PED Operations Cost Improvement of ~$55M Compared to 2019 $180 $160 $152.5 $140 $120 $97.9 $100 $19.7 ($57.6) $13.7 $80 Increased utilization of Lower project $9.1 ($25.2) existing yards allocations $60 passed on to High overhead in $6.7 projects Increased Marine driven by Lower overhead low utilization of activity / ($21.0) costs passed on $40 Amazon recovery Cost improvement to projects as from Jebel Ali and revision to PED standard rates $20 $0 2019 Total Fabrication PED Support Cost improvement Construction Engineering + Marine Corp PED 2020 Planned unallocated DOE Allocation unallocated DOE Concerted cost reduction effort being driven by PED / Operations 38 Private and ConfidentialConfidential 3 ($ in millions) 2020 PED Operations Cost Improvement of ~$55M Compared to 2019 $180 $160 $152.5 $140 $120 $97.9 $100 $19.7 ($57.6) $13.7 $80 Increased utilization of Lower project $9.1 ($25.2) existing yards allocations $60 passed on to High overhead in $6.7 projects Increased Marine driven by Lower overhead low utilization of activity / ($21.0) costs passed on $40 Amazon recovery Cost improvement to projects as from Jebel Ali and revision to PED standard rates $20 $0 2019 Total Fabrication PED Support Cost improvement Construction Engineering + Marine Corp PED 2020 Planned unallocated DOE Allocation unallocated DOE Concerted cost reduction effort being driven by PED / Operations 38 Private and Confidential

Confidential 4 Significant Cost Savings Opportunities Beyond 2020 Further opportunities exist across the organization • Top quartile functional costs • Utilization increase(engineering, fab, marine) • Flat, lean organization structure • Automation and digital process improvement PED Overhead Costs Indirect Costs 2020 expense ($M) $95.0 $1,136.1 $292.0 $749.1 $101.3 $16.1 $173.6 ($4.3) $193.2 $269.2 Marine Engineering Fabrication PMC + SCM Construction Other costs PED Total SG&A Bid support Total cost (net of DOE enevelope allocations) 1. IT and other functional costs included in PED costs Note : All figures include corporate PED costs Source : PED Master Budget Round 3 39 Private and ConfidentialConfidential 4 Significant Cost Savings Opportunities Beyond 2020 Further opportunities exist across the organization • Top quartile functional costs • Utilization increase(engineering, fab, marine) • Flat, lean organization structure • Automation and digital process improvement PED Overhead Costs Indirect Costs 2020 expense ($M) $95.0 $1,136.1 $292.0 $749.1 $101.3 $16.1 $173.6 ($4.3) $193.2 $269.2 Marine Engineering Fabrication PMC + SCM Construction Other costs PED Total SG&A Bid support Total cost (net of DOE enevelope allocations) 1. IT and other functional costs included in PED costs Note : All figures include corporate PED costs Source : PED Master Budget Round 3 39 Private and Confidential

Confidential 4 Summary: Integrated Business Model will Maximize MDR Value 1 Focused on a selected group of long-term, valuable customers… 2 …stabilizing operations by de-risking the current portfolio and targeting future backlog in core product lines… 1 Offshore Offshore LNG Refining & Tanks ME Selective Specialized Petrochemicals. …creating value by integrating our technology partnerships, FEED, smart modularization and fabrication 3 capabilities… Win IT Do IT Run IT Tech partnership FEED & io Smart Fabrication Marine fit for Technical and pull through Modularization Yards strategy purpose digital services Restructured Lean, Accountable Operating Model 4 producing predictable returns and stable free cash flow from a lean, accountable organization. 40 Private and ConfidentialConfidential 4 Summary: Integrated Business Model will Maximize MDR Value 1 Focused on a selected group of long-term, valuable customers… 2 …stabilizing operations by de-risking the current portfolio and targeting future backlog in core product lines… 1 Offshore Offshore LNG Refining & Tanks ME Selective Specialized Petrochemicals. …creating value by integrating our technology partnerships, FEED, smart modularization and fabrication 3 capabilities… Win IT Do IT Run IT Tech partnership FEED & io Smart Fabrication Marine fit for Technical and pull through Modularization Yards strategy purpose digital services Restructured Lean, Accountable Operating Model 4 producing predictable returns and stable free cash flow from a lean, accountable organization. 40 Private and Confidential

Confidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and ConfidentialConfidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and Confidential

Confidential Revenue and Backlog Cycle ($ in millions) MDR is ending the fourth quarter with near record backlog of nearly $20 billion, representing more than 90% of 2020 revenue and over 60% of 2021 revenue n The Company also has a robust pipeline of opportunities across its product offering, with over $60 billion in work expected to be bid for 2020 n While MDR has a very strong backlog and order pipeline, these opportunities are at risk given the prospect of a Chapter 11 filing and uncertainty around the future of MDR „ A strong message to customer regarding the limited financial nature of the Chapter 11 is critical, messaging that it is limited to a balance sheet restructuring and a means to effectuate the Tech sale „ Customers need assurances that MDR will quickly emerge with sufficient liquidity and will continue to execute on its existing backlog n MDR’s intends to narrow its future bidding focus significantly vs. the Financing Case „ The sale of Tech, coupled with the wind-down in Power and the more selective LNG focus has reduced the bidding pipeline and expected future new orders „ MDR’s primary bidding focus is on Offshore, Petrochem, Tanks, and risk-mitigated LNG 41 Private and ConfidentialConfidential Revenue and Backlog Cycle ($ in millions) MDR is ending the fourth quarter with near record backlog of nearly $20 billion, representing more than 90% of 2020 revenue and over 60% of 2021 revenue n The Company also has a robust pipeline of opportunities across its product offering, with over $60 billion in work expected to be bid for 2020 n While MDR has a very strong backlog and order pipeline, these opportunities are at risk given the prospect of a Chapter 11 filing and uncertainty around the future of MDR „ A strong message to customer regarding the limited financial nature of the Chapter 11 is critical, messaging that it is limited to a balance sheet restructuring and a means to effectuate the Tech sale „ Customers need assurances that MDR will quickly emerge with sufficient liquidity and will continue to execute on its existing backlog n MDR’s intends to narrow its future bidding focus significantly vs. the Financing Case „ The sale of Tech, coupled with the wind-down in Power and the more selective LNG focus has reduced the bidding pipeline and expected future new orders „ MDR’s primary bidding focus is on Offshore, Petrochem, Tanks, and risk-mitigated LNG 41 Private and Confidential

Confidential Backlog Roll-off ($ in millions) While 90% of 2020 revenue is secured in backlog, clarity on MDR’s path forward and project execution assurances are critical to maintain this backlog as well as secure new orders to fill in future revenue not in backlog n Over 90% and 60% of 2020 and 2021 revenue, respectively, secured in backlog „ In comparison, MDR had only secured ~65% and 25% of 2019 and 2020 revenue, respectively, at the end of 2018 Backlog Roll-off and Forecasted New Orders (2020 – 2024) $13,962 $13,683 $12,943 $10,369 $9,736 $838 $10,612 (9%) $3,909 (76%) (38%) $11,432 $12,870 (94%) (88%) $8,898 (91%) $6,460 (62%) $3,349 (24%) $1,511 $812 (12%) (6%) 2020 2021 2022 2023 2024 Backlog New Orders Source: MDR’s business plan 42 Private and ConfidentialConfidential Backlog Roll-off ($ in millions) While 90% of 2020 revenue is secured in backlog, clarity on MDR’s path forward and project execution assurances are critical to maintain this backlog as well as secure new orders to fill in future revenue not in backlog n Over 90% and 60% of 2020 and 2021 revenue, respectively, secured in backlog „ In comparison, MDR had only secured ~65% and 25% of 2019 and 2020 revenue, respectively, at the end of 2018 Backlog Roll-off and Forecasted New Orders (2020 – 2024) $13,962 $13,683 $12,943 $10,369 $9,736 $838 $10,612 (9%) $3,909 (76%) (38%) $11,432 $12,870 (94%) (88%) $8,898 (91%) $6,460 (62%) $3,349 (24%) $1,511 $812 (12%) (6%) 2020 2021 2022 2023 2024 Backlog New Orders Source: MDR’s business plan 42 Private and Confidential

Confidential Total Backlog as of Q3 2019 ($ in millions) Total backlog as of September 30, 2019 exceeded $20 billion n Diversification among product line and geographies n More than 40% of existing backlog not expected to run off until after 2020 Total Backlog as of Q3 2019 By Area Total Backlog By Segments $20,085 $592 $592 3% $4,180 3% 2022+ (21%) $1,190 $1,632 6% 8% $4,796 $2,389 TY’21 $6,563 (24%) 12% $7,615 33% 38% $20.1 $20.1 Billion $6,464 Billion 32% $8,588 TY’20 (43%) $9,022 $329 $3,782 45% 1% 19% $2,521 Q4 2019 (13%) LNG Power Offshore Total Backlog Downstream Tech Tanks NCSA EARC MENA APAC Tech Source: Information as of Q3 2019 43 Private and ConfidentialConfidential Total Backlog as of Q3 2019 ($ in millions) Total backlog as of September 30, 2019 exceeded $20 billion n Diversification among product line and geographies n More than 40% of existing backlog not expected to run off until after 2020 Total Backlog as of Q3 2019 By Area Total Backlog By Segments $20,085 $592 $592 3% $4,180 3% 2022+ (21%) $1,190 $1,632 6% 8% $4,796 $2,389 TY’21 $6,563 (24%) 12% $7,615 33% 38% $20.1 $20.1 Billion $6,464 Billion 32% $8,588 TY’20 (43%) $9,022 $329 $3,782 45% 1% 19% $2,521 Q4 2019 (13%) LNG Power Offshore Total Backlog Downstream Tech Tanks NCSA EARC MENA APAC Tech Source: Information as of Q3 2019 43 Private and Confidential

Confidential New Order Awards ($ in millions) Quarterly New Orders – Actuals and Forecast n New orders awarded in Q1 and Q2 2020 would be impacted during the duration of Chapter 11 proceeding (through April 2020), Orders are expected to recover post-emergence during the second half of 2020 n The ability of MDR to secure awards and retain backlog during the case is dependent upon having a strong message that the Company has a path forward, including that the case is limited to a quick financial restructuring and that the Company is continuing to support its existing backlog New Order Awards $7,306 $6,670 $4,217 $3,509 $2,803 $1,659 $1,016 $958 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Chapter 11 period 44 Private and ConfidentialConfidential New Order Awards ($ in millions) Quarterly New Orders – Actuals and Forecast n New orders awarded in Q1 and Q2 2020 would be impacted during the duration of Chapter 11 proceeding (through April 2020), Orders are expected to recover post-emergence during the second half of 2020 n The ability of MDR to secure awards and retain backlog during the case is dependent upon having a strong message that the Company has a path forward, including that the case is limited to a quick financial restructuring and that the Company is continuing to support its existing backlog New Order Awards $7,306 $6,670 $4,217 $3,509 $2,803 $1,659 $1,016 $958 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Chapter 11 period 44 Private and Confidential

Confidential ($ in millions) Updated View of Financial Impact from Technology Pull-Through Management estimates that ~$255 million in run-rate operating income will be lost due to the sale of the Technology segment Overview of EPC Pull-Through from Technology n Management utilized a bottoms-up Analysis assumes little to no impact to 2020E awards approach to update its view on the New Orders Foregone (by Project) impact that Technology pull-through has on the business Project Region 2021E 2022E 2023E 2024E Project A NCSA $200 $440 $220 $430 n 17 potential future projects were excluded from the MB’20 assuming Project B APAC 400 -- -- -- a full separation of the Technology Project C APAC -- 600 -- -- segment in 2020 Project D APAC -- -- 500 -- Project E (Various) APAC -- -- -- 489 „ 7 in EARC, 4 in NCSA, 4 in Project F (Various) MENA -- -- 1,200 1,500 APAC and 2 in MENA Project G (Various) EARC -- 1,100 300 1,200 „ Financing Case identified 22 Management Adjustment APAC (240) (360) (300) -- future projects Total Orders Foregone $360 $1,780 $1,920 $3,619 n Management estimates that MDR will forgo ~$255 million in run-rate Financial Impact from Loss of Technology Pull-Through operating income assuming a full 2021E 2022E 2023E 2024E loss of all Technology pull-through Revenue Foregone $28 $204 $1,089 $2,043 „ Depending on the eventual Project Gross Profit Forgone $3 $20 $111 $217 buyer, a material portion of this % Margin 10% 10% 10% 11% estimate may still be realizable by pro forma MDR Unallocated Direct Operating Expenses 11 16 26 37 Operating Income Foregone $14 $36 $137 $255 % Margin 49% 17% 13% 12% Cash Flow from Operating Activities Forgone $21 $113 $149 $236 45 Private and ConfidentialConfidential ($ in millions) Updated View of Financial Impact from Technology Pull-Through Management estimates that ~$255 million in run-rate operating income will be lost due to the sale of the Technology segment Overview of EPC Pull-Through from Technology n Management utilized a bottoms-up Analysis assumes little to no impact to 2020E awards approach to update its view on the New Orders Foregone (by Project) impact that Technology pull-through has on the business Project Region 2021E 2022E 2023E 2024E Project A NCSA $200 $440 $220 $430 n 17 potential future projects were excluded from the MB’20 assuming Project B APAC 400 -- -- -- a full separation of the Technology Project C APAC -- 600 -- -- segment in 2020 Project D APAC -- -- 500 -- Project E (Various) APAC -- -- -- 489 „ 7 in EARC, 4 in NCSA, 4 in Project F (Various) MENA -- -- 1,200 1,500 APAC and 2 in MENA Project G (Various) EARC -- 1,100 300 1,200 „ Financing Case identified 22 Management Adjustment APAC (240) (360) (300) -- future projects Total Orders Foregone $360 $1,780 $1,920 $3,619 n Management estimates that MDR will forgo ~$255 million in run-rate Financial Impact from Loss of Technology Pull-Through operating income assuming a full 2021E 2022E 2023E 2024E loss of all Technology pull-through Revenue Foregone $28 $204 $1,089 $2,043 „ Depending on the eventual Project Gross Profit Forgone $3 $20 $111 $217 buyer, a material portion of this % Margin 10% 10% 10% 11% estimate may still be realizable by pro forma MDR Unallocated Direct Operating Expenses 11 16 26 37 Operating Income Foregone $14 $36 $137 $255 % Margin 49% 17% 13% 12% Cash Flow from Operating Activities Forgone $21 $113 $149 $236 45 Private and Confidential

Confidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and ConfidentialConfidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and Confidential

Confidential ($ in millions) Overview of Business Segments FY 2020E MB’20 Financials Offshore / Subsea Onshore EPC Tanks (largely legacy MDR) (largely legacy CB&I) Y/Y Growth Y/Y Growth Y/Y Growth 45% 17% (24%) (16%) (6%) 23% 11% 12% (9%) 52% 2% 16% $9,083 $7,813 $7,655 $5,321 Segment $4,545 $5,544 $5,022 $4,035 $3,130 Revenue $3,378 $986 $1,096 $1,222 $803 $857 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Margin Margin Margin 8% 9% 11% 10% 10% 9% 9% 8% 10% 13% 11% 16% 15% 16% 17% $944 Project $838 $795 $441 $415 $405 $390 Gross $468 $267 $459 Profit $206 $170 $146 $132 $94 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Margin Margin Margin 5% 7% 9% 9% 9% 5% 6% 6% 8% 11% 2% 7% 7% 8% 10% $829 $725 $699 Adj. $373 $322 EBITDA $298 $272 $337 $275 $172 $124 $88 $64 $58 $17 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 46 Private and ConfidentialConfidential ($ in millions) Overview of Business Segments FY 2020E MB’20 Financials Offshore / Subsea Onshore EPC Tanks (largely legacy MDR) (largely legacy CB&I) Y/Y Growth Y/Y Growth Y/Y Growth 45% 17% (24%) (16%) (6%) 23% 11% 12% (9%) 52% 2% 16% $9,083 $7,813 $7,655 $5,321 Segment $4,545 $5,544 $5,022 $4,035 $3,130 Revenue $3,378 $986 $1,096 $1,222 $803 $857 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Margin Margin Margin 8% 9% 11% 10% 10% 9% 9% 8% 10% 13% 11% 16% 15% 16% 17% $944 Project $838 $795 $441 $415 $405 $390 Gross $468 $267 $459 Profit $206 $170 $146 $132 $94 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Margin Margin Margin 5% 7% 9% 9% 9% 5% 6% 6% 8% 11% 2% 7% 7% 8% 10% $829 $725 $699 Adj. $373 $322 EBITDA $298 $272 $337 $275 $172 $124 $88 $64 $58 $17 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 46 Private and Confidential

Confidential ($ in millions) Overview of Business Segments (cont’d) FY 2020E MB’20 Financials Offshore / Subsea Onshore EPC Tanks (largely legacy MDR) (largely legacy CB&I) $624 $818 $278 $260 $746 $540 $130 $123 $141 $67 $96 $562 $128 $115 Cash Flow $175 $112 $81 $115 $409 from $359 ($400) ($72) ($14) 1 Operations $628 $547 ($26) ($504) $385 $188 2020 2021 2022 2023 2024 $170 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Pre-Corporate Allocation $13,719 $12,542 $12,688 $10,658 $9,951 Backlog $8,722 $7,489 $7,441 $6,056 $5,025 $1,506 $1,493 $1,339 $1,450 $1,097 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1. Onshore 2021 CFOA includes $167 million drawdown of cash already prefunded into various projects and JVs 47 Private and ConfidentialConfidential ($ in millions) Overview of Business Segments (cont’d) FY 2020E MB’20 Financials Offshore / Subsea Onshore EPC Tanks (largely legacy MDR) (largely legacy CB&I) $624 $818 $278 $260 $746 $540 $130 $123 $141 $67 $96 $562 $128 $115 Cash Flow $175 $112 $81 $115 $409 from $359 ($400) ($72) ($14) 1 Operations $628 $547 ($26) ($504) $385 $188 2020 2021 2022 2023 2024 $170 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Pre-Corporate Allocation $13,719 $12,542 $12,688 $10,658 $9,951 Backlog $8,722 $7,489 $7,441 $6,056 $5,025 $1,506 $1,493 $1,339 $1,450 $1,097 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1. Onshore 2021 CFOA includes $167 million drawdown of cash already prefunded into various projects and JVs 47 Private and Confidential

Confidential Projected Net Working Capital Breakout by Segment ($ in millions) The majority of MDR’s net working capital deficit is tied to the Onshore EPC segment 1 1 MB’20 Operating Assumptions Total Net Working Capital Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 2021E ($414) Consolidated ($711) ($785) ($832) As % of LTM Revenue (21%) (17%) (12%) (12%) (10%) (6%) ($259) 2 ($1,172) NWC Days (78) (62) (45) (42) (38) (22) ($1,471) Offshore / Subsea ($274) ($673) ($289) ($286) As % of LTM Revenue (5%) (6%) (3%) (2%) (2%) (0%) NWC Days (17) (21) (11) (7) (6) (1) ($985) ($1,074) ($304) ($1,118) Onshore EPC As % of LTM Revenue (31%) (23%) (18%) (20%) (18%) (6%) ($300) ($1,476) NWC Days (112) (83) (64) (72) (64) (21) Tanks ($1,771) As % of LTM Revenue (11%) (9%) (7%) (3%) (9%) (17%) Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 '21E NWC Days (39) (34) (25) (12) (31) (64) Operating Segments Corporate 3 Operating Segment Net Working Capital – MB’20 and Balance Adjusted for Vendor Pay Down Offshore / Subsea Onshore EPC Tanks ($12) ($31) ($86) ($103) ($74) ($70) ($133) ($100) ($155) ($116) ($140) ($214) ($262) ($552) ($629) ($650) ($858) ($1,200) Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 '21E Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 '21E Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 '21E 1. Excludes Technology segment 2. Defined as Working Capital divided by LTM Revenue multiplied by 365 days 3. Excludes corporate net working capital balances 48 Private and ConfidentialConfidential Projected Net Working Capital Breakout by Segment ($ in millions) The majority of MDR’s net working capital deficit is tied to the Onshore EPC segment 1 1 MB’20 Operating Assumptions Total Net Working Capital Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 2021E ($414) Consolidated ($711) ($785) ($832) As % of LTM Revenue (21%) (17%) (12%) (12%) (10%) (6%) ($259) 2 ($1,172) NWC Days (78) (62) (45) (42) (38) (22) ($1,471) Offshore / Subsea ($274) ($673) ($289) ($286) As % of LTM Revenue (5%) (6%) (3%) (2%) (2%) (0%) NWC Days (17) (21) (11) (7) (6) (1) ($985) ($1,074) ($304) ($1,118) Onshore EPC As % of LTM Revenue (31%) (23%) (18%) (20%) (18%) (6%) ($300) ($1,476) NWC Days (112) (83) (64) (72) (64) (21) Tanks ($1,771) As % of LTM Revenue (11%) (9%) (7%) (3%) (9%) (17%) Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 '21E NWC Days (39) (34) (25) (12) (31) (64) Operating Segments Corporate 3 Operating Segment Net Working Capital – MB’20 and Balance Adjusted for Vendor Pay Down Offshore / Subsea Onshore EPC Tanks ($12) ($31) ($86) ($103) ($74) ($70) ($133) ($100) ($155) ($116) ($140) ($214) ($262) ($552) ($629) ($650) ($858) ($1,200) Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 '21E Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 '21E Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 '21E 1. Excludes Technology segment 2. Defined as Working Capital divided by LTM Revenue multiplied by 365 days 3. Excludes corporate net working capital balances 48 Private and Confidential

