UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------------------------------------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
MCDERMOTT INTERNATIONAL, INC.
-----------------------------
(Name of Issuer)
Common Stock, $1.00 par value per share
---------------------------------------
(Title of Class of Securities)
580037109
---------
(CUSIP Number)
December 31, 2004
-----------------
(Date of Event which Requires Filing of this Statement)
CCheck the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Continued on following pages
Page 1 of 14 Pages
Exhibit Index: Page 12
SCHEDULE 13G
CUSIP No.: 580037109 Page 2 of 14 Pages
...............................................................................
1 Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GLENVIEW CAPITAL MANAGEMENT, LLC
...............................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
...............................................................................
3. SEC Use Only
...............................................................................
4. Citizenship or Place of Organization
Delaware
...............................................................................
Number of 5. Sole Voting Power None
Shares ...............................................................
Beneficially 6. Shared Voting Power 3,538,362
Owned by Each ...............................................................
Reporting 7. Sole Dispositive Power None
Person With ...............................................................
8. Shared Dispositive Power 3,538,362
...............................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,538,362
...............................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
...............................................................................
11. Percent of Class Represented by Amount in Row (9)
5.3% based on 66,918,560 shares outstanding as of October 29, 2004.
...............................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 580037109 Page 3 of 14 Pages
...............................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GLENVIEW CAPITAL GP, LLC
...............................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
...............................................................................
3. SEC Use Only
...............................................................................
4. Citizenship or Place of Organization
Delaware
...............................................................................
Number of 5. Sole Voting Power None
Shares ...............................................................
Beneficially 6. Shared Voting Power 3,538,362
Owned by Each ...............................................................
Reporting 7. Sole Dispositive Power None
Person Wiith ...............................................................
8. Shared Dispositive Power 3,538,362
...............................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,538,362
...............................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
[ ]
...............................................................................
11. Percent of Class Represented by Amount in Row (9)
5.3% based on 66,918,560 shares outstanding as of October 29, 2004.
...............................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 580037109 Page 4 of 14 Pages
...............................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GLENVIEW CAPITAL PARTNERS, L.P.
...............................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
...............................................................................
3. SEC Use Only
...............................................................................
4. Citizenship or Place of Organization
Delaware
...............................................................................
Number of 5. Sole Voting Power None
Shares ...............................................................
Beneficially 6. Shared Voting Power 3,538,362
Owned by Each ...............................................................
Reporting 7. Sole Dispositive Power None
Person With ...............................................................
8. Shared Dispositive Power 3,538,362
...............................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,538,362
...............................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
[ ]
..............................................................................
11. Percent of Class Represented by Amount in Row (9)
5.3% based on 66,918,560 shares outstanding as of October 29, 2004.
..............................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 580037109 Page 5 of 14 Pages
...............................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GLENVIEW CAPITAL MASTER FUND, LTD.
...............................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
...............................................................................
3. SEC Use Only
...............................................................................
4. Citizenship or Place of Organization
Cayman Islands, British West Indies
...............................................................................
Number of 5. Sole Voting Power None
Shares ...............................................................
Beneficially 6. Shared Voting Power 3,538,362
Owned by Each ...............................................................
Reporting 7. Sole Dispositive Power None
Person With ...............................................................
8. Shared Dispositive Power 3,538,362
...............................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,538,362
...............................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
[ ]
..............................................................................
11. Percent of Class Represented by Amount in Row (9)
5.3% based on 66,918,560 shares outstanding as of October 29, 2004.
..............................................................................
12. Type of Reporting Person:
CO
SCHEDULE 13G
CUSIP No.: 580037109 Page 6 of 14 Pages
...............................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GLENVIEW INSTITUTIONAL PARTNERS, L.P.
...............................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
...............................................................................
3. SEC Use Only
...............................................................................
4. Citizenship or Place of Organization
Delaware
...............................................................................
Number of 5. Sole Voting Power None
Shares ...............................................................
Beneficially 6. Shared Voting Power 3,538,362
Owned by Each ...............................................................
Reporting 7. Sole Dispositive Power None
Person With ...............................................................
8. Shared Dispositive Power 3,538,362
...............................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,538,362
...............................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
[ ]
..............................................................................
11. Percent of Class Represented by Amount in Row (9)
5.3% based on 66,918,560 shares outstanding as of October 29, 2004.
