McDermott International, Inc.

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McDermott International, Inc. received "over $1.8 billion in federal contract obligations in fiscal year 2001 ... [and was] the 11th largest publicly traded federal contractor. Almost three-quarters of the contracts awarded to McDermott International, Inc. and its subsidiaries and their joint ventures were with the Department of Energy (DOE). Most of the contract amounts were for providing facilities support services at Department of Energy facilities in Oak Ridge, Tenn., and Albuquerque, N. Mex. Other Energy Department contracts were for work related to nuclear reactors, hazardous waste clean up and Strategic Petroleum Reserve operations."[1]

"McDermott International's filings with the Securities and Exchange Commission (SEC) and McDermott International's Web site did not contain information on the circumstances surrounding its incorporation in Panama [in 1997]. However, a May 2002 report by the New York State Bar Association provides some background on how McDermott Incorporated, a U.S.-based corporation, exchanged shares with McDermott International to become a Panama-based corporation. McDermott Incorporated, which was incorporated in Delaware in 1946, had a Panamanian subsidiary, McDermott International. In 1983, shareholders of McDermott Incorporated exchanged their shares for McDermott International shares."[2]

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