Confidential ($ in millions) Offshore / Subsea Segment Highlights Project Gross Profit Comparison n Orders adjusted due to repositioning MDR’s project portfolio $631 $608 n Profitability in 2020 impacted negatively by a project slippage $468 $459 and delay as well as project losses due to restructuring n Cash flow in 2020 was revised downwards to account for delayed projects, loss of projects and cash charges n Cash flow in 2021 adjusted to account for projects pushed out of 2020 and into 2021, new awards and cash receipts '20E '21E MB'20 Financing Case Financial Summary & Comparison to Financing Case Delta from Financing Case MB'20 '20E '21E '22E '23E '24E '20E '21E Orders $7,110 $7,612 $8,832 $6,782 $7,053 $294 ($939) Backlog 9,951 12,542 13,719 12,688 10,658 1,577 1,953 Revenue $5,544 $5,022 $7,655 $7,813 $9,083 ($1,018) ($1,315) % Growth (9%) 52% 2% 16% Project Gross Profit $468 $459 $838 $795 $944 ($162) ($149) % Margin 8% 9% 11% 10% 10% 1 Allocated Direct Operating Expenses (141) (106) (87) (112) (119) ($60) ($34) 1 Allocated SG&A (142) (106) (129) (122) (122) (26) 7 1 Allocated R&D / Other 4 (6) (8) (8) (8) 16 6 1 Allocated DD&A 86 97 110 146 134 12 (22) Segment EBITDA $275 $337 $725 $699 $829 ($225) ($196) % Margin 5% 7% 9% 9% 9% 2 Allocated CFOA $170 $188 $547 $385 $628 ($438) ($132) 1 Allocated Capex (142) (111) (66) (43) (28) (2) 70 FCF $27 $76 $481 $342 $600 ($440) ($62) 3 FCF Cash Conversion 10% 23% 66% 49% 72% 1. Allocated based on a pro-rata revenue contribution 2. Cash flows forecasted on a project level basis with corporate cash flow items allocated on a pro-rata revenue contribution 3. Calculated as free cash flow divided by Adj. EBITDA 49 Private and ConfidentialConfidential ($ in millions) Offshore / Subsea Segment Highlights Project Gross Profit Comparison n Orders adjusted due to repositioning MDR’s project portfolio $631 $608 n Profitability in 2020 impacted negatively by a project slippage $468 $459 and delay as well as project losses due to restructuring n Cash flow in 2020 was revised downwards to account for delayed projects, loss of projects and cash charges n Cash flow in 2021 adjusted to account for projects pushed out of 2020 and into 2021, new awards and cash receipts '20E '21E MB'20 Financing Case Financial Summary & Comparison to Financing Case Delta from Financing Case MB'20 '20E '21E '22E '23E '24E '20E '21E Orders $7,110 $7,612 $8,832 $6,782 $7,053 $294 ($939) Backlog 9,951 12,542 13,719 12,688 10,658 1,577 1,953 Revenue $5,544 $5,022 $7,655 $7,813 $9,083 ($1,018) ($1,315) % Growth (9%) 52% 2% 16% Project Gross Profit $468 $459 $838 $795 $944 ($162) ($149) % Margin 8% 9% 11% 10% 10% 1 Allocated Direct Operating Expenses (141) (106) (87) (112) (119) ($60) ($34) 1 Allocated SG&A (142) (106) (129) (122) (122) (26) 7 1 Allocated R&D / Other 4 (6) (8) (8) (8) 16 6 1 Allocated DD&A 86 97 110 146 134 12 (22) Segment EBITDA $275 $337 $725 $699 $829 ($225) ($196) % Margin 5% 7% 9% 9% 9% 2 Allocated CFOA $170 $188 $547 $385 $628 ($438) ($132) 1 Allocated Capex (142) (111) (66) (43) (28) (2) 70 FCF $27 $76 $481 $342 $600 ($440) ($62) 3 FCF Cash Conversion 10% 23% 66% 49% 72% 1. Allocated based on a pro-rata revenue contribution 2. Cash flows forecasted on a project level basis with corporate cash flow items allocated on a pro-rata revenue contribution 3. Calculated as free cash flow divided by Adj. EBITDA 49 Private and Confidential

Confidential ($ in millions) Onshore EPC Segment Highlights Project Gross Profit Comparison n Cash flow delta from Financing Case to MB’20 due to removal $445 and timing of downsides $390 n Orders adjusted due to repositioning MDR’s project portfolio $267 $172 n Profitability impacted by removal of contingency items and reduced contract values n Cash flow mainly impacted by loss of major project awards, contract value reductions, loss of cash advances and project '20E '21E delays MB'20 Financing Case Financial Summary & Comparison to Financing Case MB'20 Delta from Financing Case '20E '21E '22E '23E '24E '20E '21E Orders $3,383 $3,312 $2,856 $5,065 $4,762 ($5,041) ($4,370) Backlog 8,722 7,489 5,025 6,056 7,441 (5,596) (9,017) Revenue $3,130 $4,545 $5,321 $4,035 $3,378 ($715) ($949) % Growth 45% 17% (24%) (16%) Project Gross Profit $267 $390 $415 $405 $441 $94 ($55) % Margin 9% 9% 8% 10% 13% 1 Allocated Direct Operating Expenses (35) (69) (69) (50) (42) ($9) ($23) 1 Allocated SG&A (86) (90) (82) (60) (46) 19 15 1 Allocated R&D / Other (1) 9 5 3 2 (0) 9 1 Allocated DD&A 27 33 29 23 18 (52) (30) Segment EBITDA $172 $272 $298 $322 $373 $93 ($43) % Margin 5% 6% 6% 8% 11% 2 Allocated CFOA ($504) ($72) $115 $175 $540 ($312) ($515) 1 Allocated Capex (13) (32) (4) (4) (3) 27 (28) FCF ($517) ($104) $110 $170 $537 ($285) ($542) 3 FCF Cash Conversion (301%) (38%) 37% 53% 144% 1. Allocated based on a pro-rata revenue contribution 2. Cash flows forecasted on a project level basis with corporate cash flow items allocated on a pro-rata revenue contribution 3. Calculated as free cash flow divided by Adj. EBITDA 50 Private and ConfidentialConfidential ($ in millions) Onshore EPC Segment Highlights Project Gross Profit Comparison n Cash flow delta from Financing Case to MB’20 due to removal $445 and timing of downsides $390 n Orders adjusted due to repositioning MDR’s project portfolio $267 $172 n Profitability impacted by removal of contingency items and reduced contract values n Cash flow mainly impacted by loss of major project awards, contract value reductions, loss of cash advances and project '20E '21E delays MB'20 Financing Case Financial Summary & Comparison to Financing Case MB'20 Delta from Financing Case '20E '21E '22E '23E '24E '20E '21E Orders $3,383 $3,312 $2,856 $5,065 $4,762 ($5,041) ($4,370) Backlog 8,722 7,489 5,025 6,056 7,441 (5,596) (9,017) Revenue $3,130 $4,545 $5,321 $4,035 $3,378 ($715) ($949) % Growth 45% 17% (24%) (16%) Project Gross Profit $267 $390 $415 $405 $441 $94 ($55) % Margin 9% 9% 8% 10% 13% 1 Allocated Direct Operating Expenses (35) (69) (69) (50) (42) ($9) ($23) 1 Allocated SG&A (86) (90) (82) (60) (46) 19 15 1 Allocated R&D / Other (1) 9 5 3 2 (0) 9 1 Allocated DD&A 27 33 29 23 18 (52) (30) Segment EBITDA $172 $272 $298 $322 $373 $93 ($43) % Margin 5% 6% 6% 8% 11% 2 Allocated CFOA ($504) ($72) $115 $175 $540 ($312) ($515) 1 Allocated Capex (13) (32) (4) (4) (3) 27 (28) FCF ($517) ($104) $110 $170 $537 ($285) ($542) 3 FCF Cash Conversion (301%) (38%) 37% 53% 144% 1. Allocated based on a pro-rata revenue contribution 2. Cash flows forecasted on a project level basis with corporate cash flow items allocated on a pro-rata revenue contribution 3. Calculated as free cash flow divided by Adj. EBITDA 50 Private and Confidential

Confidential ($ in millions) Tanks Segment Highlights Project Gross Profit Comparison n Orders adjusted downwards to account for lost awards due to $220 $213 $206 the ongoing restructuring $197 $170 $163 $153 $146 n Cash flow and profitability negatively impacted by awards lost $132 during 2020 and 2021 $94 '20E '21E '22E '23E '24E MB'20 Financing Case Financial Summary & Comparison to Financing Case MB'20 Delta from Financing Case Financing Case '20E '21E '22E '23E '24E '20E '21E '22E '23E '24E Orders $699 $1,045 $1,097 $1,152 $1,209 ($567) ($548) ($639) ($629) ($608) Backlog 1,097 1,339 1,450 1,506 1,493 (342) (366) (398) (387) (437) Revenue $857 $803 $986 $1,096 $1,222 ($407) ($524) ($606) ($640) ($558) % Growth (6%) 23% 11% 12% Project Gross Profit $94 $132 $146 $170 $206 ($58) ($31) ($51) ($43) ($14) % Margin 11% 16% 15% 16% 17% 1 Allocated Direct Operating Expenses (23) (24) (29) (29) (28) ($19) ($21) ($25) ($26) ($24) 1 Allocated SG&A (53) (48) (51) (52) (52) (26) (20) (22) (21) (20) 1 Allocated R&D / Other (3) (3) (3) (3) (3) 1 Allocated DD&A 2 2 2 2 2 (12) (16) (18) (21) (22) Segment EBITDA $17 $58 $64 $88 $124 ($124) ($95) ($124) ($118) ($88) % Margin 2% 7% 7% 8% 10% 1 Allocated CFOA ($26) $112 $115 $81 $128 ($130) ($9) 2 Allocated Capex (11) (11) (10) (11) (11) 2 6 FCF ($37) $101 $105 $71 $117 ($127) ($3) 3 FCF Cash Conversion (220%) 174% 163% 80% 94% 1. Allocated based on a pro-rata revenue contribution 2. Cash flows forecasted on a project level basis with corporate cash flow items allocated on a pro-rata revenue contribution 3. Calculated as free cash flow divided by Adj. EBITDA 51 Private and ConfidentialConfidential ($ in millions) Tanks Segment Highlights Project Gross Profit Comparison n Orders adjusted downwards to account for lost awards due to $220 $213 $206 the ongoing restructuring $197 $170 $163 $153 $146 n Cash flow and profitability negatively impacted by awards lost $132 during 2020 and 2021 $94 '20E '21E '22E '23E '24E MB'20 Financing Case Financial Summary & Comparison to Financing Case MB'20 Delta from Financing Case Financing Case '20E '21E '22E '23E '24E '20E '21E '22E '23E '24E Orders $699 $1,045 $1,097 $1,152 $1,209 ($567) ($548) ($639) ($629) ($608) Backlog 1,097 1,339 1,450 1,506 1,493 (342) (366) (398) (387) (437) Revenue $857 $803 $986 $1,096 $1,222 ($407) ($524) ($606) ($640) ($558) % Growth (6%) 23% 11% 12% Project Gross Profit $94 $132 $146 $170 $206 ($58) ($31) ($51) ($43) ($14) % Margin 11% 16% 15% 16% 17% 1 Allocated Direct Operating Expenses (23) (24) (29) (29) (28) ($19) ($21) ($25) ($26) ($24) 1 Allocated SG&A (53) (48) (51) (52) (52) (26) (20) (22) (21) (20) 1 Allocated R&D / Other (3) (3) (3) (3) (3) 1 Allocated DD&A 2 2 2 2 2 (12) (16) (18) (21) (22) Segment EBITDA $17 $58 $64 $88 $124 ($124) ($95) ($124) ($118) ($88) % Margin 2% 7% 7% 8% 10% 1 Allocated CFOA ($26) $112 $115 $81 $128 ($130) ($9) 2 Allocated Capex (11) (11) (10) (11) (11) 2 6 FCF ($37) $101 $105 $71 $117 ($127) ($3) 3 FCF Cash Conversion (220%) 174% 163% 80% 94% 1. Allocated based on a pro-rata revenue contribution 2. Cash flows forecasted on a project level basis with corporate cash flow items allocated on a pro-rata revenue contribution 3. Calculated as free cash flow divided by Adj. EBITDA 51 Private and Confidential

Confidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and ConfidentialConfidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and Confidential

Confidential DIP Sizing ($ in millions) th n The DIP need was sized based on a 3.5 month case, assuming a January 15 filing and an April 30, 2020 emergence in the Expected Case „ The Alternative Case assumes a 5.5 month case, extending 2 months longer with June 30, 2020 emergence „ Neither the Expected Case or Alternative Case are meant to illustrate the time required to close a Tech sale, which will be dependent upon the buyer and regulatory approval requirements n The DIP forecast utilizes the base business plan projections adjusted to include the Chapter 11 impact, including: additional administrative costs, the impact on trade payables, and the impact on letters of credit, bilateral L/Cs and surety bonds „ The analysis assumes $450 million of minimum available cash „ Interest expense on both existing facilities and DIP financing is not included in the business plan or DIP forecast Illustrative DIP sizing need Expected Case Alternative Case ($ Millions) (3,240) Summary DIP Sizing Need Alternative Case Expected Case Total Cash Need from DIP (820) (760) Total L/C Need from DIP (1,420) (640) L/C Need (2,400) (1,420) Total Implied DIP Sizing Need $ (2,240) $ (1,400) L/C Need Prepetition Superpriority Facility Cash Amount ( 800) (800) (640) Prepetition Superpriority Facility L/C Amount (200) (200) Total DIP Need and Prepetition Superpriority Balance (3,240) (2,400) Cash Need Cash Need (820) (760) Effective Day / Post-emergence Adjustments Payment of Remaining Prepetition A/P at Emergence (210) (210) Superpriority Superpriority Secured L/Cs converted to Bi-lateral L/Cs 360 - Financing Financing Total DIP, Superpriority, Prepetition A/P Paydown, (1,000) (1,000) & L/C Conversions $ (3,090) $ (2,610) 52 Private and ConfidentialConfidential DIP Sizing ($ in millions) th n The DIP need was sized based on a 3.5 month case, assuming a January 15 filing and an April 30, 2020 emergence in the Expected Case „ The Alternative Case assumes a 5.5 month case, extending 2 months longer with June 30, 2020 emergence „ Neither the Expected Case or Alternative Case are meant to illustrate the time required to close a Tech sale, which will be dependent upon the buyer and regulatory approval requirements n The DIP forecast utilizes the base business plan projections adjusted to include the Chapter 11 impact, including: additional administrative costs, the impact on trade payables, and the impact on letters of credit, bilateral L/Cs and surety bonds „ The analysis assumes $450 million of minimum available cash „ Interest expense on both existing facilities and DIP financing is not included in the business plan or DIP forecast Illustrative DIP sizing need Expected Case Alternative Case ($ Millions) (3,240) Summary DIP Sizing Need Alternative Case Expected Case Total Cash Need from DIP (820) (760) Total L/C Need from DIP (1,420) (640) L/C Need (2,400) (1,420) Total Implied DIP Sizing Need $ (2,240) $ (1,400) L/C Need Prepetition Superpriority Facility Cash Amount ( 800) (800) (640) Prepetition Superpriority Facility L/C Amount (200) (200) Total DIP Need and Prepetition Superpriority Balance (3,240) (2,400) Cash Need Cash Need (820) (760) Effective Day / Post-emergence Adjustments Payment of Remaining Prepetition A/P at Emergence (210) (210) Superpriority Superpriority Secured L/Cs converted to Bi-lateral L/Cs 360 - Financing Financing Total DIP, Superpriority, Prepetition A/P Paydown, (1,000) (1,000) & L/C Conversions $ (3,090) $ (2,610) 52 Private and Confidential

Confidential DIP Sizing (cont’d) ($ in millions) n Post-emergence liquidity need was assessed using the business plan, assuming no available cash on the balance sheet at emergence. Based on the liquidity low point in November 2020, MDR would need $860 million of liquidity „ Assumes minimum liquidity of $450 million consistent with DIP sizing assumptions „ While the post-emergence analysis assumes no available cash at emergence for sizing purposes, $450 million would be available at emergence based on the DIP analysis n Gross post-emergence L/C need was assessed using the business plan „ Forecasted L/C need based on L/C activity from May 2020 through end of 2021; including new L/Cs, step-ups and roll-offs „ For forecasting purposes, assumes current level of Secured L/C availability stays in place post-emergence „ To the extent projected L/C roll-offs vary from the current forecast, additional L/C capacity may be required Liquidity Low Point Post-Emergence Quarter End Balance by L/C Facility Post-Emergence Cash & L/C Need L/C Facility Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Cash Need Liquidity Low Point: Nov 2020 Break-even Liquidity Need $ (410) Minimum Liquidity ( 450) Facility Total Cash Need $ (860) 1 Secured L/Cs $ 2,200 $ 2,224 $ 2,213 $ 2,206 $ 2,298 $ 2,374 $ 2,340 $450MM available at emergence based on DIP need analysis 2 Bi-lateral L/Cs 1,515 1,478 1,517 2,075 1,771 1,769 1,844 3 Surety Bonds 585 585 585 585 585 585 585 Ending Facility Total $ 4,299 $ 4,286 $ 4,315 $ 4,866 $ 4,654 $ 4,728 $ 4,769 Illustrative Total Cash Need for DIP plus Post-Emergence Period Minimum Liquidity $ (450) Incremental L/Cs Required in Excess of Capacity Cash Need from DIP (310) 4 Incremental L/C Need - - - - - 123 - Superpriority Cash Funding (800) New L/C Requirements $ - $ - $ - $ - $ - $ 123 $ - A/P Pre-Petition Paydown ( 210) Post-Emergence Cash Need (410) Total Cash Need from DIP Period & $ (2,180) Post-Emergence* *Cash Need excludes transaction fees and interest expense 53 Private and ConfidentialConfidential DIP Sizing (cont’d) ($ in millions) n Post-emergence liquidity need was assessed using the business plan, assuming no available cash on the balance sheet at emergence. Based on the liquidity low point in November 2020, MDR would need $860 million of liquidity „ Assumes minimum liquidity of $450 million consistent with DIP sizing assumptions „ While the post-emergence analysis assumes no available cash at emergence for sizing purposes, $450 million would be available at emergence based on the DIP analysis n Gross post-emergence L/C need was assessed using the business plan „ Forecasted L/C need based on L/C activity from May 2020 through end of 2021; including new L/Cs, step-ups and roll-offs „ For forecasting purposes, assumes current level of Secured L/C availability stays in place post-emergence „ To the extent projected L/C roll-offs vary from the current forecast, additional L/C capacity may be required Liquidity Low Point Post-Emergence Quarter End Balance by L/C Facility Post-Emergence Cash & L/C Need L/C Facility Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Cash Need Liquidity Low Point: Nov 2020 Break-even Liquidity Need $ (410) Minimum Liquidity ( 450) Facility Total Cash Need $ (860) 1 Secured L/Cs $ 2,200 $ 2,224 $ 2,213 $ 2,206 $ 2,298 $ 2,374 $ 2,340 $450MM available at emergence based on DIP need analysis 2 Bi-lateral L/Cs 1,515 1,478 1,517 2,075 1,771 1,769 1,844 3 Surety Bonds 585 585 585 585 585 585 585 Ending Facility Total $ 4,299 $ 4,286 $ 4,315 $ 4,866 $ 4,654 $ 4,728 $ 4,769 Illustrative Total Cash Need for DIP plus Post-Emergence Period Minimum Liquidity $ (450) Incremental L/Cs Required in Excess of Capacity Cash Need from DIP (310) 4 Incremental L/C Need - - - - - 123 - Superpriority Cash Funding (800) New L/C Requirements $ - $ - $ - $ - $ - $ 123 $ - A/P Pre-Petition Paydown ( 210) Post-Emergence Cash Need (410) Total Cash Need from DIP Period & $ (2,180) Post-Emergence* *Cash Need excludes transaction fees and interest expense 53 Private and Confidential

Confidential Chapter 11 Scenarios - DIP Facility Sizing Considerations (cont’d) General Assumptions th n Filing on January 13, 2020 with a duration of the Chapter 11 case of 3.5 months in the Expected Case (April 30 th emergence) and 5.5 months in the Alternative Case (June 30 emergence) n Alternative Case assumes 2 additional months needed to effectuate the Tech sale n Minimum liquidity of $450 million to account for working capital swings and other business impacts Case n Assumes JV, captive and country cash balance requirements of ~$450 million Assumptions n Assumes no divestitures or material operational restructuring (e.g., project shutdown / contract rejections) n Assumes continued access to global cash n Assumes no cash collateralization is required on existing unexpired L/Cs, Bi-Lat L/Cs, and Sureties n Assumes no incremental L/Cs contemplated other than the L/C needs reflected in the business plan n Analysis does not incorporate any fees or interest expense for the prepetition facilities (including the Superpriority facility) or the DIP financing n All fees and interest expense would be incremental to the indicated DIP facility sizes Interest and Fees n Interest expense on these facilities was also excluded from the MB’20 cash flows n Interest on L/C facilities is included at the project level n Unadjusted, base case projections derived from: n Business plan for 2020 with adjustments for partial month of January Base Case n Assumed opening available cash balance of $25 million Projections n Base case incorporates assumed impact of bankruptcy on new orders and backlog n Base case assumes no material change to vendor payments terms n No assumptions made for exit capital structure or other operating assumptions Emergence 54 Private and ConfidentialConfidential Chapter 11 Scenarios - DIP Facility Sizing Considerations (cont’d) General Assumptions th n Filing on January 13, 2020 with a duration of the Chapter 11 case of 3.5 months in the Expected Case (April 30 th emergence) and 5.5 months in the Alternative Case (June 30 emergence) n Alternative Case assumes 2 additional months needed to effectuate the Tech sale n Minimum liquidity of $450 million to account for working capital swings and other business impacts Case n Assumes JV, captive and country cash balance requirements of ~$450 million Assumptions n Assumes no divestitures or material operational restructuring (e.g., project shutdown / contract rejections) n Assumes continued access to global cash n Assumes no cash collateralization is required on existing unexpired L/Cs, Bi-Lat L/Cs, and Sureties n Assumes no incremental L/Cs contemplated other than the L/C needs reflected in the business plan n Analysis does not incorporate any fees or interest expense for the prepetition facilities (including the Superpriority facility) or the DIP financing n All fees and interest expense would be incremental to the indicated DIP facility sizes Interest and Fees n Interest expense on these facilities was also excluded from the MB’20 cash flows n Interest on L/C facilities is included at the project level n Unadjusted, base case projections derived from: n Business plan for 2020 with adjustments for partial month of January Base Case n Assumed opening available cash balance of $25 million Projections n Base case incorporates assumed impact of bankruptcy on new orders and backlog n Base case assumes no material change to vendor payments terms n No assumptions made for exit capital structure or other operating assumptions Emergence 54 Private and Confidential