..............................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 580037109 Page 7 of 14 Pages
..............................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
LAWRENCE M. ROBBINS
..............................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
..............................................................................
3. SEC Use Only
..............................................................................
4. Citizenship or Place of Organization
United States of America
..............................................................................
Number of 5. Sole Voting Power None
Shares ...............................................................
Beneficially 6. Shared Voting Power 3,538,362
Owned by Each ...............................................................
Reporting 7. Sole Dispositive Power None
Person With ..............................................................
8. Shared Dispositive Power 3,538,362
..............................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,538,362
..............................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
[ ]
.............................................................................
11. Percent of Class Represented by Amount in Row (9)
5.3% based on 66,918,560 shares outstanding as of October 29, 2004.
...............................................................................
12. Type of Reporting Person:
IA
Page 8 of 14 Pages
Item 1(a). Name of Issuer:
McDermott International, Inc. (the "Issuer")
Item 1(b). Address of Issuer's Principal Executive Offices:
1450 Poydras Street, New Orleans, LA 70112
Item 2(a). Name of Person Filing
This Statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) Glenview Capital Management, LLC ("Glenview Capital
Management");
ii) Glenview Capital GP, LLC ("Glenview Capital GP");
iii) Glenview Capital Partners, L.P. ("Glenview Capital
Partners");
iv) Glenview Institutional Partners, L.P. ("Glenview
Institutional Partners");
v) Glenview Capital Master Fund, Ltd. ("Glenview Capital
Master Fund"); and
vi) Lawrence M. Robbins ("Mr. Robbins").
This Statement relates to Shares (as defined herein) held for
the accounts of Glenview Capital Partners, Glenview Institutional Partners,
Glenview Capital Master Fund, GCM Little Arbor Master Fund, Ltd., a Cayman
Islands exempted company ("GCM Little Arbor Master Fund"), GCM Little Arbor
Institutional Partners, L.P., a Delaware limited partnership ("GCM Little
Arbor Institutional Partners"), and GCM Little Arbor Partners, L.P., a
Delaware limited partnership ("GCM Little Arbor Partners").
Glenview Capital Management serves as investment manager to
each of Glenview Capital Partners, Glenview Institutional Partners, Glenview
Capital Master Fund, GCM Little Arbor Master Fund, GCM Little Arbor
Institutional Partners, and GCM Little Arbor Partners. In such capacity,
Glenview Capital Management may be deemed to have voting and dispositive power
over the Shares held for the accounts of each of Glenview Capital Partners,
Glenview Institutional Partners, Glenview Capital Master Fund, GCM Little
Arbor Master Fund, GCM Little Arbor Institutional Partners, and GCM Little
Arbor Partners. Glenview Capital GP is the general partner of Glenview Capital
Partners, Glenview Institutional Partners, GCM Little Arbor Institutional
Partners and GCM Little Arbor Partners. Glenview Capital GP also serves as the
sponsor of the Glenview Capital Master Fund and the GCM Little Arbor Master
Fund. In such capacities, Glenview Capital GP may be deemed to have voting and
dispositive power over the Shares held for the accounts of each of Glenview
Capital Partners, Glenview Institutional Partners, Glenview Capital Master
Fund, GCM Little Arbor Master Fund, GCM Little Arbor Institutional Partners,
and GCM Little Arbor Partners. Mr. Robbins is the Chief Executive Officer of
Glenview Capital Management and Glenview Capital GP.
Item 2(b). Address of Principal Business Office or, if None, Residence
The address of the principal business office of each of
Glenview Capital Management, Glenview Capital GP, Glenview Capital Partners,
Glenview Institutional Partners and Mr. Robbins is 399 Park Avenue, Floor 39,
New York, New York 10022. The address of the principal business office of
Glenview Capital Master Fund is c/o Goldman Sachs (Cayman) Trust, Limited,
Harbour Centre, North Church Street, P.O. Box 896GT, George Town, Grand
Cayman, Cayman Islands, British West Indies.
Page 9 of 14 Pages
Item 2(c). Citizenship
i) Glenview Capital Management is a Delaware limited
liability company;
ii) Glenview Capital GP is a Delaware limited liability
company;
iii) Glenview Capital Partners is a Delaware
limited partnership;
iv) Glenview Institutional Partners is a Delaware limited
partnership;
v) Glenview Capital Master Fund is a Cayman Islands exempted
company; and
vi) Mr. Robbins is a citizen of the United States of America.
