Michael McKelvy Named Chair of the Board
Neil Bruce Named Lead Independent Director

McDermott International, Ltd today announced the appointments of Michael Martino, co-founder and principal of Mason Capital Management, LLC (Mason), and Farhad Nanji, co-founder of MFN Partners, LP, to the company’s Board of Directors effective August 15, 2025.

The company also announced the appointment of Michael McKelvy, President and CEO of McDermott, as Chair of the Board, and Neil Bruce as Lead Independent Director.

“We are excited about this development,” said Mr. McKelvy. “As long-term investors, Michael and Farhad know our business, strengths, and vision well. It is a great sign of confidence for them to join our Board, and I look forward to working together to deliver our strategy.”

Mr. Martino commented, “As an investor, I have seen firsthand the strength of McDermott’s leadership, operational strategy, and long-term vision for the company. I am eager to take a more active role in its successful future.”

“With current management and Michael’s leadership, McDermott has started a new chapter,” said Mr. Nanji. “I look forward to working with the Board and management to create value for McDermott stakeholders.”

“Both directors bring critical, relevant experience in addition to their position as long-term owners,” said Craig Broderick, Chair of the Board Governance Committee. Mr. Martino has led Mason, a global investment management firm, for more than 20 years. He served as Executive Director, Risk Arbitrage, at Oppenheimer & Company and held leadership positions in information systems and business analysis at GE Capital Corporation. Mr. Martino serves as a director of ATS Corporation and CB&I, which McDermott divested in 2024. Mr. Martino graduated from Fairfield University with a degree in Political Science and earned a Master of Business Administration in Finance from New York University’s Stern School of Business.

Mr. Nanji co-founded MFN Partners Management, LP, a value-oriented investment management firm based in Boston, Massachusetts, in 2016. He was managing director of Highfields Capital Management LP. Mr. Nanji has been a member of the PennyMac Board since the company’s formation in December 2012, and he chairs the Compensation Committee. He holds an M.B.A. from Harvard Business School and a Bachelor of Commerce degree from McGill University.

These appointments fill vacancies on the Board following the retirements of Nils Larsen, who joined the Board in 2020 and served as Chair of the Board from 2020 to 2025, and Tom Burke, who joined the Board in 2023. Mr. McKelvy said, “Nils Larsen brought me to McDermott and has been a strategic partner in our successes during his tenure. On behalf of our Board and management team, I thank Nils and Tom for their counsel and guidance to McDermott’s turnaround, through a reorganization, successful refinancing, strategic divestment, and simplification of our capital structure.”