Confidential Chapter 11 Scenarios - DIP Facility Sizing Considerations (cont’d) General Assumptions n Chapter 11 impact reflected in base case assumptions in business plan n Loss of most new orders during case, but retention of existing backlog Customers n Clear message to customers that case limited to financial restructuring with clarity of outcome n Significant first-day order relief to pay pre-petition trade A/P, covering foreign vendors, vendor with potential lien rights, labor subcontractors, and certain other vendors n Assumes remaining pre-petition A/P to be paid out at emergence with no impairment of trade A/P Vendors n No additional payment term contraction on post-petition payables assumed during case n Vendor base assumed to be stabilized through first day order relief, DIP liquidity, and clear messaging around a consensual path forward n Assumes employee retention costs (i.e., KERP/KEIP) of $50 million Employees n No cash collateralization is required on existing unexpired L/Cs, Bi-Lat L/Cs, and Sureties Bi-lateral L/Cs, n 100% of new Secured L/Cs, step-ups, and renewals must be issued under the DIP facility Surety Bonds, & n All new project L/Cs must be issued under the DIP facility Secured L/Cs n Continue to renew bi-lateral L/Cs and sureties under existing facilities n Accrued professional fees of $25 million per month through April (Expected Case) n Professional fees assumed to drop to $15 million per month for May and June in the Alternative Case due to lower administrative needs while the Tech sale is being finalized Admin. Costs n Assumed to be paid 30 to 60 days after month-end, with all unpaid fees paid at emergence n Excludes transaction and financing fees n Super-priority financing of $1.0 billion received ($800 million TL; $200 million LCF); interest expense not included Pre-petition Debt n Tranche 3 and 4 for $700 million not received 55 Private and ConfidentialConfidential Chapter 11 Scenarios - DIP Facility Sizing Considerations (cont’d) General Assumptions n Chapter 11 impact reflected in base case assumptions in business plan n Loss of most new orders during case, but retention of existing backlog Customers n Clear message to customers that case limited to financial restructuring with clarity of outcome n Significant first-day order relief to pay pre-petition trade A/P, covering foreign vendors, vendor with potential lien rights, labor subcontractors, and certain other vendors n Assumes remaining pre-petition A/P to be paid out at emergence with no impairment of trade A/P Vendors n No additional payment term contraction on post-petition payables assumed during case n Vendor base assumed to be stabilized through first day order relief, DIP liquidity, and clear messaging around a consensual path forward n Assumes employee retention costs (i.e., KERP/KEIP) of $50 million Employees n No cash collateralization is required on existing unexpired L/Cs, Bi-Lat L/Cs, and Sureties Bi-lateral L/Cs, n 100% of new Secured L/Cs, step-ups, and renewals must be issued under the DIP facility Surety Bonds, & n All new project L/Cs must be issued under the DIP facility Secured L/Cs n Continue to renew bi-lateral L/Cs and sureties under existing facilities n Accrued professional fees of $25 million per month through April (Expected Case) n Professional fees assumed to drop to $15 million per month for May and June in the Alternative Case due to lower administrative needs while the Tech sale is being finalized Admin. Costs n Assumed to be paid 30 to 60 days after month-end, with all unpaid fees paid at emergence n Excludes transaction and financing fees n Super-priority financing of $1.0 billion received ($800 million TL; $200 million LCF); interest expense not included Pre-petition Debt n Tranche 3 and 4 for $700 million not received 55 Private and Confidential

Confidential ($ in millions) Estimated DIP Size – Illustrative Chapter 11 Cases ($ Millions) n Base Case Net cash need of $830 million from DIP Sizing Analysis Alternative Case Expected Case the MB’20 business plan Cash DIP Need „ Liquidity low point of Scenario 3 in previous 1 MB'20 Liquidity Low Point $ (600) $ (380) DIP sizing analysis from the Financing Case 2 Minimum Available Cash (450) ( 450) Base Case Net Cash Need (Liquidity Low Point) $ (1,050) $ (830) was $430 million Chapter 11 Adjustments: „ Additional $400 million of cash need related 3 Impact of Automatic Stay on Pre-Petition A/P 1,110 1,110 to the following 4 1st Day Vendor Payments (900) (900) 5 Employee Retention (50) (50) ● Scenario 3 Base Case of the Financing 6 Bankruptcy Administration Costs (120) (90) Case assumed an additional $150 million 7 Timing Adjustment for Liquidity Trough (Cash) 190 - draw from the Superpriority Facility Implied Cash Need from DIP $ (820) $ (760) ● Base Case of the Financing Case did not L/C DIP Need include customer impact from Chapter 11, 8 Base Case Net L/C Financing Requirement $ - $ - which was assumed to be $180 million in Chapter 11 Adjustments: scenario 3 9 Impact on Secured L/Cs - Renewals ( 590) ( 200) 10 Impact on Secured L/Cs - New + Step-Ups (470) ( 440) ● $70 million due to more refined, bottom up 11 Impact on Surety Bonds - - 12 Impact on Bi-Lateral L/Cs (360) - forecast, which includes additional case 13 Timing Adjustment for Liquidity Trough (L/Cs) - - duration (15 days), impact from vendor Implied L/C Need from DIP $ (1,420) $ (640) payment delays, and other Total Implied DIP Sizing Need $ (2,240) $ (1,400) Prepetition Superpriority Facility Cash Amount (800) (800) Prepetition Superpriority Facility L/C Amount (200) (200) Total DIP Need and Prepetition Superpriority Balance $ (3,240) $ (2,400) Effective Day / Post-emergence Adjustments Payment of Remaining Prepetition A/P at Emergence (210) (210) Secured L/Cs converted to Bi-lateral L/Cs 360 - Total DIP, Superpriority, Prepetition A/P Paydown, & L/C Conversions $ (3,090) $ (2,610) 56 Private and ConfidentialConfidential ($ in millions) Estimated DIP Size – Illustrative Chapter 11 Cases ($ Millions) n Base Case Net cash need of $830 million from DIP Sizing Analysis Alternative Case Expected Case the MB’20 business plan Cash DIP Need „ Liquidity low point of Scenario 3 in previous 1 MB'20 Liquidity Low Point $ (600) $ (380) DIP sizing analysis from the Financing Case 2 Minimum Available Cash (450) ( 450) Base Case Net Cash Need (Liquidity Low Point) $ (1,050) $ (830) was $430 million Chapter 11 Adjustments: „ Additional $400 million of cash need related 3 Impact of Automatic Stay on Pre-Petition A/P 1,110 1,110 to the following 4 1st Day Vendor Payments (900) (900) 5 Employee Retention (50) (50) ● Scenario 3 Base Case of the Financing 6 Bankruptcy Administration Costs (120) (90) Case assumed an additional $150 million 7 Timing Adjustment for Liquidity Trough (Cash) 190 - draw from the Superpriority Facility Implied Cash Need from DIP $ (820) $ (760) ● Base Case of the Financing Case did not L/C DIP Need include customer impact from Chapter 11, 8 Base Case Net L/C Financing Requirement $ - $ - which was assumed to be $180 million in Chapter 11 Adjustments: scenario 3 9 Impact on Secured L/Cs - Renewals ( 590) ( 200) 10 Impact on Secured L/Cs - New + Step-Ups (470) ( 440) ● $70 million due to more refined, bottom up 11 Impact on Surety Bonds - - 12 Impact on Bi-Lateral L/Cs (360) - forecast, which includes additional case 13 Timing Adjustment for Liquidity Trough (L/Cs) - - duration (15 days), impact from vendor Implied L/C Need from DIP $ (1,420) $ (640) payment delays, and other Total Implied DIP Sizing Need $ (2,240) $ (1,400) Prepetition Superpriority Facility Cash Amount (800) (800) Prepetition Superpriority Facility L/C Amount (200) (200) Total DIP Need and Prepetition Superpriority Balance $ (3,240) $ (2,400) Effective Day / Post-emergence Adjustments Payment of Remaining Prepetition A/P at Emergence (210) (210) Secured L/Cs converted to Bi-lateral L/Cs 360 - Total DIP, Superpriority, Prepetition A/P Paydown, & L/C Conversions $ (3,090) $ (2,610) 56 Private and Confidential

Confidential ($ in millions) Post-Emergence Liquidity Needs Assumptions Forecast Basis n Based on the post-emergence forecast period of the MB’20 business plan „ Assumes April 30, 2020 emergence „ Forecast does not include Tech operations or sale proceeds (assumed to be sold at emergence) Capital Structure n Unlevered balance sheet, with no assumption for exit capital structure „ Interest and financing costs incremental to liquidity need „ No assumption for transaction fees or costs to secure financing Liquidity n Assumes no cash on balance sheet at emergence „ DIP analysis assumes minimum available cash of $450 million; this cash could be used to payoff DIP or fund the post- emergence period n No JV cash included in ending monthly / quarterly cash balances n No incremental restructuring professional fees or transaction fees assumed post emergence 57 Private and ConfidentialConfidential ($ in millions) Post-Emergence Liquidity Needs Assumptions Forecast Basis n Based on the post-emergence forecast period of the MB’20 business plan „ Assumes April 30, 2020 emergence „ Forecast does not include Tech operations or sale proceeds (assumed to be sold at emergence) Capital Structure n Unlevered balance sheet, with no assumption for exit capital structure „ Interest and financing costs incremental to liquidity need „ No assumption for transaction fees or costs to secure financing Liquidity n Assumes no cash on balance sheet at emergence „ DIP analysis assumes minimum available cash of $450 million; this cash could be used to payoff DIP or fund the post- emergence period n No JV cash included in ending monthly / quarterly cash balances n No incremental restructuring professional fees or transaction fees assumed post emergence 57 Private and Confidential

Confidential ($ in millions) Post-Emergence Liquidity Needs (continued) Liquidity Forecast n Peak liquidity need of approximately $860 million forecast to be November, 2020 „ Liquidity need includes $450 million of available cash (exclude JV and in-country cash) necessary for working capital and forecast variance (DIP analysis assumes $450 million of cash available at emergence) „ Significant liquidity need immediately post-emergence of approximately $710 million in May, 2020 Liquidity Trough Timing Post-Emergence Liquidity Need $900 $860 Total Liquidity $860 $750 $710 $620 Need $660 $640 $650 $700 $590 $530 $450 $420 $500 $280 Minimum $450 Liquidity Need $300 $100 -$100 Break-even -$300 $410 5/1/2020 5/31 6/30 7/31 8/31 9/30 10/31 11/30 12/31 Q1'21 Q2'21 Q3'21 Q4'21 Liquidity Minimum Liquidity - 450 450 450 450 450 450 450 450 450 450 450 450 Cushion Break-even - 260 140 200 210 190 300 410 170 (30) 80 - (170) Liquidity Nov-19 Total $- $710 $590 $650 $660 $640 $750 $860 $620 $420 $530 $450 $280 58 Private and ConfidentialConfidential ($ in millions) Post-Emergence Liquidity Needs (continued) Liquidity Forecast n Peak liquidity need of approximately $860 million forecast to be November, 2020 „ Liquidity need includes $450 million of available cash (exclude JV and in-country cash) necessary for working capital and forecast variance (DIP analysis assumes $450 million of cash available at emergence) „ Significant liquidity need immediately post-emergence of approximately $710 million in May, 2020 Liquidity Trough Timing Post-Emergence Liquidity Need $900 $860 Total Liquidity $860 $750 $710 $620 Need $660 $640 $650 $700 $590 $530 $450 $420 $500 $280 Minimum $450 Liquidity Need $300 $100 -$100 Break-even -$300 $410 5/1/2020 5/31 6/30 7/31 8/31 9/30 10/31 11/30 12/31 Q1'21 Q2'21 Q3'21 Q4'21 Liquidity Minimum Liquidity - 450 450 450 450 450 450 450 450 450 450 450 450 Cushion Break-even - 260 140 200 210 190 300 410 170 (30) 80 - (170) Liquidity Nov-19 Total $- $710 $590 $650 $660 $640 $750 $860 $620 $420 $530 $450 $280 58 Private and Confidential

Confidential ($ in millions) Post-Emergence Liquidity & L/C Needs L/C Forecast Cumulative Net L/C Step-ups, New Issuances & Roll-offs* Secured L/Cs $2,600 $2,400 $2,200 $2,000 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Q1'21 Q2'21 Q3'21 Q4'21 Secured L/Cs Capacity Bi-lateral L/Cs $2,600 $2,100 $1,600 $1,100 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Q1'21 Q2'21 Q3'21 Q4'21 McDermott Consolidated L/C Facility Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Q1'21 Q2'21 Q3'21 Q4'21 Facility Total Outstanding L/C Roll 1 Secured L/Cs $ 2,235 $ 2,113 $ 2,208 $ 2,225 $ 2,199 $ 2,335 $ 2,245 $ 2,200 $ 2,232 $ 2,222 $ 2,224 $ 2,359 $ 2,362 $ 2,213 $ 2,206 $ 2,298 $ 2,374 $ 2,340 2 Bi-lateral L/Cs 1,307 1,373 1,293 1,275 1,280 1,229 1,226 1,515 1,441 1,510 1,478 1,444 1,380 1,517 2,075 1,771 1,769 1,844 3 Surety Bonds 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 Ending Facility Total $ 4,128 $ 4,072 $ 4,086 $ 4,085 $ 4,064 $ 4,149 $ 4,056 $ 4,299 $ 4,258 $ 4,317 $ 4,286 $ 4,388 $ 4,327 $ 4,315 $ 4,866 $ 4,654 $ 4,728 $ 4,769 Incremental L/Cs Required in Excess of Capacity 4 Incremental L/C Need - - - - - - - - - - - - - - - 123 - New L/C Requirements $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 123 $ - *To the extent projected L/C roll-offs vary from the current forecast, additional L/C capacity may be required 59 Private and ConfidentialConfidential ($ in millions) Post-Emergence Liquidity & L/C Needs L/C Forecast Cumulative Net L/C Step-ups, New Issuances & Roll-offs* Secured L/Cs $2,600 $2,400 $2,200 $2,000 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Q1'21 Q2'21 Q3'21 Q4'21 Secured L/Cs Capacity Bi-lateral L/Cs $2,600 $2,100 $1,600 $1,100 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Q1'21 Q2'21 Q3'21 Q4'21 McDermott Consolidated L/C Facility Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Q1'21 Q2'21 Q3'21 Q4'21 Facility Total Outstanding L/C Roll 1 Secured L/Cs $ 2,235 $ 2,113 $ 2,208 $ 2,225 $ 2,199 $ 2,335 $ 2,245 $ 2,200 $ 2,232 $ 2,222 $ 2,224 $ 2,359 $ 2,362 $ 2,213 $ 2,206 $ 2,298 $ 2,374 $ 2,340 2 Bi-lateral L/Cs 1,307 1,373 1,293 1,275 1,280 1,229 1,226 1,515 1,441 1,510 1,478 1,444 1,380 1,517 2,075 1,771 1,769 1,844 3 Surety Bonds 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 Ending Facility Total $ 4,128 $ 4,072 $ 4,086 $ 4,085 $ 4,064 $ 4,149 $ 4,056 $ 4,299 $ 4,258 $ 4,317 $ 4,286 $ 4,388 $ 4,327 $ 4,315 $ 4,866 $ 4,654 $ 4,728 $ 4,769 Incremental L/Cs Required in Excess of Capacity 4 Incremental L/C Need - - - - - - - - - - - - - - - 123 - New L/C Requirements $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 123 $ - *To the extent projected L/C roll-offs vary from the current forecast, additional L/C capacity may be required 59 Private and Confidential

Confidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and ConfidentialConfidential I Fundamental Operating Assumptions II Business Delivery Model III Revenue Pipeline IV Business Level Financial Projections V DIP Sizing VI Consolidated Financial Projections Private and Confidential

Confidential MB’20 – New Order Awards & Backlog ($ in millions) New Order Awards Book to 1.9x 1.2x 1.2x 0.9x 1.0x 1.0x Bill $16,650 $12,999 $13,024 $12,786 $11,969 $11,487 2019E 2020E 2021E 2022E 2023E 2024E Backlog Growth 5% 8% (6%) 0% (3%) % $21,370 $20,250 $20,194 $19,771 $19,592 $18,792 2019E 2020E 2021E 2022E 2023E 2024E 60 Private and ConfidentialConfidential MB’20 – New Order Awards & Backlog ($ in millions) New Order Awards Book to 1.9x 1.2x 1.2x 0.9x 1.0x 1.0x Bill $16,650 $12,999 $13,024 $12,786 $11,969 $11,487 2019E 2020E 2021E 2022E 2023E 2024E Backlog Growth 5% 8% (6%) 0% (3%) % $21,370 $20,250 $20,194 $19,771 $19,592 $18,792 2019E 2020E 2021E 2022E 2023E 2024E 60 Private and Confidential

Confidential MB’20 Consolidated Financial Projections – Revenue and Gross Profit ($ in millions) Revenue & Growth 11% 7% 35% (7%) 6% $13,962 $13,683 $12,943 $10,369 $9,736 $8,777 2019E 2020E 2021E 2022E 2023E 2024E Project Gross Profit & Margin 6% 9% 9% 10% 11% 12% $1,590 $1,399 $1,371 $980 $915 $565 2019E 2020E 2021E 2022E 2023E 2024E 61 Private and ConfidentialConfidential MB’20 Consolidated Financial Projections – Revenue and Gross Profit ($ in millions) Revenue & Growth 11% 7% 35% (7%) 6% $13,962 $13,683 $12,943 $10,369 $9,736 $8,777 2019E 2020E 2021E 2022E 2023E 2024E Project Gross Profit & Margin 6% 9% 9% 10% 11% 12% $1,590 $1,399 $1,371 $980 $915 $565 2019E 2020E 2021E 2022E 2023E 2024E 61 Private and Confidential

Confidential MB’20 Consolidated Financial Projections – Adj. EBITDA & Free Cash Flow ($ in millions) Adj. EBITDA & Margin 2% 5% 6% 8% 9% 10% $1,327 $1,110 $1,088 $668 $533 $183 2019E 2020E 2021E 2022E 2023E 2024E 1,2 3 Free Cash Flow & Conversion nm nm 8% 59% 46% 87% $1,159 $637 $506 $56 ($550) ($1,191) 2019E 2020E 2021E 2022E 2023E 2024E 1. Calculated as cash flow from operations less capital expenditures 2. Excludes bankruptcy administration costs 3. Calculated as free cash flow divided by Adj. EBITDA 62 Private and ConfidentialConfidential MB’20 Consolidated Financial Projections – Adj. EBITDA & Free Cash Flow ($ in millions) Adj. EBITDA & Margin 2% 5% 6% 8% 9% 10% $1,327 $1,110 $1,088 $668 $533 $183 2019E 2020E 2021E 2022E 2023E 2024E 1,2 3 Free Cash Flow & Conversion nm nm 8% 59% 46% 87% $1,159 $637 $506 $56 ($550) ($1,191) 2019E 2020E 2021E 2022E 2023E 2024E 1. Calculated as cash flow from operations less capital expenditures 2. Excludes bankruptcy administration costs 3. Calculated as free cash flow divided by Adj. EBITDA 62 Private and Confidential

Confidential MB’20 Consolidated Financial Projections – Capital Expenditures ($ in millions) n Recent project awards and repositioning MDR’s Latest MB’20 Capital Expenditures portfolio have caused a shift in projected capital % of expenditures in the MB’20 2% 1% 1% 0% 0% Revenue n In aggregate, 5-year capital expenditures were Difference from decreased by ~$451 million when compared to ($88) ($64) ($154) ($63) ($82) Financing Case the Financing Case n Other updates are less material in scale and can be reviewed in detail in the VDR and through follow-up Q&A as helpful $169 $155 n Capital for a new fabrication yard in Saudi Arabia which will support Saudi Aramco and other clients in the GCC has been currently excluded from the financing case while options $62 for alternate in-country financing are being $113 evaluated $81 „ The yard is still deemed as vital for the ongoing relationship with Aramco and a $58 $63 $48 strategic imperative given rising in-country $42 requirements. Management is committed to $36 securing funding such that the new yard is $57 $31 $21 completed as per the agreed schedule $30 $21 $10 $13 $1 $2 „ The targeted outcome is expected to 2020E 2021E 2022E 2023E 2024E achieve three key objectives that include 1) non-recourse, 2) a component of in-country Fabrication Yards Vessels - Amazon financing, and 3) support from Saudi Vessels - Other Maintenance and Other Aramco 63 Private and ConfidentialConfidential MB’20 Consolidated Financial Projections – Capital Expenditures ($ in millions) n Recent project awards and repositioning MDR’s Latest MB’20 Capital Expenditures portfolio have caused a shift in projected capital % of expenditures in the MB’20 2% 1% 1% 0% 0% Revenue n In aggregate, 5-year capital expenditures were Difference from decreased by ~$451 million when compared to ($88) ($64) ($154) ($63) ($82) Financing Case the Financing Case n Other updates are less material in scale and can be reviewed in detail in the VDR and through follow-up Q&A as helpful $169 $155 n Capital for a new fabrication yard in Saudi Arabia which will support Saudi Aramco and other clients in the GCC has been currently excluded from the financing case while options $62 for alternate in-country financing are being $113 evaluated $81 „ The yard is still deemed as vital for the ongoing relationship with Aramco and a $58 $63 $48 strategic imperative given rising in-country $42 requirements. Management is committed to $36 securing funding such that the new yard is $57 $31 $21 completed as per the agreed schedule $30 $21 $10 $13 $1 $2 „ The targeted outcome is expected to 2020E 2021E 2022E 2023E 2024E achieve three key objectives that include 1) non-recourse, 2) a component of in-country Fabrication Yards Vessels - Amazon financing, and 3) support from Saudi Vessels - Other Maintenance and Other Aramco 63 Private and Confidential

