Babcock & Wilcox appoints director of business ethics and compliance

May 1, 2003 — The Babcock & Wilcox Company (B&W) recently named Terry W. Hood as director of Business Ethics and Compliance. In this position, Hood will provide leadership in matters related to compliance, business ethics and governance and will manage B&W’s formal Business Ethics and Compliance program.

This appointment reflects B&W’s continued commitment to the highest standards of business ethics and emphasizes the priority placed on maintaining a strong ethics culture throughout the B&W company.

Hood received a bachelor’s degree from Columbus State University (Georgia), and a master of business administration degree and a juris doctor from the University of Akron (Ohio). He is also a licensed attorney and a member of the Ethics Officer Association, of which B&W is a sponsoring partner.

The Babcock & Wilcox Company is an operating unit of McDermott International, Inc. (NYSE:MDR), a leading worldwide energy services company. B&W designs, manufactures, installs and provides products and services for steam-generating and environmental equipment for the electric utility, pulp & paper and industrial markets.

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