Item 2(d). Title of Class of Securities:
Common Stock, $1.00 par value per share (the "Shares")
Item 2(e). CUSIP Number:
580037109
Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing is a:
This Item 3 is not applicable.
Item 4. Ownership:
Item 4(a). Amount Beneficially Owned:
As of February 8, 2005, each of the Reporting Persons may be
deemed to be the beneficial owner of 3,538,362 Shares. This amount consists
of: (A) 307,100 Shares held for the account of Glenview Capital Partners; (B)
2,136,400 Shares held for the account of Glenview Capital Master Fund; (C)
1,063,000 Shares held for the account of Glenview Institutional Partners; (D)
56,700 Shares held for the account of GCM Little Arbor Master Fund, (E) 2,140
Shares held for the account of GCM Little Arbor Institutional Partners, and
(F) 3,022 Shares held for the account of GCM Little Arbor Partners.
Item 4(b). Percent of Class:
The number of Shares of which each of the Reporting Persons
may be deemed to be the beneficial owner constitutes approximately 5.3% of the
total number of Shares outstanding (based upon information provided by the
Issuer in its most recently-filed quarterly statement on Form 10-Q, there were
66,918,560 Shares outstanding as of October 29, 2004).
Page 10 of 14 Pages
Item 4(c). Number of Shares of which such person has:
Glenview Capital Management, Glenview Capital GP, Glenview Capital Partners,
----------------------------------------------------------------------------
Glenview Institutional Partners, Glenview Capital Master Fund and Mr. Robbins:
------------------------------------------------------------------------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 3,538,362
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 3,538,362
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
This Item 6 is not applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company:
This Item 7 is not applicable.
Item 8. Identification and Classification of Members of the Group:
This Item 8 is not applicable.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each of the Reporting Persons certifies that,
to the best of their knowledge and belief, the securities referred to above
were not acquired and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
Page 11 of 14 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Date: February 9, 2005 GLENVIEW CAPITAL MANAGEMENT, LLC
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 9, 2005 GLENVIEW CAPITAL GP, LLC
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 9, 2005 GLENVIEW CAPITAL PARTNERS, L.P.
By: Glenview Capital GP, LLC
As General Partner
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 9, 2005 GLENVIEW INSTITUTIONAL PARTNERS, L.P.
By: Glenview Capital GP, LLC
As General Partner
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 9, 2005 GLENVIEW CAPITAL MASTER FUND, LTD.
By: Glenview Capital Management, LLC
As Investment Manager
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 9, 2005 LAWRENCE M. ROBBINS
/s/ Lawrence M. Robbins
----------------------------
Page 12 of 14 Pages
EXHIBIT INDEX
Ex. Page No.
-- --------
A. Joint Filing Agreement, dated February 9, 2005 by and among
Glenview Capital Management, LLC, Glenview Capital GP, LLC,
Glenview Capital Partners, L.P., Glenview Institutional
Partners, L.P., Glenview Capital Master Fund, Ltd. and Mr.
Robbins........................................................ 13
Page 13 of 14 Pages
Exhibit A
Joint Filing Agreement
The undersigned hereby agree that the statement on Schedule 13G with
respect to the Common Stock of McDermott International, Inc. dated as of
February 9, 2005 is, and any amendments thereto (including amendments on
Schedule 13D) signed by each of the undersigned shall be, filed on behalf of
each of us pursuant to and in accordance with the provisions of Rule 13d-1(k)
under the Securities Exchange Act of 1934, as amended.
Date: February 9, 2005 GLENVIEW CAPITAL MANAGEMENT, LLC
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 9, 2005 GLENVIEW CAPITAL GP, LLC
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 9, 2005 GLENVIEW CAPITAL PARTNERS, L.P.
By: Glenview Capital GP, LLC
As General Partner
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 9, 2005 GLENVIEW INSTITUTIONAL PARTNERS, L.P.
By: Glenview Capital GP, LLC
As General Partner
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 9, 2005 GLENVIEW CAPITAL MASTER FUND, LTD.
By: Glenview Capital Management, LLC
As Investment Manager
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Page 14 of 14 Pages
Date: February 9, 2005 LAWRENCE M. ROBBINS
/s/ Lawrence M. Robbins
----------------------------