Confidential ($ in millions) MB’20 Consolidated Working Capital Overview Current vendor stretch is not sustainable and a significant pay down of accounts payable is needed in order to normalize operations n Vendors are being stretched to unsustainable levels which has resulted in project disruption and timeline extensions n Payment to vendors of ~$300 million is needed to alleviate stretched accounts payable, mitigate risk of project disruptions and normalize operations 1 1 Accounts Payable by Segment Accounts Payable Aging Schedule $69 5% Offshore / Subsea $438 $1,254 Onshore EPC $535 $1.3 43% $69 Tanks Billion $651 $296 52% $128 $651 $63 $116 1 “Stretched” Accounts Payable $43 $254 (Mid-point of amounts >60 & >90 Days) $62 $16 $121 4% $382 $108 $148 31% $171 $535 $470 Million $197 $306 65% Not Yet Due 0 to 30 Days 31 to 60 Days 61 to 90 Days Over 90 Days Grand Total 1. As of 12/13/19; excludes Technology segment 64 Private and ConfidentialConfidential ($ in millions) MB’20 Consolidated Working Capital Overview Current vendor stretch is not sustainable and a significant pay down of accounts payable is needed in order to normalize operations n Vendors are being stretched to unsustainable levels which has resulted in project disruption and timeline extensions n Payment to vendors of ~$300 million is needed to alleviate stretched accounts payable, mitigate risk of project disruptions and normalize operations 1 1 Accounts Payable by Segment Accounts Payable Aging Schedule $69 5% Offshore / Subsea $438 $1,254 Onshore EPC $535 $1.3 43% $69 Tanks Billion $651 $296 52% $128 $651 $63 $116 1 “Stretched” Accounts Payable $43 $254 (Mid-point of amounts >60 & >90 Days) $62 $16 $121 4% $382 $108 $148 31% $171 $535 $470 Million $197 $306 65% Not Yet Due 0 to 30 Days 31 to 60 Days 61 to 90 Days Over 90 Days Grand Total 1. As of 12/13/19; excludes Technology segment 64 Private and Confidential

Confidential Supplemental Materials December 30, 2019 – January 7, 2020 Private and ConfidentialConfidential Supplemental Materials December 30, 2019 – January 7, 2020 Private and Confidential

Confidential December 30, 2019 Private and ConfidentialConfidential December 30, 2019 Private and Confidential

Confidential L/C Forecast Assumptions ($ in millions) n At the request of the Company’s secured lenders, MDR has prepared an analysis of L/C capacity requirements based on the Business Plan as presented on December 18 using the following proposed framework from the lender advisors: „ Total secured L/C exposure to the existing L/C group limited to the current commitments of $2.44bn (this excludes tranche D capacity under the Super Priority credit facility) ● DIP L/C capacity determined based on the difference between the maximum secured commitment ($2.44bn) and current issuances on existing facilities − $571mm commitment, consisting of $371mm new commitment and the rollup of the existing $200mm Super Priority L/C’s outstanding − Remaining DIP contributions provided by cash collateralized facilities ● This DIP L/C facility would roll into a Super Senior L/C Facility at the Effective Date of MDR’s chapter 11 proceedings „ Senior Exit L/C facility for new, incremental and non-auto renewing L/C’s after the Effective Date „ These post-effective date facilities would not be cash collateralized, but the Senior Exit L/C facility would rank junior to the Super Senior L/C Facility „ L/C capacity that is outstanding and cash collateralized would remain available as the underlying L/C’s expire in both the Super Senior and secured L/C facilities n Based on the business plan as proposed, the proposed DIP L/C capacity would not be sufficient to support the credit requirements of the business during the pendency of the chapter 11 filing, and the total secured L/C capacity as proposed would not be sufficient on a post-effective date basis „ Incremental secured L/C need is noted in the forecast schedule n The L/C forecast does not include any cushion for, among other things, delays in roll-offs, additional L/C needs, or the inability to place the full amount of forecasted bilateral L/Cs and surety bonds, requiring additional secured L/C capacity „ MDR believes an additional $200MM of secured capacity is necessary above the forecasted need to account for these risks „ Including the $200MM additional capacity to account for forecast roll-off risk and other risks and the $270MM incremental need in the forecast, MDR believes an additional $470MM of secured L/C capacity is necessary n The only adjustment to the previously presented Business Plan was to move the issuance of the one project L/C of $92MM from April to June 2020, moving the L/C outside of the assumed DIP period 65 Private and ConfidentialConfidential L/C Forecast Assumptions ($ in millions) n At the request of the Company’s secured lenders, MDR has prepared an analysis of L/C capacity requirements based on the Business Plan as presented on December 18 using the following proposed framework from the lender advisors: „ Total secured L/C exposure to the existing L/C group limited to the current commitments of $2.44bn (this excludes tranche D capacity under the Super Priority credit facility) ● DIP L/C capacity determined based on the difference between the maximum secured commitment ($2.44bn) and current issuances on existing facilities − $571mm commitment, consisting of $371mm new commitment and the rollup of the existing $200mm Super Priority L/C’s outstanding − Remaining DIP contributions provided by cash collateralized facilities ● This DIP L/C facility would roll into a Super Senior L/C Facility at the Effective Date of MDR’s chapter 11 proceedings „ Senior Exit L/C facility for new, incremental and non-auto renewing L/C’s after the Effective Date „ These post-effective date facilities would not be cash collateralized, but the Senior Exit L/C facility would rank junior to the Super Senior L/C Facility „ L/C capacity that is outstanding and cash collateralized would remain available as the underlying L/C’s expire in both the Super Senior and secured L/C facilities n Based on the business plan as proposed, the proposed DIP L/C capacity would not be sufficient to support the credit requirements of the business during the pendency of the chapter 11 filing, and the total secured L/C capacity as proposed would not be sufficient on a post-effective date basis „ Incremental secured L/C need is noted in the forecast schedule n The L/C forecast does not include any cushion for, among other things, delays in roll-offs, additional L/C needs, or the inability to place the full amount of forecasted bilateral L/Cs and surety bonds, requiring additional secured L/C capacity „ MDR believes an additional $200MM of secured capacity is necessary above the forecasted need to account for these risks „ Including the $200MM additional capacity to account for forecast roll-off risk and other risks and the $270MM incremental need in the forecast, MDR believes an additional $470MM of secured L/C capacity is necessary n The only adjustment to the previously presented Business Plan was to move the issuance of the one project L/C of $92MM from April to June 2020, moving the L/C outside of the assumed DIP period 65 Private and Confidential

Confidential L/C Forecast Assumptions ($ in millions) n The forecast includes the following base assumptions: DIP Period Post Effective Date • The DIP is limited by a secured L/C exposure cap of • Secured facilities, including post-emergence super-priority $2.44bn, with incremental secured L/C need (DIP need) facility, are limited by a secured L/C exposure cap of shown separately $2.44bn, with incremental secured L/C need shown separately • All new and step up L/Cs plus any non-auto renewals are issued under the DIP Facility • All new and step up L/Cs issued in the following order to the extent there is capacity: 1) Super Senior LC Facility, 2) • DIP L/Cs are issued in the following order to the extent cash collateralized facilities, and 3) 1.5 Lien Senior Facility there is capacity: 1) $371mm new commitment + $200MM Super Priority L/C roll up ($571mm total) then 2) cash • All non-auto renewals are issued under the 1.5 Lien collateralized facilities • Auto renewals continue to be issued under their existing • The $200MM Super Priority L/C Facility is rolled into the facilities DIP Facility • Cash collateralized facilities include the $310MM Cash • Auto renewals continue to be issued under their existing Secured Facility and the cash collateralized portion of the facilities Lloyd’s Facility ($61MM) • The DIP period includes the issuance of L/Cs for several • Several large MENA secured L/Cs are assumed to convert large MENA projects, including Project A ($112MM) and to bilateral L/Cs in August, 2020 (2 months after two new projects in June, 2020, including Project B emergence), including Project A ($192MM), Project B ($240MM) and Project C ($117M) ($240MM), and Project C ($117M) 66 Private and ConfidentialConfidential L/C Forecast Assumptions ($ in millions) n The forecast includes the following base assumptions: DIP Period Post Effective Date • The DIP is limited by a secured L/C exposure cap of • Secured facilities, including post-emergence super-priority $2.44bn, with incremental secured L/C need (DIP need) facility, are limited by a secured L/C exposure cap of shown separately $2.44bn, with incremental secured L/C need shown separately • All new and step up L/Cs plus any non-auto renewals are issued under the DIP Facility • All new and step up L/Cs issued in the following order to the extent there is capacity: 1) Super Senior LC Facility, 2) • DIP L/Cs are issued in the following order to the extent cash collateralized facilities, and 3) 1.5 Lien Senior Facility there is capacity: 1) $371mm new commitment + $200MM Super Priority L/C roll up ($571mm total) then 2) cash • All non-auto renewals are issued under the 1.5 Lien collateralized facilities • Auto renewals continue to be issued under their existing • The $200MM Super Priority L/C Facility is rolled into the facilities DIP Facility • Cash collateralized facilities include the $310MM Cash • Auto renewals continue to be issued under their existing Secured Facility and the cash collateralized portion of the facilities Lloyd’s Facility ($61MM) • The DIP period includes the issuance of L/Cs for several • Several large MENA secured L/Cs are assumed to convert large MENA projects, including Project A ($112MM) and to bilateral L/Cs in August, 2020 (2 months after two new projects in June, 2020, including Project B emergence), including Project A ($192MM), Project B ($240MM) and Project C ($117M) ($240MM), and Project C ($117M) 66 Private and Confidential

Confidential ($ in millions) L/C Forecast DIP and Post-Emergence Forecast McDermott Consolidated L/C Facility Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Q1'21 Q2'21 Q3'21 Q4'21 [1] Facility L/C Roll 1 New Commitment ($371M) $ 285 $ 291 $ 352 $ 371 $ 371 $ 371 2 Superpriority Senior Secured Roll Up 200 200 200 200 200 200 200 3 Subtotal: New Commitment + Superpriority$ 200 $ 485 $ 491 $ 552 $ 571 $ 571 $ 571 Contributions from Existing Facilities: 4 Cash Collateralized L/Cs $ - $ - $ - $ 66 $ 139 $ 172 5 Performance Letter of Credit (PLOC) - - - - - - 6 Revolver (RCF) - - - - - - 7 Barclays 230M - - - - - - 8 Subtotal: DIP / Super Senior L/C $ 485 $ 491 $ 552 $ 637 $ 710 $ 743 $ 743 $ 600 $ 743 $ 743 $ 743 $ 743 $ 743 $ 743 $ 743 $ 743 9 Cash Collateralized L/Cs 364 352 349 306 242 216 199 199 199 199 199 199 199 199 199 199 199 10 1.5L L/C Facility - - - - - - - 151 14 27 205 212 133 267 397 582 711 11 Performance Letter of Credit (PLOC) 1,278 1,163 1,160 1,143 1,132 1,092 1,078 927 913 852 843 838 768 703 665 605 452 12 Revolver (RCF) 194 194 194 194 194 188 188 188 188 188 188 188 188 188 188 188 188 13 Barclays 230M 230 230 230 230 218 216 216 216 216 216 182 182 182 106 106 106 32 14 Lloyd's TSB Bank 41 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 )[2] Subtotal: Secured L/C (Limited $ 2,106 $ 2,440 $ 2,440 $ 2,440 $ 2,440 $ 2,438 $ 2,440 $ 2,440 $ 2,147 $ 2,240 $ 2,376 $ 2,379 $ 2,230 $ 2,223 $ 2,314 $ 2,440 $ 2,340 Incremental Secured L/C Need - 60 77 73 88 - 238 270 - - - - - - - 57 - Subtotal: Total Secured L/C Need $ 2,306 $ 2,500 $ 2,517 $ 2,513 $ 2,528 $ 2,438 $ 2,678 $ 2,710 $ 2,147 $ 2,240 $ 2,376 $ 2,379 $ 2,230 $ 2,223 $ 2,314 $ 2,497 $ 2,340 15 Bi-Lateral L/Cs 1,180 1,000 982 967 943 940 944 870 1,493 1,461 1,427 1,364 1,500 2,098 1,794 1,808 1,884 16 Surety Bonds 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 Ending Grand Total $ 4,072 $ 4,086 $ 4,085 $ 4,064 $ 4,056 $ 3,964 $ 4,207 $ 4,166 $ 4,225 $ 4,286 $ 4,388 $ 4,327 $ 4,316 $ 4,906 $ 4,693 $ 4,890 $ 4,809 [2] Forecast Secured L/C Total (Limited) $ 2,106 $ 2,440 $ 2,440 $ 2,440 $ 2,440 $ 2,438 $ 2,440 $ 2,440 $ 2,147 $ 2,240 $ 2,376 $ 2,379 $ 2,230 $ 2,223 $ 2,314 $ 2,440 $ 2,340 Existing Facility Commitments [3] Super Senior Priority (exc. tranche D) 200 [4] Cash Secured 371 PLOC 1,440 RCF 199 Barclays Side Car 230 [3] Total Existing Secured Commitments 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 Variance to Existing Secured Commit. $ (334) $ - $ - $ - $ - $ (2) $ - $ - $ (293) $ (200) $ (64) $ (6 1) $ (210) $ (217) $ (126) $ - $ (100) [1] L/C forecast assumes roll off projections are entirely accurate and provides no cushion in the event roll offs are deferred. Forecast also assumes ability to place bilateral L/Cs post emergence. 1. Forecast assumes ability to place bilateral L/Cs post-emergence [2] Secured L/C exposure limited to $2.44bn, the existing commitment amount excluding Tranche D of the Super Priority Facility 2. Secured L/C exposure limited to $2.44 billion, the existing commitment amount excluding Tranche D of the Superpriority Facility [3] Excludes Super Senior Priority Tranche D L/C commitment of $200MM 3. Excludes Super Priority Tranche D L/C commitment of $200 million [4] 4. Includes $61 million cash secured portion of Lloyds facility Includes $61M cash secured portion of Lloyds facility 67 Private and ConfidentialConfidential ($ in millions) L/C Forecast DIP and Post-Emergence Forecast McDermott Consolidated L/C Facility Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Q1'21 Q2'21 Q3'21 Q4'21 [1] Facility L/C Roll 1 New Commitment ($371M) $ 285 $ 291 $ 352 $ 371 $ 371 $ 371 2 Superpriority Senior Secured Roll Up 200 200 200 200 200 200 200 3 Subtotal: New Commitment + Superpriority$ 200 $ 485 $ 491 $ 552 $ 571 $ 571 $ 571 Contributions from Existing Facilities: 4 Cash Collateralized L/Cs $ - $ - $ - $ 66 $ 139 $ 172 5 Performance Letter of Credit (PLOC) - - - - - - 6 Revolver (RCF) - - - - - - 7 Barclays 230M - - - - - - 8 Subtotal: DIP / Super Senior L/C $ 485 $ 491 $ 552 $ 637 $ 710 $ 743 $ 743 $ 600 $ 743 $ 743 $ 743 $ 743 $ 743 $ 743 $ 743 $ 743 9 Cash Collateralized L/Cs 364 352 349 306 242 216 199 199 199 199 199 199 199 199 199 199 199 10 1.5L L/C Facility - - - - - - - 151 14 27 205 212 133 267 397 582 711 11 Performance Letter of Credit (PLOC) 1,278 1,163 1,160 1,143 1,132 1,092 1,078 927 913 852 843 838 768 703 665 605 452 12 Revolver (RCF) 194 194 194 194 194 188 188 188 188 188 188 188 188 188 188 188 188 13 Barclays 230M 230 230 230 230 218 216 216 216 216 216 182 182 182 106 106 106 32 14 Lloyd's TSB Bank 41 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 )[2] Subtotal: Secured L/C (Limited $ 2,106 $ 2,440 $ 2,440 $ 2,440 $ 2,440 $ 2,438 $ 2,440 $ 2,440 $ 2,147 $ 2,240 $ 2,376 $ 2,379 $ 2,230 $ 2,223 $ 2,314 $ 2,440 $ 2,340 Incremental Secured L/C Need - 60 77 73 88 - 238 270 - - - - - - - 57 - Subtotal: Total Secured L/C Need $ 2,306 $ 2,500 $ 2,517 $ 2,513 $ 2,528 $ 2,438 $ 2,678 $ 2,710 $ 2,147 $ 2,240 $ 2,376 $ 2,379 $ 2,230 $ 2,223 $ 2,314 $ 2,497 $ 2,340 15 Bi-Lateral L/Cs 1,180 1,000 982 967 943 940 944 870 1,493 1,461 1,427 1,364 1,500 2,098 1,794 1,808 1,884 16 Surety Bonds 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 Ending Grand Total $ 4,072 $ 4,086 $ 4,085 $ 4,064 $ 4,056 $ 3,964 $ 4,207 $ 4,166 $ 4,225 $ 4,286 $ 4,388 $ 4,327 $ 4,316 $ 4,906 $ 4,693 $ 4,890 $ 4,809 [2] Forecast Secured L/C Total (Limited) $ 2,106 $ 2,440 $ 2,440 $ 2,440 $ 2,440 $ 2,438 $ 2,440 $ 2,440 $ 2,147 $ 2,240 $ 2,376 $ 2,379 $ 2,230 $ 2,223 $ 2,314 $ 2,440 $ 2,340 Existing Facility Commitments [3] Super Senior Priority (exc. tranche D) 200 [4] Cash Secured 371 PLOC 1,440 RCF 199 Barclays Side Car 230 [3] Total Existing Secured Commitments 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 2,440 Variance to Existing Secured Commit. $ (334) $ - $ - $ - $ - $ (2) $ - $ - $ (293) $ (200) $ (64) $ (6 1) $ (210) $ (217) $ (126) $ - $ (100) [1] L/C forecast assumes roll off projections are entirely accurate and provides no cushion in the event roll offs are deferred. Forecast also assumes ability to place bilateral L/Cs post emergence. 1. Forecast assumes ability to place bilateral L/Cs post-emergence [2] Secured L/C exposure limited to $2.44bn, the existing commitment amount excluding Tranche D of the Super Priority Facility 2. Secured L/C exposure limited to $2.44 billion, the existing commitment amount excluding Tranche D of the Superpriority Facility [3] Excludes Super Senior Priority Tranche D L/C commitment of $200MM 3. Excludes Super Priority Tranche D L/C commitment of $200 million [4] 4. Includes $61 million cash secured portion of Lloyds facility Includes $61M cash secured portion of Lloyds facility 67 Private and Confidential

Confidential January 6 – 7, 2020 Private and ConfidentialConfidential January 6 – 7, 2020 Private and Confidential

Confidential Lummus Tech Sale Process Update January 6, 2020 n 7 parties were invited into Round II and received management presentations and access to extended due diligence (6 strategic and 1 financial) n Round II re-bids were collected on December 16 from 5 strategic bidders „ The 2 bidders who dropped out cited the expedited diligence timetable as a key reason, although the financial bidder also mentioned value expectations n All 5 bidders indicated a willingness to enter into a strategic cooperation agreement and / or allow MDR to retain a minority stake, with discussions and negotiations on these topics happening in parallel to transaction due diligence n Furthermore, all bidders indicated a willingness to be considered as a Stalking Horse in a bankruptcy auction process n On the basis of the Round II re-bids, 4 bidders were selected to receive priority due diligence access to enable them to progress towards submitting a binding proposal on January 6 with final transaction documentation to be executed on or before January 10 „ Valuations continue to be in excess of the $2.5 billion figure disclosed in the September announcement of the Lummus sale process n We currently expect to receive multiple bids on January 6 based on the diligence activity levels we are seeing n Assuming a satisfactory purchase agreement can be reached, MDR expects to sign a stalking horse agreement subject to an auction process in bankruptcy to solicit higher and better bids n The Company is coordinating with bidders in parallel to facilitate the regulatory process and maximize ability to close on a timely basis 68 Private and ConfidentialConfidential Lummus Tech Sale Process Update January 6, 2020 n 7 parties were invited into Round II and received management presentations and access to extended due diligence (6 strategic and 1 financial) n Round II re-bids were collected on December 16 from 5 strategic bidders „ The 2 bidders who dropped out cited the expedited diligence timetable as a key reason, although the financial bidder also mentioned value expectations n All 5 bidders indicated a willingness to enter into a strategic cooperation agreement and / or allow MDR to retain a minority stake, with discussions and negotiations on these topics happening in parallel to transaction due diligence n Furthermore, all bidders indicated a willingness to be considered as a Stalking Horse in a bankruptcy auction process n On the basis of the Round II re-bids, 4 bidders were selected to receive priority due diligence access to enable them to progress towards submitting a binding proposal on January 6 with final transaction documentation to be executed on or before January 10 „ Valuations continue to be in excess of the $2.5 billion figure disclosed in the September announcement of the Lummus sale process n We currently expect to receive multiple bids on January 6 based on the diligence activity levels we are seeing n Assuming a satisfactory purchase agreement can be reached, MDR expects to sign a stalking horse agreement subject to an auction process in bankruptcy to solicit higher and better bids n The Company is coordinating with bidders in parallel to facilitate the regulatory process and maximize ability to close on a timely basis 68 Private and Confidential

Confidential ($ in millions) Estimated DIP Sizing Analysis 1 $2.8 billion DIP facility (including roll-up) Sources: DIP Sizing Analysis DIP Case n DIP Term Loan: $1,200 million Cash DIP Need 1 Base Business Plan Liquidity Low Point ($820) n Incremental DIP LCs: $543 million, including: 2 Minimum Available Cash Requirement ( 450) Base Case Net Cash Need (Liquidity Low Point) ($1,270) „ $371 million new and incremental LC commitments Chapter 11 Adjustments: „ $172 million rolled pre-petition cash collateralized LC 3 Impact of Automatic Stay on Pre-Petition A/P $1,110 capacity 4 Prepetition Vendor Relief during Ch. 11 Case ( 900) 5 Bankruptcy Administration Costs ( 140) n Roll-up Superpriority Term Loan: $800 million Implied Cash Need from DIP ($1,200) n Roll-up Superpriority LCs: $200 million L/C DIP Need n Roll-up Superpriority make whole plus accrued interest and Chapter 11 Adjustments: fees: $67 million 6 New & Incremental DIP LC Commitments ($371) 7 Rolled Prepetition Cash-Collateralized LC Capacity (172) Uses: Implied L/C Need from DIP ($543) n Minimum operating cash: $450 million Total Implied DIP Sizing Need ($1,743) „ Required to manage intra-period working capital needs Prepetition Superpriority Facility Cash Amount (incl. make whole and accrued interest) ($867) Prepetition Superpriority Facility L/C Amount (200) n Net cash outflows during bankruptcy: $750 million Total DIP Need and Prepetition Superpriority Balance ($2,810) „ Funding operations, including vendor payments „ Pay bankruptcy administration costs „ Interest on the DIP and prepetition RCF and TL facilities „ Financing fees related to the DIP n New and Incremental LC Issuance: $543 million 1. Based on proposal received from secured lenders but not yet approved by Company 69 Private and ConfidentialConfidential ($ in millions) Estimated DIP Sizing Analysis 1 $2.8 billion DIP facility (including roll-up) Sources: DIP Sizing Analysis DIP Case n DIP Term Loan: $1,200 million Cash DIP Need 1 Base Business Plan Liquidity Low Point ($820) n Incremental DIP LCs: $543 million, including: 2 Minimum Available Cash Requirement ( 450) Base Case Net Cash Need (Liquidity Low Point) ($1,270) „ $371 million new and incremental LC commitments Chapter 11 Adjustments: „ $172 million rolled pre-petition cash collateralized LC 3 Impact of Automatic Stay on Pre-Petition A/P $1,110 capacity 4 Prepetition Vendor Relief during Ch. 11 Case ( 900) 5 Bankruptcy Administration Costs ( 140) n Roll-up Superpriority Term Loan: $800 million Implied Cash Need from DIP ($1,200) n Roll-up Superpriority LCs: $200 million L/C DIP Need n Roll-up Superpriority make whole plus accrued interest and Chapter 11 Adjustments: fees: $67 million 6 New & Incremental DIP LC Commitments ($371) 7 Rolled Prepetition Cash-Collateralized LC Capacity (172) Uses: Implied L/C Need from DIP ($543) n Minimum operating cash: $450 million Total Implied DIP Sizing Need ($1,743) „ Required to manage intra-period working capital needs Prepetition Superpriority Facility Cash Amount (incl. make whole and accrued interest) ($867) Prepetition Superpriority Facility L/C Amount (200) n Net cash outflows during bankruptcy: $750 million Total DIP Need and Prepetition Superpriority Balance ($2,810) „ Funding operations, including vendor payments „ Pay bankruptcy administration costs „ Interest on the DIP and prepetition RCF and TL facilities „ Financing fees related to the DIP n New and Incremental LC Issuance: $543 million 1. Based on proposal received from secured lenders but not yet approved by Company 69 Private and Confidential

Confidential Proposed Restructuring Plan Treatment n The Steering Committees of secured lenders have agreed on the key n DIP LC facility rolls into Super Senior LC Facility upon emergence parameters of a restructuring with MDR n Funded DIP (new money + roll-up) repaid in full in cash with proceeds from sale of Tech n Under the plan, comprehensive restructuring to be implemented via pre- DIP 1 negotiated chapter 11 filing in mid-January „ If Tech sale proceeds cannot cover repayment of Superpriority Term (LCs and TL) Loan Make Whole Amount, remaining Make Whole Amount becomes „ Based on active negotiations among Company and its creditor a separate tranche under the Super Senior Facility (“Make Whole Tranche”, payment subordinated to Super Senior LCs) constituents „ Supported by steering committees of banks (RCF/LC) and term loan n Rolls into DIP LC Facility Superpriority n Opportunity to provide $[TBD] million of DIP Term Loan LCs „ Active dialogue with bondholder constituents is ongoing to achieve additional support and participation in comprehensive restructuring n Rolls into DIP Term Loan Facility, which includes make whole and accrued „ Pre-negotiated nature of the filing should allow the Company to Superpriority interest and fees minimize the cost and duration of case and emerge in timely manner Term Loan „ Ultimately repaid with proceeds from Tech sale upon emergence n Highlights: n Treatment of funded prepetition debt claims should receive pro-rata equity Funded RCF, TL, 2 and pro rata of the $500 million Take Back Debt „ DIP Facility : and Any Funded LCs ● A ~$2.1 billion term loan and up to $743 million of LCs n Auto-renewing prepetition secured LCs remain outstanding under terms of − Includes roll-up of Superpriority Term Loan ($800 million), existing facilities (“Roll-Off LC Facility”) LCs ($200 million), and make whole plus accrued interest and Prepetition fees ($67 million) n LC lenders to provide capacity for new LCs under a priority LC facility Secured LC (“Senior Exit LC Facility”) „ Exit Capital Structure: Commitments „ Equal to maximum $1.5 billion in amounts that roll off under the Roll- (Other than Off LC Facility ● Series of secured LC facilities (capped at $2.44 billion) and Take Super Senior) 3 Back Debt ($500 million )n ~$200 million of cash collateralized LCs will retain their cash collateral post-emergence ● Equitization of all prepetition funded indebtedness n TBD Bonds „ Tech Sale: ● To facilitate DIP repayment and to fund balance sheet cash at emergence ($820 million) 1. Pre-negotiated with, at a minimum, the secured lenders. The Company and its advisors are actively engaging with bondholders and their advisors to explore their support and participation in a consensual restructuring process. The outcome of such discussions are uncertain and there is a material risk that no bondholder agreement will be achieved prior to a bankruptcy filing 2. Based on proposal received from secured lenders but not yet approved by the Company 3. Excluding the potential Make Whole Tranche, which represents that portion (if any) of the prepetition Superpriority Term Loan make whole amount which cannot paid down with proceeds from the sale of Tech 70 Private and ConfidentialConfidential Proposed Restructuring Plan Treatment n The Steering Committees of secured lenders have agreed on the key n DIP LC facility rolls into Super Senior LC Facility upon emergence parameters of a restructuring with MDR n Funded DIP (new money + roll-up) repaid in full in cash with proceeds from sale of Tech n Under the plan, comprehensive restructuring to be implemented via pre- DIP 1 negotiated chapter 11 filing in mid-January „ If Tech sale proceeds cannot cover repayment of Superpriority Term (LCs and TL) Loan Make Whole Amount, remaining Make Whole Amount becomes „ Based on active negotiations among Company and its creditor a separate tranche under the Super Senior Facility (“Make Whole Tranche”, payment subordinated to Super Senior LCs) constituents „ Supported by steering committees of banks (RCF/LC) and term loan n Rolls into DIP LC Facility Superpriority n Opportunity to provide $[TBD] million of DIP Term Loan LCs „ Active dialogue with bondholder constituents is ongoing to achieve additional support and participation in comprehensive restructuring n Rolls into DIP Term Loan Facility, which includes make whole and accrued „ Pre-negotiated nature of the filing should allow the Company to Superpriority interest and fees minimize the cost and duration of case and emerge in timely manner Term Loan „ Ultimately repaid with proceeds from Tech sale upon emergence n Highlights: n Treatment of funded prepetition debt claims should receive pro-rata equity Funded RCF, TL, 2 and pro rata of the $500 million Take Back Debt „ DIP Facility : and Any Funded LCs ● A ~$2.1 billion term loan and up to $743 million of LCs n Auto-renewing prepetition secured LCs remain outstanding under terms of − Includes roll-up of Superpriority Term Loan ($800 million), existing facilities (“Roll-Off LC Facility”) LCs ($200 million), and make whole plus accrued interest and Prepetition fees ($67 million) n LC lenders to provide capacity for new LCs under a priority LC facility Secured LC (“Senior Exit LC Facility”) „ Exit Capital Structure: Commitments „ Equal to maximum $1.5 billion in amounts that roll off under the Roll- (Other than Off LC Facility ● Series of secured LC facilities (capped at $2.44 billion) and Take Super Senior) 3 Back Debt ($500 million )n ~$200 million of cash collateralized LCs will retain their cash collateral post-emergence ● Equitization of all prepetition funded indebtedness n TBD Bonds „ Tech Sale: ● To facilitate DIP repayment and to fund balance sheet cash at emergence ($820 million) 1. Pre-negotiated with, at a minimum, the secured lenders. The Company and its advisors are actively engaging with bondholders and their advisors to explore their support and participation in a consensual restructuring process. The outcome of such discussions are uncertain and there is a material risk that no bondholder agreement will be achieved prior to a bankruptcy filing 2. Based on proposal received from secured lenders but not yet approved by the Company 3. Excluding the potential Make Whole Tranche, which represents that portion (if any) of the prepetition Superpriority Term Loan make whole amount which cannot paid down with proceeds from the sale of Tech 70 Private and Confidential

Confidential ($ in millions) Preliminary Estimated Cash Uses at Emergence 1 Minimum Required Cash Uses Range 2 Illustrative Taxes and Fees on Tech Sale $175 – $215 3 Repay DIP Term Loan 2,022 – 2,067 4 Cash Need Post-Emergence through Liquidity Trough 300 – 400 5 Restructuring Exit Fees (LC Recommitment, Professionals, etc.) 60 – 80 Paydown of Residual Prepetition Accounts Payable 210 – 210 6 Improved Cash Flow and/or Reduced Minimum Operating Cash (250) – 0 Minimum Required Cash Uses at Emergence $2,517 – $2,972 Note: analysis excludes $450 million of minimum cash required on balance sheet. Total estimated cash on balance sheet at emergence is $450 million + $370 million = $820 million 1. Assumptions subject to change according to final deal parameters 2. Preliminary cash tax estimate per MDR management; subject to change 3. Variability due to Make Whole Amount, which can roll into takeback debt upon emergence 4. Liquidity trough projected to occur in November 2020 5. Preliminary estimate; subject to change 6. Potential for improved cash flow above business plan expectations and/or the possibility of managing cash through liquidity low points below assumed minimum cash level of $450mm 71 Private and ConfidentialConfidential ($ in millions) Preliminary Estimated Cash Uses at Emergence 1 Minimum Required Cash Uses Range 2 Illustrative Taxes and Fees on Tech Sale $175 – $215 3 Repay DIP Term Loan 2,022 – 2,067 4 Cash Need Post-Emergence through Liquidity Trough 300 – 400 5 Restructuring Exit Fees (LC Recommitment, Professionals, etc.) 60 – 80 Paydown of Residual Prepetition Accounts Payable 210 – 210 6 Improved Cash Flow and/or Reduced Minimum Operating Cash (250) – 0 Minimum Required Cash Uses at Emergence $2,517 – $2,972 Note: analysis excludes $450 million of minimum cash required on balance sheet. Total estimated cash on balance sheet at emergence is $450 million + $370 million = $820 million 1. Assumptions subject to change according to final deal parameters 2. Preliminary cash tax estimate per MDR management; subject to change 3. Variability due to Make Whole Amount, which can roll into takeback debt upon emergence 4. Liquidity trough projected to occur in November 2020 5. Preliminary estimate; subject to change 6. Potential for improved cash flow above business plan expectations and/or the possibility of managing cash through liquidity low points below assumed minimum cash level of $450mm 71 Private and Confidential

Confidential Summary Capitalization ($ in millions) 2 Funded Debt & Leverage n Prepetition capital structure: „ Funded debt: $5.1 billion 9.8x 12.3x 1.0x ● Includes $800 million of Superpriority Term Loan $6,394 1 n Capital structure pro forma for DIP Facility : DIP: „ Funded debt (incl. DIP draw and rollup): $6.4 billion $1,200 (i) New money, plus (ii) Roll-up of Superpriority $5,127 „ Funded DIP Term Loan: TL, plus $67 (iii) Superpriority TL make ● DIP Term Loan: $1,200 million, plus $800 $800 whole plus accrued ● Roll-up of Superpriority Term Loan: $800 million interest and fees $801 $801 ● Roll-up of Superpriority make whole plus accrued interest and fees: $67 million Receives: „ DIP to be repaid in cash at exit with proceeds from Tech sale (i) Post-emergence equity and $2,226 $2,226 (ii) Take Back Debt n Post-emergence, the only funded debt will be the $500 million of Take Back Debt, resulting in substantial deleveraging of the Company’s balance sheet „ Prepetition secured debt to receive: $500 $1,300 $1,300 ● $500 million of Take Back Debt, and $500 ● Post-emergence equity Prepetition Chapter 11 Post-Emergence „ Prepetition bond treatment TBD Take-Back Debt Bonds TL RCF Superpriority TL Make Whole and Accrued DIP TL Given the quantum of funded leverage, the need for L/C and surety credit support to achieve the business plan, equitization of prepetition funded obligations is required to support the business 1. Based on proposal received from secured lenders but not yet approved by the Company 2. Leverage equal to funded debt divided by 2020 Adj. EBITDA of $521 million 72 Private and ConfidentialConfidential Summary Capitalization ($ in millions) 2 Funded Debt & Leverage n Prepetition capital structure: „ Funded debt: $5.1 billion 9.8x 12.3x 1.0x ● Includes $800 million of Superpriority Term Loan $6,394 1 n Capital structure pro forma for DIP Facility : DIP: „ Funded debt (incl. DIP draw and rollup): $6.4 billion $1,200 (i) New money, plus (ii) Roll-up of Superpriority $5,127 „ Funded DIP Term Loan: TL, plus $67 (iii) Superpriority TL make ● DIP Term Loan: $1,200 million, plus $800 $800 whole plus accrued ● Roll-up of Superpriority Term Loan: $800 million interest and fees $801 $801 ● Roll-up of Superpriority make whole plus accrued interest and fees: $67 million Receives: „ DIP to be repaid in cash at exit with proceeds from Tech sale (i) Post-emergence equity and $2,226 $2,226 (ii) Take Back Debt n Post-emergence, the only funded debt will be the $500 million of Take Back Debt, resulting in substantial deleveraging of the Company’s balance sheet „ Prepetition secured debt to receive: $500 $1,300 $1,300 ● $500 million of Take Back Debt, and $500 ● Post-emergence equity Prepetition Chapter 11 Post-Emergence „ Prepetition bond treatment TBD Take-Back Debt Bonds TL RCF Superpriority TL Make Whole and Accrued DIP TL Given the quantum of funded leverage, the need for L/C and surety credit support to achieve the business plan, equitization of prepetition funded obligations is required to support the business 1. Based on proposal received from secured lenders but not yet approved by the Company 2. Leverage equal to funded debt divided by 2020 Adj. EBITDA of $521 million 72 Private and Confidential

Confidential ($ in millions) LC Facility Mechanics n $743 million DIP LCs include: Secured LC Facilities „ Maximum of $543 million incremental LCs, including $371 million of new and incremental LC commitments and the roll-up of certain cash collateralized LC capacity during $2,440 $2,440 $2,440 $2,440 $2,440 $2,440 pendency of chapter 11 $2,340 $2,314 $2,240 $2,230 $2,223 „ $200 million roll-up of prepetition Superpriority $552 LCs $743 $743 $743 $743 $743 $743 $743 $743 n DIP LCs roll into a Super Senior Facility post- $743 $743 $306 emergence $199 $199 $199 $199 $199 $199 $199 n Exit LC Facilities (secured): $199 $199 $199 $27 $133 $582 „ Cash Collateralized LCs retain their collateral $397 $267 $711 post-emergence $1,583 „ Prepetition LC lenders will be asked to $1,498 $1,498 $1,498 $1,498 $1,272 maintain aggregate commitments of no more $1,155 $1,014 $975 1 $916 than ~$1.7 billion $688 „ Prepetition LCs that auto-renew (other than Superpriority LCs) to auto-renew under existing terms Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 2022 2023 2024 DIP Facility Super Senior Facility „ As existing LCs roll off and new LCs are Cash Collateralized LCs Senior Exit LC Facility issued, they are issued under a new Senior Roll-Off LC Facility 2022-2024 Combined Senior Exit and Roll-Off Facilities Exit LC Facility ● Priority is junior to Super Senior Facility but senior to Roll-Off Facility and Take Back Debt n Bilateral LCs and surety bonds: „ Will continue to be used to meet incremental needs during bankruptcy and post-emergence 1. Includes $199 million of cash collateralized LCs 73 Private and ConfidentialConfidential ($ in millions) LC Facility Mechanics n $743 million DIP LCs include: Secured LC Facilities „ Maximum of $543 million incremental LCs, including $371 million of new and incremental LC commitments and the roll-up of certain cash collateralized LC capacity during $2,440 $2,440 $2,440 $2,440 $2,440 $2,440 pendency of chapter 11 $2,340 $2,314 $2,240 $2,230 $2,223 „ $200 million roll-up of prepetition Superpriority $552 LCs $743 $743 $743 $743 $743 $743 $743 $743 n DIP LCs roll into a Super Senior Facility post- $743 $743 $306 emergence $199 $199 $199 $199 $199 $199 $199 n Exit LC Facilities (secured): $199 $199 $199 $27 $133 $582 „ Cash Collateralized LCs retain their collateral $397 $267 $711 post-emergence $1,583 „ Prepetition LC lenders will be asked to $1,498 $1,498 $1,498 $1,498 $1,272 maintain aggregate commitments of no more $1,155 $1,014 $975 1 $916 than ~$1.7 billion $688 „ Prepetition LCs that auto-renew (other than Superpriority LCs) to auto-renew under existing terms Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 2022 2023 2024 DIP Facility Super Senior Facility „ As existing LCs roll off and new LCs are Cash Collateralized LCs Senior Exit LC Facility issued, they are issued under a new Senior Roll-Off LC Facility 2022-2024 Combined Senior Exit and Roll-Off Facilities Exit LC Facility ● Priority is junior to Super Senior Facility but senior to Roll-Off Facility and Take Back Debt n Bilateral LCs and surety bonds: „ Will continue to be used to meet incremental needs during bankruptcy and post-emergence 1. Includes $199 million of cash collateralized LCs 73 Private and Confidential

Confidential Perfection Analysis Overview n McDermott International Inc. and approximately 219 of its direct and indirect subsidiaries are party to the financing arrangements listed below: „ the Credit Agreement, dated as of May 10, 2018, the Amended and Restated Master Agreement for Stand-by Letters of Credit, dated as of May 10, 2018, the Letter of Credit Agreement, dated as of October 30, 2018 (collectively, the “2018 Secured Financings”); „ the Superpriority Senior Secured Credit Agreement, dated as of October 21, 2019 (the “Superpriority Facility”); and „ the unsecured notes Indenture, dated as of April 18, 2018 (the “Indenture”) n The obligations under the 2018 Secured Financings and the Superpriority Facility are secured; the obligations under the Indenture are unsecured n The guarantors are nearly identical under the Indenture, Superpriority Facility and 2018 Secured Financings n However, the following entities currently only guaranty the 2018 Secured Financings and the Indenture: „ Arabian CBI Co Ltd., Arabian CBI Tank Manufacturing Company Ltd., Lummus Arabia Ltd Co. (collectively, the “Saudi Guarantors”); „ McDermott Serviços Offshore do Brasil Ltda (the “Brazil Guarantor”); and „ CBI Eastern Anstalt (the “Lichtenstein Guarantor” and, collectively with the Saudi Guarantors, Brazil Guarantor, the “Limited Guarantors”) n The Superpriority Lenders require that the Limited Guarantors guaranty the Superpriority Facility and that process progresses 74 Private and ConfidentialConfidential Perfection Analysis Overview n McDermott International Inc. and approximately 219 of its direct and indirect subsidiaries are party to the financing arrangements listed below: „ the Credit Agreement, dated as of May 10, 2018, the Amended and Restated Master Agreement for Stand-by Letters of Credit, dated as of May 10, 2018, the Letter of Credit Agreement, dated as of October 30, 2018 (collectively, the “2018 Secured Financings”); „ the Superpriority Senior Secured Credit Agreement, dated as of October 21, 2019 (the “Superpriority Facility”); and „ the unsecured notes Indenture, dated as of April 18, 2018 (the “Indenture”) n The obligations under the 2018 Secured Financings and the Superpriority Facility are secured; the obligations under the Indenture are unsecured n The guarantors are nearly identical under the Indenture, Superpriority Facility and 2018 Secured Financings n However, the following entities currently only guaranty the 2018 Secured Financings and the Indenture: „ Arabian CBI Co Ltd., Arabian CBI Tank Manufacturing Company Ltd., Lummus Arabia Ltd Co. (collectively, the “Saudi Guarantors”); „ McDermott Serviços Offshore do Brasil Ltda (the “Brazil Guarantor”); and „ CBI Eastern Anstalt (the “Lichtenstein Guarantor” and, collectively with the Saudi Guarantors, Brazil Guarantor, the “Limited Guarantors”) n The Superpriority Lenders require that the Limited Guarantors guaranty the Superpriority Facility and that process progresses 74 Private and Confidential

Confidential Perfection Analysis Overview (continued) n Lenders have taken extensive perfection actions under both the Superpriority Facility and 2018 Secured Financings in the United States and foreign jurisdictions of incorporation of guarantors and where guarantors own assets „ These jurisdictions include: Australia, Barbados, Brazil, Canada, Cayman Islands, Curacao, England and Wales, Ireland, Liechtenstein, Malta, Mexico, Netherlands, Norway, Panama, Singapore, United Arab Emirates and the United States „ The perfection actions also include pledging the equity interest of guarantor and non-guarantor subsidiaries—this perfection gives the Superpriority Facility and the 2018 Secured Financing the net residual value of these pledged subsidiaries as part of their security „ The collateral package is made up of substantially all of the present and after-acquired assets including security interests in personal property, vessels, real property, commercial tort claims, and general intangibles „ These collateral documents are available in the lender and noteholder advisor dataroom n The only identified instance in which the lenders potentially have not taken local (i.e., outside of the United States) perfection steps is with respect to the Saudi Guarantors „ Lenders have taken actions to perfect in the United States through UCC filings, which lenders view as sufficient perfection „ Arabian CBI Co Ltd. has obligations under a bi-lateral LC agreement and also deposits at the bi-lateral bank—the bi-lateral bank can exercise setoff rights against the accounts and would have a structurally senior claim to the Indenture, 2018 Secured Financings and the Superpriority Facility n For reference, below is a summary of the booked assets and liabilities of the Saudi Guarantors as of November 20, 2019 Total Assets as of 11/30 Total Liabilities as of 11/30 Intercompany Intercompany Net Assets Legal Entity (includes intercompany) (includes intercompany) Assets Liabilities (excluding intercompany) Arabian CBI Co Ltd. $ 87,518,934 $ 39,513,342 $30,262,004 $ 2,437,618 $20,181,206 Arabian CBI Tank Manufacturing Company Ltd. $ 52,897,497 $ 6,706,805 $ 30,725,753 $ 310,749 $15,775,688 Lummus Arabia Ltd Co. $75,437,395 $71,717,621 $ 65,093,975 $ 14,912,151 $ (46,462,050) 75 Private and ConfidentialConfidential Perfection Analysis Overview (continued) n Lenders have taken extensive perfection actions under both the Superpriority Facility and 2018 Secured Financings in the United States and foreign jurisdictions of incorporation of guarantors and where guarantors own assets „ These jurisdictions include: Australia, Barbados, Brazil, Canada, Cayman Islands, Curacao, England and Wales, Ireland, Liechtenstein, Malta, Mexico, Netherlands, Norway, Panama, Singapore, United Arab Emirates and the United States „ The perfection actions also include pledging the equity interest of guarantor and non-guarantor subsidiaries—this perfection gives the Superpriority Facility and the 2018 Secured Financing the net residual value of these pledged subsidiaries as part of their security „ The collateral package is made up of substantially all of the present and after-acquired assets including security interests in personal property, vessels, real property, commercial tort claims, and general intangibles „ These collateral documents are available in the lender and noteholder advisor dataroom n The only identified instance in which the lenders potentially have not taken local (i.e., outside of the United States) perfection steps is with respect to the Saudi Guarantors „ Lenders have taken actions to perfect in the United States through UCC filings, which lenders view as sufficient perfection „ Arabian CBI Co Ltd. has obligations under a bi-lateral LC agreement and also deposits at the bi-lateral bank—the bi-lateral bank can exercise setoff rights against the accounts and would have a structurally senior claim to the Indenture, 2018 Secured Financings and the Superpriority Facility n For reference, below is a summary of the booked assets and liabilities of the Saudi Guarantors as of November 20, 2019 Total Assets as of 11/30 Total Liabilities as of 11/30 Intercompany Intercompany Net Assets Legal Entity (includes intercompany) (includes intercompany) Assets Liabilities (excluding intercompany) Arabian CBI Co Ltd. $ 87,518,934 $ 39,513,342 $30,262,004 $ 2,437,618 $20,181,206 Arabian CBI Tank Manufacturing Company Ltd. $ 52,897,497 $ 6,706,805 $ 30,725,753 $ 310,749 $15,775,688 Lummus Arabia Ltd Co. $75,437,395 $71,717,621 $ 65,093,975 $ 14,912,151 $ (46,462,050) 75 Private and Confidential

Confidential Vessel Encumbrance Summary n Below are the ten material vessels owned by the company, nine of which are pledged and mortgaged under the 2018 Secured Financings and Superpriority Facility and one of which is pledged and mortgaged under a special purpose financing „ The company charters (but does not own) two additional vessels—the Amazon and the Aqua Lift II—and owns an interest in the Derrick Barge 30 vessel through a joint venture „ Any other vessels owned by the company are small, non-propelled barges of de minimis value Pledged Vessel Vessel Owner Pledged to Which Facility (Yes/No) May 10, 2018 Credit Agreement DLV 2000 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement Emerald Sea McDermott International Vessels, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement Intermac 650 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement Lay Vessel 108 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility September 30, 2010 NO 105 Credit Lay Vessel North Ocean 105 North Ocean 105 AS Y Agreement May 10, 2018 Credit Agreement McDermott Derrick Barge No. 27 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement McDermott Derrick Barge No. 32 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement McDermott Derrick Barge No. 50 J. Ray McDermott International Vessels, Ltd. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement North Ocean 102 J. Ray McDermott (Norway), AS Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement Thebaud Sea McDermott Gulf Operating Company, Inc. Y October 21, 2019 Priming Facility 76 Private and ConfidentialConfidential Vessel Encumbrance Summary n Below are the ten material vessels owned by the company, nine of which are pledged and mortgaged under the 2018 Secured Financings and Superpriority Facility and one of which is pledged and mortgaged under a special purpose financing „ The company charters (but does not own) two additional vessels—the Amazon and the Aqua Lift II—and owns an interest in the Derrick Barge 30 vessel through a joint venture „ Any other vessels owned by the company are small, non-propelled barges of de minimis value Pledged Vessel Vessel Owner Pledged to Which Facility (Yes/No) May 10, 2018 Credit Agreement DLV 2000 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement Emerald Sea McDermott International Vessels, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement Intermac 650 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement Lay Vessel 108 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility September 30, 2010 NO 105 Credit Lay Vessel North Ocean 105 North Ocean 105 AS Y Agreement May 10, 2018 Credit Agreement McDermott Derrick Barge No. 27 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement McDermott Derrick Barge No. 32 Hydro Marine Services, Inc. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement McDermott Derrick Barge No. 50 J. Ray McDermott International Vessels, Ltd. Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement North Ocean 102 J. Ray McDermott (Norway), AS Y October 21, 2019 Priming Facility May 10, 2018 Credit Agreement Thebaud Sea McDermott Gulf Operating Company, Inc. Y October 21, 2019 Priming Facility 76 Private and Confidential

Confidential Real Property Encumbrance Summary Property 2018 Secured Financing Superpriority Facility Mexico Fabrication Yard, Port of Altamira, Tamaulipas, Mexico Mortgaged Mortgaged Canada Pipe, module shop, yard and building Highway 825, Sturgeon Mortgaged Mortgaged Industrial Park, Fort Saskatchewan, Alberta, Canada Louisiana Pipe fabrication shop, Walker, Louisiana at 30103 Sunland In process (Flood determination) In process Drive, Walker, Livingston Parish, Louisiana, 70785 Texas Research, development and manufacturing operation at 10100 Mortgaged Mortgaged Bay Area Blvd, Pasadena, Harris County, Texas, 77507. Plate Fabrication Shop, Houston, Texas located as 8900 Mortgaged Mortgaged Fairbanks N. Houston Road, Houston, Harris County, Texas, 77064 Dubai Leased fabrication facility, United Arab Emirates, Government Mortgaged In process of Dubai Australia Plate Fabrication Shop, Kwimana, Australia Mortgaged Mortgaged 77 Private and ConfidentialConfidential Real Property Encumbrance Summary Property 2018 Secured Financing Superpriority Facility Mexico Fabrication Yard, Port of Altamira, Tamaulipas, Mexico Mortgaged Mortgaged Canada Pipe, module shop, yard and building Highway 825, Sturgeon Mortgaged Mortgaged Industrial Park, Fort Saskatchewan, Alberta, Canada Louisiana Pipe fabrication shop, Walker, Louisiana at 30103 Sunland In process (Flood determination) In process Drive, Walker, Livingston Parish, Louisiana, 70785 Texas Research, development and manufacturing operation at 10100 Mortgaged Mortgaged Bay Area Blvd, Pasadena, Harris County, Texas, 77507. Plate Fabrication Shop, Houston, Texas located as 8900 Mortgaged Mortgaged Fairbanks N. Houston Road, Houston, Harris County, Texas, 77064 Dubai Leased fabrication facility, United Arab Emirates, Government Mortgaged In process of Dubai Australia Plate Fabrication Shop, Kwimana, Australia Mortgaged Mortgaged 77 Private and Confidential

Confidential ($ in millions) 3Q19 Capitalization, Pro Forma for Superpriority Tranches A & B Debt / LTM 9/30/19 1/3/20 1/3/20 Cash PF Face Price Market Coupon Interest Maturity YTM Adj. EBITDA 1 Unrestricted Cash $677 $677 Restricted Cash for Cash-Secured LCs 333 333 Super-Senior Debt New Super-Senior Term Loan $800 102 $814 L + 1,000 $95 Oct-21 10.8% Total Super-Senior Debt $800 $814 $95 18.6x Net Super-Senior Debt 123 137 2.9x Secured Debt 2,3 $1.0bn Revolver due 2023 $801 NA $801 L + 425 $50 May-23 NA $2.26bn Term Loan due 2025 2,226 58 1,280 L + 500 154 May-25 20.0% Finance Leases 69 NA 69 NA NA NA NA 4 Construction Financing 12 NA 12 NA NA Oct-20 NA Structured Equipment Financing 32 NA 32 NA NA Jan-20 NA Total Secured Debt $3,940 $2,994 $299 91.6x Net Secured Debt 3,263 2,317 75.9x Unsecured Debt 10.625% Senior Notes due 2024 $1,300 9 $111 10.625% $138 May-24 136.5% Total Debt $5,240 $4,050 $437 121.9x Net Debt 4,563 3,373 106.1x Preferred & Equity Redeemable Preferred Stock $330 NA $330 14% / 15% PIK $40 Market Capitalization 122 $0.67 122 NA NA Investments in Unconsolidated Affiliates (450) Non-Controlling Interest 21 Total Enterprise Value $4,586 $477 106.7x Memo: 3Q19 LTM Adj. EBITDA $43 5 3Q19 LTM FCF (937) Source: Company materials, FactSet, Markit Liquidity LC and Bonding Capacity 1. Does not represent globally available cash, which is net of JV, consortium and other captive cash 2. LIBOR margin ranges from 375bps to 425bps depending on Revolver Commitment $1,000 Committed Uncommitted leverage ratio (-) Amount Outstanding (801) 3. Cash interest includes commitment fee 6 LC Facilities TL LCs Bilateral Surety 4. Represents financing agreement to pay a portion of the costs (-) LCs (194) of North Ocean 105 vessel Revolver Availability $5 Usage $1,855 $300 $1,380 $588 5. Calculated as operating cash flow less capital expenditures 1 6. Pro forma for Superpriority LC capacity of $200mm, (+) Unrestricted Cash 677 Availability 15 10 470 254 assuming fully utilized. Excludes capacity for LC issuance under RCF, but includes capacity for $230mm sidecar Total Liquidity $682 Total $1,870 $310 $1,850 $842 78 Private and ConfidentialConfidential ($ in millions) 3Q19 Capitalization, Pro Forma for Superpriority Tranches A & B Debt / LTM 9/30/19 1/3/20 1/3/20 Cash PF Face Price Market Coupon Interest Maturity YTM Adj. EBITDA 1 Unrestricted Cash $677 $677 Restricted Cash for Cash-Secured LCs 333 333 Super-Senior Debt New Super-Senior Term Loan $800 102 $814 L + 1,000 $95 Oct-21 10.8% Total Super-Senior Debt $800 $814 $95 18.6x Net Super-Senior Debt 123 137 2.9x Secured Debt 2,3 $1.0bn Revolver due 2023 $801 NA $801 L + 425 $50 May-23 NA $2.26bn Term Loan due 2025 2,226 58 1,280 L + 500 154 May-25 20.0% Finance Leases 69 NA 69 NA NA NA NA 4 Construction Financing 12 NA 12 NA NA Oct-20 NA Structured Equipment Financing 32 NA 32 NA NA Jan-20 NA Total Secured Debt $3,940 $2,994 $299 91.6x Net Secured Debt 3,263 2,317 75.9x Unsecured Debt 10.625% Senior Notes due 2024 $1,300 9 $111 10.625% $138 May-24 136.5% Total Debt $5,240 $4,050 $437 121.9x Net Debt 4,563 3,373 106.1x Preferred & Equity Redeemable Preferred Stock $330 NA $330 14% / 15% PIK $40 Market Capitalization 122 $0.67 122 NA NA Investments in Unconsolidated Affiliates (450) Non-Controlling Interest 21 Total Enterprise Value $4,586 $477 106.7x Memo: 3Q19 LTM Adj. EBITDA $43 5 3Q19 LTM FCF (937) Source: Company materials, FactSet, Markit Liquidity LC and Bonding Capacity 1. Does not represent globally available cash, which is net of JV, consortium and other captive cash 2. LIBOR margin ranges from 375bps to 425bps depending on Revolver Commitment $1,000 Committed Uncommitted leverage ratio (-) Amount Outstanding (801) 3. Cash interest includes commitment fee 6 LC Facilities TL LCs Bilateral Surety 4. Represents financing agreement to pay a portion of the costs (-) LCs (194) of North Ocean 105 vessel Revolver Availability $5 Usage $1,855 $300 $1,380 $588 5. Calculated as operating cash flow less capital expenditures 1 6. Pro forma for Superpriority LC capacity of $200mm, (+) Unrestricted Cash 677 Availability 15 10 470 254 assuming fully utilized. Excludes capacity for LC issuance under RCF, but includes capacity for $230mm sidecar Total Liquidity $682 Total $1,870 $310 $1,850 $842 78 Private and Confidential

Confidential ($ in millions) Long-Term Financial Projections 1 1 MB’20 Forecast vs. Financing Case, Assuming 2Q20 Tech Sale MB’20 Forecast Financing Case New Orders $20,000 $18,623 $17,825 $17,006 $18,000 $16,650 $16,000 $12,999 $13,024 $14,000 $12,786 $11,969 $11,487 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $ - TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 Adjusted EBITDA $1,400 $1,293 $1,200 $1,078 $1,061 $1,004 $1,000 $766 $800 $642 $521 $600 $475 $400 $183 $200 $ - TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 1. Adjusted for financing costs of proposed DIP and exit facilities 79 Private and ConfidentialConfidential ($ in millions) Long-Term Financial Projections 1 1 MB’20 Forecast vs. Financing Case, Assuming 2Q20 Tech Sale MB’20 Forecast Financing Case New Orders $20,000 $18,623 $17,825 $17,006 $18,000 $16,650 $16,000 $12,999 $13,024 $14,000 $12,786 $11,969 $11,487 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $ - TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 Adjusted EBITDA $1,400 $1,293 $1,200 $1,078 $1,061 $1,004 $1,000 $766 $800 $642 $521 $600 $475 $400 $183 $200 $ - TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 1. Adjusted for financing costs of proposed DIP and exit facilities 79 Private and Confidential

Confidential ($ in millions) Long-Term Financial Projections (cont’d) 1 1 MB’20 Forecast vs. Financing Case, Assuming 2Q20 Tech Sale MB’20 Forecast Financing Case Cash Flow from Operating Activities $1,500 $1,137 $1,000 $753 $661 $502 $500 $156 $134 $ - ($500) ($521) ($1,000) ($1,007) ($1,095) ($1,500) TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 2 Levered Free Cash Flow $1,500 $1,095 $1,000 $581 $540 $444 $500 $1 $ - ($116) ($500) ($691) ($1,000) ($1,152) ($1,191) ($1,500) TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 1. Adjusted for financing costs of proposed DIP and exit facilities 2. Defined as cash flow from operating activities less capex 80 Private and ConfidentialConfidential ($ in millions) Long-Term Financial Projections (cont’d) 1 1 MB’20 Forecast vs. Financing Case, Assuming 2Q20 Tech Sale MB’20 Forecast Financing Case Cash Flow from Operating Activities $1,500 $1,137 $1,000 $753 $661 $502 $500 $156 $134 $ - ($500) ($521) ($1,000) ($1,007) ($1,095) ($1,500) TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 2 Levered Free Cash Flow $1,500 $1,095 $1,000 $581 $540 $444 $500 $1 $ - ($116) ($500) ($691) ($1,000) ($1,152) ($1,191) ($1,500) TY'19 TY'20 TY'21 TY'22 TY'23 TY'24 1. Adjusted for financing costs of proposed DIP and exit facilities 2. Defined as cash flow from operating activities less capex 80 Private and Confidential

Confidential ($ in millions) Capital Structure Substantial equitization of prepetition secured creditors required Illustrative Capital Structure Pre and Post-Emergence n Prepetition capital structure: $6,000 2021E CFOA: $156 million „ Funded debt: $5.1 billion ● Includes $800 million of Superpriority Term Loan $5,000 1 n Capital structure pro forma for DIP Facility : „ Funded debt (incl. DIP draw and rollup): $6.4 billion $4,000 19.4x Equitization „ Funded DIP Term Loan: $3,027 2021E of Secured CFOA Debt ● DIP Term Loan: $1,200 million, plus $3,000 ● Roll-up of Superpriority Term Loan: $800 million ● Roll-up of Superpriority make whole plus prepetition $500 accrued interest and fees: $67 million $2,000 n DIP to be repaid in cash at exit with proceeds from Tech sale n While sale of Tech is necessary for repaying the DIP and de- levering the business, it reduces post-reorg debt capacity $2,067 $2,067 $1,000 n As a result, the Company is targeting post-emergence funded debt of just under ~1x 2021E Adj. EBITDA (comprised of EPC + Tanks) $-- „ In addition to funded debt, unfunded contingent credit exposure Pre-Emergence Post-Emergence remains in form of over $4+ billion in secured LCs, bilateral LCs, and surety bonds 1 DIP TL (Incl. Roll-Up and Illustrative Net Proceeds from Tech MW Plus Accrued Interest 2 PF Debt Capacity & Fees) Secured Debt 1. Illustrative proceeds net of combined taxes and fees on sale, cash to fund through liquidity trough upon exit, residual A/P paydown, as well as financing and professional fees upon exit from chapter 11 2. ~1x 2020E Adj. EBITDA 81 Private and Confidential $ millionsConfidential ($ in millions) Capital Structure Substantial equitization of prepetition secured creditors required Illustrative Capital Structure Pre and Post-Emergence n Prepetition capital structure: $6,000 2021E CFOA: $156 million „ Funded debt: $5.1 billion ● Includes $800 million of Superpriority Term Loan $5,000 1 n Capital structure pro forma for DIP Facility : „ Funded debt (incl. DIP draw and rollup): $6.4 billion $4,000 19.4x Equitization „ Funded DIP Term Loan: $3,027 2021E of Secured CFOA Debt ● DIP Term Loan: $1,200 million, plus $3,000 ● Roll-up of Superpriority Term Loan: $800 million ● Roll-up of Superpriority make whole plus prepetition $500 accrued interest and fees: $67 million $2,000 n DIP to be repaid in cash at exit with proceeds from Tech sale n While sale of Tech is necessary for repaying the DIP and de- levering the business, it reduces post-reorg debt capacity $2,067 $2,067 $1,000 n As a result, the Company is targeting post-emergence funded debt of just under ~1x 2021E Adj. EBITDA (comprised of EPC + Tanks) $-- „ In addition to funded debt, unfunded contingent credit exposure Pre-Emergence Post-Emergence remains in form of over $4+ billion in secured LCs, bilateral LCs, and surety bonds 1 DIP TL (Incl. Roll-Up and Illustrative Net Proceeds from Tech MW Plus Accrued Interest 2 PF Debt Capacity & Fees) Secured Debt 1. Illustrative proceeds net of combined taxes and fees on sale, cash to fund through liquidity trough upon exit, residual A/P paydown, as well as financing and professional fees upon exit from chapter 11 2. ~1x 2020E Adj. EBITDA 81 Private and Confidential $ millions

Confidential DIP Facility Sizing Considerations – General Assumptions n Filing on January 13, 2020 with a duration of the Chapter 11 case of 5.5 months (June 30th emergence) n Minimum liquidity of $450 million to account for working capital swings and other business impacts n Assumes JV, captive and country cash balance requirements of ~$450 million Case n Assumes no divestitures or material operational restructuring (e.g., project shutdown / contract rejections) Assumptions n Assumes continued access to global cash n Assumes no cash collateralization is required on existing unexpired L/Cs, Bi-Lat L/Cs, and Sureties n Assumes no incremental L/Cs contemplated other than the L/C needs reflected in the business plan 1 n Analysis assumes a $2.1 billion DIP facility ($867 million roll up from prepetition Super Priority Facility + $1.2 billion incremental DIP) n Interest and fees on the DIP facility assumed based on proposal received from secured lenders but not yet approved by the Company n Accrued but unpaid interest on the Super Priority Facility assumed paid at filing Interest and Fees n Analysis includes interest at existing rates on first lien facilities (RCF, TL, LC) through the pendency of the case based on proposal received from secured lenders but not yet approved by the Company n Analysis assumes DIP L/C facility size of $743 million, including roll up of Super Priority L/C facility of $200 million, and pricing based on proposal received from secured lenders but not yet approved by the Company n Base case projections derived from: n Business plan for 2020 with adjustments for partial month of January Base Case n Assumed opening available cash balance of $25 million Projections n Base case incorporates assumed impact of bankruptcy on new orders and backlog n Base case assumes no material change to vendor payments terms n DIP Facility sizing does not incorporate costs related to emergence capital structure or exit fees; these costs are Emergence assumed to be covered by the sources and uses at emergence from the Tech sale proceeds 1. Includes $800 million principal and $67 million make whole plus accrued interest and fees at time of filing 82 Private and ConfidentialConfidential DIP Facility Sizing Considerations – General Assumptions n Filing on January 13, 2020 with a duration of the Chapter 11 case of 5.5 months (June 30th emergence) n Minimum liquidity of $450 million to account for working capital swings and other business impacts n Assumes JV, captive and country cash balance requirements of ~$450 million Case n Assumes no divestitures or material operational restructuring (e.g., project shutdown / contract rejections) Assumptions n Assumes continued access to global cash n Assumes no cash collateralization is required on existing unexpired L/Cs, Bi-Lat L/Cs, and Sureties n Assumes no incremental L/Cs contemplated other than the L/C needs reflected in the business plan 1 n Analysis assumes a $2.1 billion DIP facility ($867 million roll up from prepetition Super Priority Facility + $1.2 billion incremental DIP) n Interest and fees on the DIP facility assumed based on proposal received from secured lenders but not yet approved by the Company n Accrued but unpaid interest on the Super Priority Facility assumed paid at filing Interest and Fees n Analysis includes interest at existing rates on first lien facilities (RCF, TL, LC) through the pendency of the case based on proposal received from secured lenders but not yet approved by the Company n Analysis assumes DIP L/C facility size of $743 million, including roll up of Super Priority L/C facility of $200 million, and pricing based on proposal received from secured lenders but not yet approved by the Company n Base case projections derived from: n Business plan for 2020 with adjustments for partial month of January Base Case n Assumed opening available cash balance of $25 million Projections n Base case incorporates assumed impact of bankruptcy on new orders and backlog n Base case assumes no material change to vendor payments terms n DIP Facility sizing does not incorporate costs related to emergence capital structure or exit fees; these costs are Emergence assumed to be covered by the sources and uses at emergence from the Tech sale proceeds 1. Includes $800 million principal and $67 million make whole plus accrued interest and fees at time of filing 82 Private and Confidential

Confidential DIP Facility Sizing Considerations – General Assumptions (cont’d) n Chapter 11 impact reflected in base case assumptions in business plan n Some new awards assumed in 1Q and 2Q20, but at substantially lower win rates Customers n Clear message to customers that case limited to financial restructuring with clarity of outcome n Significant first-day order relief to pay pre-petition trade A/P, covering foreign vendors, vendor with potential lien rights, labor subcontractors, and certain other vendors n Assumes remaining pre-petition A/P to be paid out at emergence with no impairment of trade A/P Vendors n No additional payment term contraction on post-petition payables assumed during case n Vendor base assumed to be stabilized through first day order relief, DIP liquidity, and clear messaging around a consensual path forward n No cash collateralization is required on existing unexpired L/Cs, Bi-Lat L/Cs, and Sureties Bi-lateral L/Cs, n All new project L/Cs and step ups issued under the DIP facility Surety Bonds, & Secured L/Cs n Continue to renew bi-lateral L/Cs and sureties under existing facilities n Accrued professional fees of $25 million per month through April n Professional fees reduced to $15 million per month for May and June due to lower administrative needs while the Tech sale is being finalized Admin. Costs n Also includes $15 million of DIP arrangement professional fees n Fees paid 30 to 60 days after month-end, with all unpaid fees paid at emergence n Excludes exit transaction and other financing fees n Super-priority financing of $1.0 billion received ($800 million TL; $200 million LCF); assumed to roll up into DIP Pre-petition Debt n Tranche 3 and 4 for $700 million not received 83 Private and ConfidentialConfidential DIP Facility Sizing Considerations – General Assumptions (cont’d) n Chapter 11 impact reflected in base case assumptions in business plan n Some new awards assumed in 1Q and 2Q20, but at substantially lower win rates Customers n Clear message to customers that case limited to financial restructuring with clarity of outcome n Significant first-day order relief to pay pre-petition trade A/P, covering foreign vendors, vendor with potential lien rights, labor subcontractors, and certain other vendors n Assumes remaining pre-petition A/P to be paid out at emergence with no impairment of trade A/P Vendors n No additional payment term contraction on post-petition payables assumed during case n Vendor base assumed to be stabilized through first day order relief, DIP liquidity, and clear messaging around a consensual path forward n No cash collateralization is required on existing unexpired L/Cs, Bi-Lat L/Cs, and Sureties Bi-lateral L/Cs, n All new project L/Cs and step ups issued under the DIP facility Surety Bonds, & Secured L/Cs n Continue to renew bi-lateral L/Cs and sureties under existing facilities n Accrued professional fees of $25 million per month through April n Professional fees reduced to $15 million per month for May and June due to lower administrative needs while the Tech sale is being finalized Admin. Costs n Also includes $15 million of DIP arrangement professional fees n Fees paid 30 to 60 days after month-end, with all unpaid fees paid at emergence n Excludes exit transaction and other financing fees n Super-priority financing of $1.0 billion received ($800 million TL; $200 million LCF); assumed to roll up into DIP Pre-petition Debt n Tranche 3 and 4 for $700 million not received 83 Private and Confidential

Confidential ($ in millions) Post-Emergence Financing Needs n Post-emergence liquidity need was assessed using the business plan, assuming no available cash on the balance sheet at emergence. Based on the liquidity low point in November 2020, MDR would need $820 million of liquidity „ Assumes minimum liquidity of $450 million, consistent with DIP sizing assumptions „ While the post-emergence analysis assumes no available cash at emergence for sizing purposes, $450 million would be available at emergence based on the DIP analysis n Gross post-emergence L/C need was assessed using the business plan „ Forecasted L/C need based on L/C activity from Q2’20 2020 through end of 2021, including new L/Cs, step-ups and roll-offs „ To the extent projected L/C roll-offs vary from the current forecast, additional L/C capacity may be required 1. L/C needs subject to variances in forecasted roll offs and the ability to issue bilateral L/Cs and surety bonds 84 Private and ConfidentialConfidential ($ in millions) Post-Emergence Financing Needs n Post-emergence liquidity need was assessed using the business plan, assuming no available cash on the balance sheet at emergence. Based on the liquidity low point in November 2020, MDR would need $820 million of liquidity „ Assumes minimum liquidity of $450 million, consistent with DIP sizing assumptions „ While the post-emergence analysis assumes no available cash at emergence for sizing purposes, $450 million would be available at emergence based on the DIP analysis n Gross post-emergence L/C need was assessed using the business plan „ Forecasted L/C need based on L/C activity from Q2’20 2020 through end of 2021, including new L/Cs, step-ups and roll-offs „ To the extent projected L/C roll-offs vary from the current forecast, additional L/C capacity may be required 1. L/C needs subject to variances in forecasted roll offs and the ability to issue bilateral L/Cs and surety bonds 84 Private and Confidential

Confidential Bridge Analysis – Financing Need vs DIP Case ($ in millions) The. DIP facility (including roll-up) is ~$2.8 billion compared to the $1.7 billion financing need in the Financing Case n Financing case did not include roll-up into DIP of existing $543 million L/C capacity consisting of (i) $371 million of new and incremental L/C commitments; and (ii) $172 million rolled pre-petition cash collateralized L/C capacity n Driver of increased funding need vs. Financing Case „ Reduction of $329 million in CFOA vs. Financing Case due to impact of current situation (loss/delay of project, slippage etc.) „ Incremental incurred and projected transaction expenses, interest and chapter 11 related professional fees of $401 million vs. Financing Case preliminary estimate of $200 million „ Higher than projected in-country cash of $90 million and increased minimum liquidity/working capital need of $50 million n Drivers of reduced funding need vs. Financing Case „ Financing Case did not include impact of automatic stay / FDO relief relative to vendors estimated at $210 million „ Reduction of $124 million of L/C need compared to the $324 million incremental L/C need at trough in the Financing Case $40 $50 $90 $401 $(210) $(10) $329 $(124) $(1,700) $543 $(2,267) $(2,810) DIP Need Adj. Rolled- DIP Need Δ in CFOA Δ Fees / Δ Δ Intra- Pipe Fab Ch11 Impact Reduction Other Financing Over L/Cs excl. Rolled- (Rest., Expenses / JV/Trapped period Proceeds (Vendor/FDO) L/C Need Case Need Over L/C Projects Debt Service Cash W/C Need Loss/Delays, etc.) 85 Private and ConfidentialConfidential Bridge Analysis – Financing Need vs DIP Case ($ in millions) The. DIP facility (including roll-up) is ~$2.8 billion compared to the $1.7 billion financing need in the Financing Case n Financing case did not include roll-up into DIP of existing $543 million L/C capacity consisting of (i) $371 million of new and incremental L/C commitments; and (ii) $172 million rolled pre-petition cash collateralized L/C capacity n Driver of increased funding need vs. Financing Case „ Reduction of $329 million in CFOA vs. Financing Case due to impact of current situation (loss/delay of project, slippage etc.) „ Incremental incurred and projected transaction expenses, interest and chapter 11 related professional fees of $401 million vs. Financing Case preliminary estimate of $200 million „ Higher than projected in-country cash of $90 million and increased minimum liquidity/working capital need of $50 million n Drivers of reduced funding need vs. Financing Case „ Financing Case did not include impact of automatic stay / FDO relief relative to vendors estimated at $210 million „ Reduction of $124 million of L/C need compared to the $324 million incremental L/C need at trough in the Financing Case $40 $50 $90 $401 $(210) $(10) $329 $(124) $(1,700) $543 $(2,267) $(2,810) DIP Need Adj. Rolled- DIP Need Δ in CFOA Δ Fees / Δ Δ Intra- Pipe Fab Ch11 Impact Reduction Other Financing Over L/Cs excl. Rolled- (Rest., Expenses / JV/Trapped period Proceeds (Vendor/FDO) L/C Need Case Need Over L/C Projects Debt Service Cash W/C Need Loss/Delays, etc.) 85 Private and Confidential

Confidential Bridge Analysis – Financing Need vs DIP Case ($ in millions) Breakdown of Fees, Expenses, and Incremental Debt Service # Description Amount DIP Case Fees, Expenses, and Incremental Debt Service 1 Superpriority Tranches A and B - Backstop, Upfront, and OID Fees $ (86) 2 Superpriority Tranches A and B - Other Fees and Expenses (9) 3 Interest Expenses on DIP (111) 4 Fees on DIP Facility (113) 5 Interest Expense / Incremental L/C Cost on Superpriority (22) 6 Professional Fees - Restructuring (pre-petition) (120) 7 Professional Fees - Restructuring (DIP) (140) Total Fees, Expenses, and Incremental Debt Service (601) Financing Case Fees, Expenses, and Incremental Debt Service 1 Placeholder (200) Incremental to the Financing Case $ (401) Note: Interest and fees associated with the DIP and post-filing period pursuant to the term sheet received on December 31, 2019, which has not yet been approved by the Company 86 Private and ConfidentialConfidential Bridge Analysis – Financing Need vs DIP Case ($ in millions) Breakdown of Fees, Expenses, and Incremental Debt Service # Description Amount DIP Case Fees, Expenses, and Incremental Debt Service 1 Superpriority Tranches A and B - Backstop, Upfront, and OID Fees $ (86) 2 Superpriority Tranches A and B - Other Fees and Expenses (9) 3 Interest Expenses on DIP (111) 4 Fees on DIP Facility (113) 5 Interest Expense / Incremental L/C Cost on Superpriority (22) 6 Professional Fees - Restructuring (pre-petition) (120) 7 Professional Fees - Restructuring (DIP) (140) Total Fees, Expenses, and Incremental Debt Service (601) Financing Case Fees, Expenses, and Incremental Debt Service 1 Placeholder (200) Incremental to the Financing Case $ (401) Note: Interest and fees associated with the DIP and post-filing period pursuant to the term sheet received on December 31, 2019, which has not yet been approved by the Company 86 Private and Confidential

Confidential NWC Bridge: Financing Case to MB’20 ($ in millions) January 7, 2020 NWC Commentary Q4'19 Financing Case Net Working Capital ($1,349) AP paydown (207) Financing Case assumed $300M AP paydown. Liquidity constraints and business deterioration limited to ~$93mm Expense recognition/reduced revenue recognition impacts NWC (either through recording of loss provisions and/or decreased NCSA TY'20 downsides accelerated to Q4'19 (87) Contracts in Progress). MENA GP recognition slipped to TY'20 (47) Delaying revenue recognition results in higher negative NWC (lower unbilled revenues recognized in Contracts in Progress). Customer insurance/settlements slipped to TY'20 (19) Delaying revenue recognition results in higher negative NWC (lower unbilled revenues recognized in Contracts in Progress). Standards roll in Dec resets Project Estimate at Completion cost estimates, and thus reduces POC% and revenue Standards impact (26) recognition. Reduced revenue recognition impacts NWC (either through recording of loss provisions and/or decreased Contracts in Progress). Others (95) Others including reclass between current and long Q4'19 Business Case Net Working Capital ($1,830) 87 Private and ConfidentialConfidential NWC Bridge: Financing Case to MB’20 ($ in millions) January 7, 2020 NWC Commentary Q4'19 Financing Case Net Working Capital ($1,349) AP paydown (207) Financing Case assumed $300M AP paydown. Liquidity constraints and business deterioration limited to ~$93mm Expense recognition/reduced revenue recognition impacts NWC (either through recording of loss provisions and/or decreased NCSA TY'20 downsides accelerated to Q4'19 (87) Contracts in Progress). MENA GP recognition slipped to TY'20 (47) Delaying revenue recognition results in higher negative NWC (lower unbilled revenues recognized in Contracts in Progress). Customer insurance/settlements slipped to TY'20 (19) Delaying revenue recognition results in higher negative NWC (lower unbilled revenues recognized in Contracts in Progress). Standards roll in Dec resets Project Estimate at Completion cost estimates, and thus reduces POC% and revenue Standards impact (26) recognition. Reduced revenue recognition impacts NWC (either through recording of loss provisions and/or decreased Contracts in Progress). Others (95) Others including reclass between current and long Q4'19 Business Case Net Working Capital ($1,830) 87 Private and Confidential

Confidential MDR DIP Sizing Model: Projected Receipts and Disbursements ($ in millions) January 17, 2020 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Total Cash Receipts $506 $606 $979 $690 $615 $972 $746 $776 $814 $567 $608 $932 Total Cash Disbursements (476) (841) (747) (851) (816) (800) (786) (777) (741) (650) (705) (684) 1 Net Operating Cash Flow $29 ($236) $231 ($161) ($202) $172 ($40) ($1) $73 ($84) ($97) $248 Restructuring & Other Expenses ($24) ($6) ($20) ($29) ($25) ($37) ($1) ($1) ($25) ($5) ($1) ($2) DIP Interest & Fees (85) (18) (19) (19) (19) (19) Capex (6) (13) (11) (15) (12) (11) (13) (12) (32) (13) (11) (13) 1 Net Cash Flow ($85) ($273) $180 ($224) ($258) $105 ($54) ($13) $16 ($102) ($109) $233 Beginning Book Cash Balance $465 $380 $106 $287 $63 ($195) ($90) ($145) ($158) ($142) ($244) ($353) Net Cash Flow (85) (273) 180 (224) (258) 105 (54) (13) 16 (102) (109) 233 Ending Book Cash Balance $380 $106 $287 $63 ($195) ($90) ($145) ($158) ($142) ($244) ($353) ($120) (-) JV, Captive, and Country Cash Balances (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) Bank Cash Available for Global Use ($61) ($334) ($154) ($378) ($636) ($531) ($585) ($598) ($582) ($684) ($793) ($560) (-) Working Capital Needs (450) (450) (450) (450) (450) (450) 1 DIP Financing Need ($511) ($784) ($604) ($828) ($1,086) ($981) 1. Excludes exit facility interest and fees 88 Private and ConfidentialConfidential MDR DIP Sizing Model: Projected Receipts and Disbursements ($ in millions) January 17, 2020 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Total Cash Receipts $506 $606 $979 $690 $615 $972 $746 $776 $814 $567 $608 $932 Total Cash Disbursements (476) (841) (747) (851) (816) (800) (786) (777) (741) (650) (705) (684) 1 Net Operating Cash Flow $29 ($236) $231 ($161) ($202) $172 ($40) ($1) $73 ($84) ($97) $248 Restructuring & Other Expenses ($24) ($6) ($20) ($29) ($25) ($37) ($1) ($1) ($25) ($5) ($1) ($2) DIP Interest & Fees (85) (18) (19) (19) (19) (19) Capex (6) (13) (11) (15) (12) (11) (13) (12) (32) (13) (11) (13) 1 Net Cash Flow ($85) ($273) $180 ($224) ($258) $105 ($54) ($13) $16 ($102) ($109) $233 Beginning Book Cash Balance $465 $380 $106 $287 $63 ($195) ($90) ($145) ($158) ($142) ($244) ($353) Net Cash Flow (85) (273) 180 (224) (258) 105 (54) (13) 16 (102) (109) 233 Ending Book Cash Balance $380 $106 $287 $63 ($195) ($90) ($145) ($158) ($142) ($244) ($353) ($120) (-) JV, Captive, and Country Cash Balances (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) Bank Cash Available for Global Use ($61) ($334) ($154) ($378) ($636) ($531) ($585) ($598) ($582) ($684) ($793) ($560) (-) Working Capital Needs (450) (450) (450) (450) (450) (450) 1 DIP Financing Need ($511) ($784) ($604) ($828) ($1,086) ($981) 1. Excludes exit facility interest and fees 88 Private and Confidential

Confidential MDR MB’20 Projections – Exclusive of Exit Capital Structure ($ in millions) January 17, 2020 Q4'19E Q1'20E Q2'20E Q3'20E Q4'20E 2020E 2021E 2022E 2023E 2024E Key P&L Metrics Revenue $2,308 $2,594 $2,565 $2,247 $2,329 $9,736 $10,369 $13,962 $12,943 $13,683 (-) Project Costs & Other (2,231) (2,369) (2,329) (2,048) (2,075) (8,821) (9,389) (12,562) (11,572) (12,093) Project Gross Profit $77 $225 $236 $199 $255 $915 $980 $1,399 $1,371 $1,590 (-) Other Direct Operating Expenses (64) (58) (54) (49) (40) (202) (199) (184) (190) (188) Gross Profit $13 $167 $182 $149 $214 $713 $781 $1,216 $1,181 $1,402 (-) R&D (11) (8) (4) (2) (2) (16) (13) (17) (18) (19) (-) SG&A (77) (80) (72) (72) (68) (292) (244) (263) (234) (220) (+/-) Other Operating Income (Expense) (66) (35) (59) (6) (3) (103) 1 1 1 1 Operating Income ($141) $44 $47 $69 $141 $301 $525 $938 $930 $1,164 (+) D&A 62 45 32 29 36 144 138 147 177 160 (+) Restructuring, Transaction & Integration Expenses 54 22 55 4 3 85 2 - - - (+/-) Other 4 2 1 1 1 4 3 3 3 3 Adjusted EBITDA ($21) $113 $135 $104 $181 $533 $668 $1,088 $1,110 $1,327 Margin % (0.9%) 4.4% 5.3% 4.6% 7.8% 5.5% 6.4% 7.8% 8.6% 9.7% Adjusted EBITDA - FCF Bridge Adjusted EBITDA ($21) $113 $135 $104 $181 $533 $668 $1,088 $1,110 $1,327 (-) Restructuring, Transaction & Integration Expenses (54) (22) (55) (4) (3) (85) (2) - - - (-) Pension Adjustment (47) - - - - - - - - - (-) D&A (62) (45) (32) (29) (36) (144) (138) (147) (177) (160) (-) Net Interest Expense (139) (1) (1) (7) (6) (16) (25) (24) (23) (21) (-) Income Tax Expense (109) (15) (15) (15) (15) (62) (105) (184) (184) (236) Net Income ($432) $29 $32 $48 $120 $228 $398 $732 $726 $910 (+) D&A 62 45 32 29 36 144 138 147 177 160 (+/-) Change in NWC (217) (260) (252) (95) (137) (744) (315) (154) (333) 138 (+) Pension Adjustment 47 - - - - - - - - - (+/-) Other 9 (4) (3) (1) (2) (8) (10) (8) (7) (7) CFOA ($531) ($189) ($190) ($18) $17 ($381) $211 $718 $564 $1,201 (-) Capex (31) (36) (38) (58) (37) (169) (155) (81) (58) (42) Free Cash Flow ($562) ($226) ($229) ($76) ($20) ($550) $56 $637 $506 $1,159 (+/-) Other Cash from Investing & Financing 786 (17) 5 (26) (8) (45) (152) (133) 3 4 Total Change in Cash $224 ($243) ($224) ($102) ($28) ($596) ($96) $504 $509 $1,163 Note: Excludes interest and fees on RCF, TLB, and Unsecured Notes, as well as excludes DIP interest and fees and exit facility interest and fees. Includes run-rate LC costs at legacy pricing 89 Private and ConfidentialConfidential MDR MB’20 Projections – Exclusive of Exit Capital Structure ($ in millions) January 17, 2020 Q4'19E Q1'20E Q2'20E Q3'20E Q4'20E 2020E 2021E 2022E 2023E 2024E Key P&L Metrics Revenue $2,308 $2,594 $2,565 $2,247 $2,329 $9,736 $10,369 $13,962 $12,943 $13,683 (-) Project Costs & Other (2,231) (2,369) (2,329) (2,048) (2,075) (8,821) (9,389) (12,562) (11,572) (12,093) Project Gross Profit $77 $225 $236 $199 $255 $915 $980 $1,399 $1,371 $1,590 (-) Other Direct Operating Expenses (64) (58) (54) (49) (40) (202) (199) (184) (190) (188) Gross Profit $13 $167 $182 $149 $214 $713 $781 $1,216 $1,181 $1,402 (-) R&D (11) (8) (4) (2) (2) (16) (13) (17) (18) (19) (-) SG&A (77) (80) (72) (72) (68) (292) (244) (263) (234) (220) (+/-) Other Operating Income (Expense) (66) (35) (59) (6) (3) (103) 1 1 1 1 Operating Income ($141) $44 $47 $69 $141 $301 $525 $938 $930 $1,164 (+) D&A 62 45 32 29 36 144 138 147 177 160 (+) Restructuring, Transaction & Integration Expenses 54 22 55 4 3 85 2 - - - (+/-) Other 4 2 1 1 1 4 3 3 3 3 Adjusted EBITDA ($21) $113 $135 $104 $181 $533 $668 $1,088 $1,110 $1,327 Margin % (0.9%) 4.4% 5.3% 4.6% 7.8% 5.5% 6.4% 7.8% 8.6% 9.7% Adjusted EBITDA - FCF Bridge Adjusted EBITDA ($21) $113 $135 $104 $181 $533 $668 $1,088 $1,110 $1,327 (-) Restructuring, Transaction & Integration Expenses (54) (22) (55) (4) (3) (85) (2) - - - (-) Pension Adjustment (47) - - - - - - - - - (-) D&A (62) (45) (32) (29) (36) (144) (138) (147) (177) (160) (-) Net Interest Expense (139) (1) (1) (7) (6) (16) (25) (24) (23) (21) (-) Income Tax Expense (109) (15) (15) (15) (15) (62) (105) (184) (184) (236) Net Income ($432) $29 $32 $48 $120 $228 $398 $732 $726 $910 (+) D&A 62 45 32 29 36 144 138 147 177 160 (+/-) Change in NWC (217) (260) (252) (95) (137) (744) (315) (154) (333) 138 (+) Pension Adjustment 47 - - - - - - - - - (+/-) Other 9 (4) (3) (1) (2) (8) (10) (8) (7) (7) CFOA ($531) ($189) ($190) ($18) $17 ($381) $211 $718 $564 $1,201 (-) Capex (31) (36) (38) (58) (37) (169) (155) (81) (58) (42) Free Cash Flow ($562) ($226) ($229) ($76) ($20) ($550) $56 $637 $506 $1,159 (+/-) Other Cash from Investing & Financing 786 (17) 5 (26) (8) (45) (152) (133) 3 4 Total Change in Cash $224 ($243) ($224) ($102) ($28) ($596) ($96) $504 $509 $1,163 Note: Excludes interest and fees on RCF, TLB, and Unsecured Notes, as well as excludes DIP interest and fees and exit facility interest and fees. Includes run-rate LC costs at legacy pricing 89 Private and Confidential

Confidential MDR MB’20 Projections – Inclusive of Exit Capital Structure ($ in millions) January 17, 2020 Q4'19E Q1'20E Q2'20E Q3'20E Q4'20E 2020E 2021E 2022E 2023E 2024E Key P&L Metrics Revenue $2,308 $2,594 $2,565 $2,247 $2,329 $9,736 $10,369 $13,962 $12,943 $13,683 (-) Project Costs & Other (2,231) (2,369) (2,329) (2,055) (2,082) (8,834) (9,417) (12,592) (11,603) (12,123) Project Gross Profit $77 $225 $236 $192 $248 $902 $952 $1,370 $1,340 $1,559 (-) Other Direct Operating Expenses (64) (58) (54) (49) (40) (202) (199) (184) (190) (188) Gross Profit $13 $167 $182 $143 $208 $700 $754 $1,186 $1,150 $1,371 (-) R&D (11) (8) (4) (2) (2) (16) (13) (17) (18) (19) (-) SG&A (77) (80) (72) (72) (68) (292) (244) (263) (234) (220) (+/-) Other Operating Income (Expense) (66) (35) (59) (6) (3) (103) 1 1 1 1 Operating Income ($141) $44 $47 $63 $134 $288 $497 $908 $899 $1,134 (+) D&A 62 45 32 29 36 144 138 147 177 160 (+) Restructuring, Transaction & Integration Expenses 54 22 55 4 3 85 2 - - - (+/-) Other 4 2 1 1 1 4 3 3 3 3 Adjusted EBITDA ($21) $113 $135 $98 $174 $520 $640 $1,058 $1,079 $1,296 Margin % (0.9%) 4.4% 5.3% 4.3% 7.5% 5.3% 6.2% 7.6% 8.3% 9.5% Adjusted EBITDA - FCF Bridge Adjusted EBITDA ($21) $113 $135 $98 $174 $520 $640 $1,058 $1,079 $1,296 (-) Restructuring, Transaction & Integration Expenses (54) (22) (55) (4) (3) (85) (2) - - - (-) Pension Adjustment (47) - - - - - - - - - (-) D&A (62) (45) (32) (29) (36) (144) (138) (147) (177) (160) (-) Net Interest Expense (139) (1) (1) (14) (14) (31) (55) (54) (53) (51) (-) Income Tax Expense (109) (15) (15) (15) (15) (62) (105) (184) (184) (236) Net Income ($432) $29 $32 $34 $106 $200 $340 $673 $666 $850 (+) D&A 62 45 32 29 36 144 138 147 177 160 (+/-) Change in NWC (217) (260) (252) (95) (137) (744) (315) (154) (333) 138 (+) Pension Adjustment 47 - - - - - - - - - (+/-) Other 9 (4) (3) (1) (2) (8) (10) (8) (7) (7) CFOA ($531) ($189) ($190) ($32) $3 ($409) $154 $658 $503 $1,140 (-) Capex (31) (36) (38) (58) (37) (169) (155) (81) (58) (42) Free Cash Flow ($562) ($226) ($229) ($89) ($34) ($578) ($1) $577 $445 $1,098 (+/-) Other Cash from Investing & Financing 786 (17) 5 (26) (8) (45) (152) (133) 3 4 Total Change in Cash $224 ($243) ($224) ($115) ($42) ($624) ($153) $444 $448 $1,102 Note: Excludes interest and fees on RCF, TLB, and Unsecured Notes, as well as excludes DIP interest and fees 90 Private and ConfidentialConfidential MDR MB’20 Projections – Inclusive of Exit Capital Structure ($ in millions) January 17, 2020 Q4'19E Q1'20E Q2'20E Q3'20E Q4'20E 2020E 2021E 2022E 2023E 2024E Key P&L Metrics Revenue $2,308 $2,594 $2,565 $2,247 $2,329 $9,736 $10,369 $13,962 $12,943 $13,683 (-) Project Costs & Other (2,231) (2,369) (2,329) (2,055) (2,082) (8,834) (9,417) (12,592) (11,603) (12,123) Project Gross Profit $77 $225 $236 $192 $248 $902 $952 $1,370 $1,340 $1,559 (-) Other Direct Operating Expenses (64) (58) (54) (49) (40) (202) (199) (184) (190) (188) Gross Profit $13 $167 $182 $143 $208 $700 $754 $1,186 $1,150 $1,371 (-) R&D (11) (8) (4) (2) (2) (16) (13) (17) (18) (19) (-) SG&A (77) (80) (72) (72) (68) (292) (244) (263) (234) (220) (+/-) Other Operating Income (Expense) (66) (35) (59) (6) (3) (103) 1 1 1 1 Operating Income ($141) $44 $47 $63 $134 $288 $497 $908 $899 $1,134 (+) D&A 62 45 32 29 36 144 138 147 177 160 (+) Restructuring, Transaction & Integration Expenses 54 22 55 4 3 85 2 - - - (+/-) Other 4 2 1 1 1 4 3 3 3 3 Adjusted EBITDA ($21) $113 $135 $98 $174 $520 $640 $1,058 $1,079 $1,296 Margin % (0.9%) 4.4% 5.3% 4.3% 7.5% 5.3% 6.2% 7.6% 8.3% 9.5% Adjusted EBITDA - FCF Bridge Adjusted EBITDA ($21) $113 $135 $98 $174 $520 $640 $1,058 $1,079 $1,296 (-) Restructuring, Transaction & Integration Expenses (54) (22) (55) (4) (3) (85) (2) - - - (-) Pension Adjustment (47) - - - - - - - - - (-) D&A (62) (45) (32) (29) (36) (144) (138) (147) (177) (160) (-) Net Interest Expense (139) (1) (1) (14) (14) (31) (55) (54) (53) (51) (-) Income Tax Expense (109) (15) (15) (15) (15) (62) (105) (184) (184) (236) Net Income ($432) $29 $32 $34 $106 $200 $340 $673 $666 $850 (+) D&A 62 45 32 29 36 144 138 147 177 160 (+/-) Change in NWC (217) (260) (252) (95) (137) (744) (315) (154) (333) 138 (+) Pension Adjustment 47 - - - - - - - - - (+/-) Other 9 (4) (3) (1) (2) (8) (10) (8) (7) (7) CFOA ($531) ($189) ($190) ($32) $3 ($409) $154 $658 $503 $1,140 (-) Capex (31) (36) (38) (58) (37) (169) (155) (81) (58) (42) Free Cash Flow ($562) ($226) ($229) ($89) ($34) ($578) ($1) $577 $445 $1,098 (+/-) Other Cash from Investing & Financing 786 (17) 5 (26) (8) (45) (152) (133) 3 4 Total Change in Cash $224 ($243) ($224) ($115) ($42) ($624) ($153) $444 $448 $1,102 Note: Excludes interest and fees on RCF, TLB, and Unsecured Notes, as well as excludes DIP interest and fees 90 Private and Confidential

Confidential Liquidity Sources and Uses Since 10/25/19 ($ in millions) Uses of cash from the Superpriority Tranche A and B financing have included primarily vendor payments, payroll, JV cash infusions and restructuring/transaction related fees n Of the $800M in Superpriority Tranche A and B Funding, $97M of transaction costs were netted from gross proceeds „ Additional professional fees related to Superpriority Financing of over $30M included in Project Sprint Professional Fees n Increase in cash balance from 10/21 to 12/27 of $155M due mainly to year-end collection timing Sources of Cash Uses of Cash 10/21/19 Beginning Balance (Available Cash) $82 Vendor Payments $1,233 Superpriority Tranche A and B Funding 800 Payroll 530 Collections 1,321 Interest and Other Non-Op Disbursements 8 Collections from JVs 136 JV Cash Infusion 119 Project Sprint Professional Fees 73 Superpriority Financing Transaction Costs 97 Increase in In-Country Cash 42 12/27/19 Balance (Available Cash) 237 Total Sources of Cash $2,339 Total Uses of Cash $2,339 Notes: Balances do not include In-County, JV and Captive balances Collections from JVs include receipts from Cameron, Freeport and Golden Pass sublets 91 Private and ConfidentialConfidential Liquidity Sources and Uses Since 10/25/19 ($ in millions) Uses of cash from the Superpriority Tranche A and B financing have included primarily vendor payments, payroll, JV cash infusions and restructuring/transaction related fees n Of the $800M in Superpriority Tranche A and B Funding, $97M of transaction costs were netted from gross proceeds „ Additional professional fees related to Superpriority Financing of over $30M included in Project Sprint Professional Fees n Increase in cash balance from 10/21 to 12/27 of $155M due mainly to year-end collection timing Sources of Cash Uses of Cash 10/21/19 Beginning Balance (Available Cash) $82 Vendor Payments $1,233 Superpriority Tranche A and B Funding 800 Payroll 530 Collections 1,321 Interest and Other Non-Op Disbursements 8 Collections from JVs 136 JV Cash Infusion 119 Project Sprint Professional Fees 73 Superpriority Financing Transaction Costs 97 Increase in In-Country Cash 42 12/27/19 Balance (Available Cash) 237 Total Sources of Cash $2,339 Total Uses of Cash $2,339 Notes: Balances do not include In-County, JV and Captive balances Collections from JVs include receipts from Cameron, Freeport and Golden Pass sublets 91 Private and Confidential

Confidential Liquidity Sources and Uses Since 10/25/19 (continued) ($ in millions) 92 Private and ConfidentialConfidential Liquidity Sources and Uses Since 10/25/19 (continued) ($ in millions) 92 Private and Confidential

Confidential Change in Accounts Payable Aging ($ in millions) Accounts payable has decreased 7% since 10/01/19 after receipt of the Superpriority financing n Reduction in accounts payable across all aging balances 1,459 1,400 1,279 1,273 1,252 420 (29%) 1,186 1,183 1,169 1,156 1,200 308 (24%) 373 (29%) 365 (29%) 1,000 371 (32%) 128 (9%) 356 (31%) 409 (35%) 414 (35%) 77 (6%) 85 (7%) 96 (8%) 198 (14%) 162 (13%) 800 92 (8%) 91 (8%) 75 (6%) 69 (6%) 194 (15%) 128 (10%) 123 (11%) 110 (9%) 132 (11%) 154 (13%) 600 265 (21%) 308 (21%) 231 (18%) 221 (17%) 229 (19%) 235 (20%) 257 (22%) 271 (23%) 400 462 (36%) 431 (34%) 200 405 (32%) 406 (28%) 363 (31%) 351 (30%) 317 (27%) 274 (23%) 0 10/1/19 10/24/19 10/31/19 11/6/19 11/15/19 12/6/19 12/10/19 12/20/19 Not Yet Due 0 to 30 Days 31 to 60 Days 61 to 90 Days Over 91 Days 93 Private and Confidential Accounts Payable ($M)Confidential Change in Accounts Payable Aging ($ in millions) Accounts payable has decreased 7% since 10/01/19 after receipt of the Superpriority financing n Reduction in accounts payable across all aging balances 1,459 1,400 1,279 1,273 1,252 420 (29%) 1,186 1,183 1,169 1,156 1,200 308 (24%) 373 (29%) 365 (29%) 1,000 371 (32%) 128 (9%) 356 (31%) 409 (35%) 414 (35%) 77 (6%) 85 (7%) 96 (8%) 198 (14%) 162 (13%) 800 92 (8%) 91 (8%) 75 (6%) 69 (6%) 194 (15%) 128 (10%) 123 (11%) 110 (9%) 132 (11%) 154 (13%) 600 265 (21%) 308 (21%) 231 (18%) 221 (17%) 229 (19%) 235 (20%) 257 (22%) 271 (23%) 400 462 (36%) 431 (34%) 200 405 (32%) 406 (28%) 363 (31%) 351 (30%) 317 (27%) 274 (23%) 0 10/1/19 10/24/19 10/31/19 11/6/19 11/15/19 12/6/19 12/10/19 12/20/19 Not Yet Due 0 to 30 Days 31 to 60 Days 61 to 90 Days Over 91 Days 93 Private and Confidential Accounts Payable ($M)

Confidential Estimated Sources and Uses at Emergence ($ in millions) January 20, 2020 McDermott International, Inc. - Estimated Sources and Uses at Emergence USD Millions 1 1 Sources at Emergence Amount Uses at Emergence Amount Sources Uses (7) 2 Tech Sale - Gross Proceeds $ 2,725 Minimum Available Cash to Balance Sheet $ 450 2 3 Available Cash on Balance Sheet 656 Post-Emerg. Break Even Liquidity Need 370 Tech Sale - Transaction Fees 45 4, 7 Tech Sale - Cash Taxes 64 7 Tech Sale - Other Deductions / Adjustments 110 Tech Sale - Cash Flow Net of Ticking Fee (1) 5 Exit L/C Facility Recommitment Fee 20 6 Exit Professional Transaction Fees 28 Other Transaction Costs 10 Paydow n Residual Pre-Petition Trade A/P 200 Noteholder RSA Fee 10 Repay DIP - New Money & Super Priority Roll Up 2,000 Repay DIP - Accrued Super Priority Interest 22 Repay DIP - Make Whole Portion 44 Excess / (Deficit) 9 Total Cash Sources at Emergence $ 3,381 Total Cash Uses at Emergence $ 3,381 Notes: (1) Assumptions subject to change according to final deal parameters (2) Available cash excludes in-country cash, consortium cash and restricted cash (3) Liquidity trough projected to occur in November 2020 at $370mm (4) Cash tax estimate per MDR management's preliminary estimate; subject to change (5) L/C recommitment fee per draft term sheet of 1.5% of Senior Exit L/C Facility ($1.326bn) (6) Preliminary; subject to change. Excludes monthly professional fees assumed paid in DIP (7) Preliminary estimates; subject to change 94 Private and ConfidentialConfidential Estimated Sources and Uses at Emergence ($ in millions) January 20, 2020 McDermott International, Inc. - Estimated Sources and Uses at Emergence USD Millions 1 1 Sources at Emergence Amount Uses at Emergence Amount Sources Uses (7) 2 Tech Sale - Gross Proceeds $ 2,725 Minimum Available Cash to Balance Sheet $ 450 2 3 Available Cash on Balance Sheet 656 Post-Emerg. Break Even Liquidity Need 370 Tech Sale - Transaction Fees 45 4, 7 Tech Sale - Cash Taxes 64 7 Tech Sale - Other Deductions / Adjustments 110 Tech Sale - Cash Flow Net of Ticking Fee (1) 5 Exit L/C Facility Recommitment Fee 20 6 Exit Professional Transaction Fees 28 Other Transaction Costs 10 Paydow n Residual Pre-Petition Trade A/P 200 Noteholder RSA Fee 10 Repay DIP - New Money & Super Priority Roll Up 2,000 Repay DIP - Accrued Super Priority Interest 22 Repay DIP - Make Whole Portion 44 Excess / (Deficit) 9 Total Cash Sources at Emergence $ 3,381 Total Cash Uses at Emergence $ 3,381 Notes: (1) Assumptions subject to change according to final deal parameters (2) Available cash excludes in-country cash, consortium cash and restricted cash (3) Liquidity trough projected to occur in November 2020 at $370mm (4) Cash tax estimate per MDR management's preliminary estimate; subject to change (5) L/C recommitment fee per draft term sheet of 1.5% of Senior Exit L/C Facility ($1.326bn) (6) Preliminary; subject to change. Excludes monthly professional fees assumed paid in DIP (7) Preliminary estimates; subject to change 94 Private and Confidential

Confidential Consolidated 13-Week Cash Flow Forecast ($ in millions) January 18, 2020 Week #: 1 2 3 4 5 6 7 8 9 10 11 12 13 13 Weeks Actual / Forecast: Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Week Ending: 01/24/20 01/31/20 02/07/20 02/14/20 02/21/20 02/28/20 03/06/20 03/13/20 03/20/20 03/27/20 04/03/20 04/10/20 04/17/20 Total Total Receipts $ 144.1 $ 253.2 $ 89.3 $ 78.5 $ 213.7 $ 315.0 $ 146.1 $ 56.1 $ 76.2 $ 392.5 $ 174.4 $ 56.2 $ 35.1 $ 2,030.5 Total Disbursements (5 0.0) (3 99.8) (197.3) (1 65.3) (184.3) (2 37.4) (1 69.3) (1 52.2) (1 59.2) (1 69.4) (229.2) (1 44.5) (152.7) (2,410.7) Total Net Cash Flow $ 94.1 $ (146.6) $ (108.0) $ (86.9) $ 29.4 $ 77.7 $ (23.2) $ (9 6.1) $ (8 3.0) $ 223.2 $ (5 4.8) $ (8 8.3) $ (117.6) $ (380.1) Cumulative Period 94.1 (52.5) (160.5) (247.3) (217.9) (140.3) (163.5) (259.6) (342.6) (119.4) (174.2) (262.6) (380.1) (380.1) Cash Balance Rollforward Beginning Cash Balance 155.0 716.1 569.5 461.5 374.6 1,054.0 1,131.7 1,108.5 1,012.4 929.4 1,152.5 1,097.8 1,009.4 155.0 Net Cash Flow 94.1 (146.6) (108.0) (86.9) 29.4 77.7 (2 3.2) (9 6.1) (83.0) 223.2 (5 4.8) (88.3) (117.6) (380.1) New Financing (Net of Fees) 467.0 - - - 650.0 - - - - - - - - 1,117.0 Ending Cash Balance $ 716.1 $ 569.5 $ 461.5 $ 374.6 $ 1,054.0 $ 1,131.7 $ 1,108.5 $ 1,012.4 $ 929.4 $ 1,152.5 $ 1,097.8 $ 1,009.4 $ 891.8 $ 891.8 Memo: Less Country Cash Balances (1 30.0) (1 30.0) (1 30.0) (130.0) (1 30.0) (130.0) (1 30.0) (130.0) (1 30.0) (1 30.0) (1 30.0) (130.0) (130.0) (130.0) Ending Available Cash Balance $ 586.1 $ 439.5 $ 331.5 $ 244.6 $ 924.0 $ 1,001.7 $ 978.5 $ 882.4 $ 799.4 $ 1,022.5 $ 967.8 $ 879.4 $ 761.8 $ 761.8 Ending Cash Balance including Country Cash + JV Cash + Insurance Captive Cash 1,074.5 900.0 797.5 744.0 1,374.5 1,449.1 1,448.2 1,344.7 1,249.0 1,468.2 1,430.7 1,338.4 1,236.8 1,236.8 Notes: * Week of 01/24, includes only 01/22, 01/23 & 01/24 post-filing Does not include cash collateral accounts 95 Private and ConfidentialConfidential Consolidated 13-Week Cash Flow Forecast ($ in millions) January 18, 2020 Week #: 1 2 3 4 5 6 7 8 9 10 11 12 13 13 Weeks Actual / Forecast: Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Week Ending: 01/24/20 01/31/20 02/07/20 02/14/20 02/21/20 02/28/20 03/06/20 03/13/20 03/20/20 03/27/20 04/03/20 04/10/20 04/17/20 Total Total Receipts $ 144.1 $ 253.2 $ 89.3 $ 78.5 $ 213.7 $ 315.0 $ 146.1 $ 56.1 $ 76.2 $ 392.5 $ 174.4 $ 56.2 $ 35.1 $ 2,030.5 Total Disbursements (5 0.0) (3 99.8) (197.3) (1 65.3) (184.3) (2 37.4) (1 69.3) (1 52.2) (1 59.2) (1 69.4) (229.2) (1 44.5) (152.7) (2,410.7) Total Net Cash Flow $ 94.1 $ (146.6) $ (108.0) $ (86.9) $ 29.4 $ 77.7 $ (23.2) $ (9 6.1) $ (8 3.0) $ 223.2 $ (5 4.8) $ (8 8.3) $ (117.6) $ (380.1) Cumulative Period 94.1 (52.5) (160.5) (247.3) (217.9) (140.3) (163.5) (259.6) (342.6) (119.4) (174.2) (262.6) (380.1) (380.1) Cash Balance Rollforward Beginning Cash Balance 155.0 716.1 569.5 461.5 374.6 1,054.0 1,131.7 1,108.5 1,012.4 929.4 1,152.5 1,097.8 1,009.4 155.0 Net Cash Flow 94.1 (146.6) (108.0) (86.9) 29.4 77.7 (2 3.2) (9 6.1) (83.0) 223.2 (5 4.8) (88.3) (117.6) (380.1) New Financing (Net of Fees) 467.0 - - - 650.0 - - - - - - - - 1,117.0 Ending Cash Balance $ 716.1 $ 569.5 $ 461.5 $ 374.6 $ 1,054.0 $ 1,131.7 $ 1,108.5 $ 1,012.4 $ 929.4 $ 1,152.5 $ 1,097.8 $ 1,009.4 $ 891.8 $ 891.8 Memo: Less Country Cash Balances (1 30.0) (1 30.0) (1 30.0) (130.0) (1 30.0) (130.0) (1 30.0) (130.0) (1 30.0) (1 30.0) (1 30.0) (130.0) (130.0) (130.0) Ending Available Cash Balance $ 586.1 $ 439.5 $ 331.5 $ 244.6 $ 924.0 $ 1,001.7 $ 978.5 $ 882.4 $ 799.4 $ 1,022.5 $ 967.8 $ 879.4 $ 761.8 $ 761.8 Ending Cash Balance including Country Cash + JV Cash + Insurance Captive Cash 1,074.5 900.0 797.5 744.0 1,374.5 1,449.1 1,448.2 1,344.7 1,249.0 1,468.2 1,430.7 1,338.4 1,236.8 1,236.8 Notes: * Week of 01/24, includes only 01/22, 01/23 & 01/24 post-filing Does not include cash collateral accounts 95 Private and Confidential