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UNITED STATES
SECURITIES AND 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
-----------------------------
(Title of Class of Securities)
580037109
---------
(CUSIP Number)
December 31, 1998
-----------------
(Date of Event which Requires Filing
of this Statement)
Check 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 on 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).
Page 1 of 10 Pages
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- -------------------- ------------------
CUSIP No. 580037109 13G Page 2 of 10 Pages
- -------------------- ------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Soros Fund 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
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
5,488,000
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 5,488,000
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,488,000
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[X]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.30%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO, IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
- -------------------- ------------------
CUSIP No. 580037109 13G Page 3 of 10 Pages
- -------------------- ------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
George Soros (in the capacity described herein)
- ---------- ---------------------------------------------------------------------
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
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
-0-
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,488,000
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
5,488,000
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,488,000
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[X]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.30%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 580037109 13G Page 4 of 10 Pages
- -------------------- ------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Stanley F. Druckenmiller (in the capacity described herein)
- ---------- ---------------------------------------------------------------------
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
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
774,200
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,488,000
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 774,200
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
5,488,000
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,262,200
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.61%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 580037109 13G Page 5 of 10 Pages
- -------------------- ------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Duquesne Capital Management, L.L.C.
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
PENNSYLVANIA
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
774,200
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 774,200
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
774,200
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[X]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.31%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO, IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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, Louisiana 70112-6050
Items 2(a) Name of Person Filing:
- ---------- ----------------------
This Statement is filed on behalf of the following persons
(collectively, the "Reporting Persons"):
i) Soros Fund Management LLC, a Delaware
limited liability company ("SFM LLC");
ii) Mr. George Soros ("Mr. Soros");
iii) Mr. Stanley F. Druckenmiller ("Mr.
Druckenmiller"); and
iv) Duquesne Capital Management, L.L.C., a
Pennsylvania limited liability company
("Duquesne LLC").
This Statement relates to Shares (as defined herein) held for the
accounts of Quantum Partners (as defined herein) and the Duquesne
LLC Clients (as defined herein). SFM LLC, a Delaware limited
liability company, serves as principal investment manager to
Quantum Partners LDC, a Cayman Islands exempted duration company
("Quantum Partners"), and, as such, has been granted investment
discretion over portfolio investments, including the Shares, held
for the account of Quantum Partners. Mr. Soros is the Chairman of
SFM LLC. Mr. Druckenmiller is the Lead Portfolio Manager and a
Member of the Management Committee of SFM LLC. Mr. Druckenmiller
also owns a 75% interest in, and is the sole managing member of,
Duquesne LLC, an investment advisory firm that serves as a
discretionary investment advisor to a limited number of
institutional clients (the "Duquesne LLC Clients").
Item 2(d) Title of Class of Securities:
- --------- -----------------------------
Page 6 of 10 Pages
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Common Stock, par value $1.00 per share (the "Shares")
Item 4. Ownership:
- ------- ----------
Item 4(a) Amount Beneficially Owned:
- --------- --------------------------
As of February 11, 1999, each of the Reporting Persons may be
deemed the beneficial owner of the following number of Shares:
i) SFM LLC and Mr. Soros may be deemed to be the beneficial owner
of the 5,488,000 Shares held for the account of Quantum Partners.
ii) Mr. Druckenmiller may be deemed the beneficial owner of
6,262,200 Shares. This number consists of (A) 5,488,000 Shares
held for the account of Quantum Partners and (B) 774,200 Shares
held for the accounts of the Duquense LLC Clients.
iii) Duquesne LLC may be deemed the beneficial owner of the
774,200 Shares held for the accounts of the Duquesne LLC Clients.
Item 4(b) Percent of Class:
- --------- -----------------
i) The number of Shares of which each of SFM LLC and Mr. Soros
may be deemed to be the beneficial owner constitutes
approximately 9.30% of the total number of Shares outstanding.
ii) The number of Shares of which Mr. Druckenmiller may be deemed
to be the beneficial owner constitutes approximately 10.61% of
the total number of Shares outstanding.
iii) The number of Shares of which Duquesne LLC may be deemed to
be the beneficial owner constitutes approximately 1.31% the total
number of Shares outstanding.
Item 4(c) Number of shares as to which such person has:
- --------- ---------------------------------------------
SFM LLC
-------
(i) Sole power to vote or to direct the vote:
5,488,000
Page 7 of 10 Pages
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(ii) Shared power to vote or to direct the
vote: -0-
(iii) Sole power to dispose or to direct the
disposition of: 5,488,000
(iv) Shared power to dispose or to direct the
disposition of: -0-
Mr. Soros
---------
(i) Sole power to vote or to direct the vote:
-0-
(ii) Shared power to vote or to direct the
vote: 5,488,000
(iii) Sole power to dispose or to direct the
disposition of: -0-
(iv) Shared power to dispose or to direct the
disposition of: 5,488,000
Mr. Druckenmiller
-----------------
(i) Sole power to vote or to direct the vote:
774,200
(ii) Shared power to vote or to direct the
vote: 5,488,000
(iii) Sole power to dispose or to direct the
disposition of: 774,200
(iv) Shared power to dispose or to direct the
disposition of: 5,488,000
Duquesne LLC
------------
(i) Sole power to vote or to direct the vote:
774,200
(ii) Shared power to vote or to direct the
vote: -0-
(iii) Sole power to dispose or to direct the
disposition of: 774,200
(iv) Shared power to dispose or to direct the
disposition of: -0-
Item 5 Ownership of Five Percent or Less of a Class:
- ------ --------------------------------------------
Not Applicable
Page 8 of 10 Pages
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Item 6 Ownership of More than Five Percent on Behalf of Another Person:
- ------ ---------------------------------------------------------------
The shareholders of Quantum Partners, including Quantum Fund
N.V., a Netherlands Antilles company, have the right to
participate in the receipt of dividends from, or proceeds from
the sale of, the Shares held for the account of Quantum Partners
in accordance with their ownership interests in Quantum Partners.
The Duquesne LLC Clients have the right to participate in the
receipt of dividends from, or proceeds from the sale of, the
Shares, held for their accounts.
Each of SFM LLC and Mr. Soros expressly disclaims beneficial
ownership of any Shares held for the accounts of the Duquesne LLC
Clients. Duquesne LLC expressly disclaims beneficial ownership of
any Shares held for the account of Quantum Partners.
Item 7 Identification and Classification of the
- ------ ----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
- ------ --------------------------------------------
of the Group:
-------------
Not Applicable
Item 9 Notice of Dissolution of Group:
- ------ ------------------------------
Not Applicable
Item 10 Certification:
- ------- --------------
By signing below each signatory certifies that, to the best of his/its
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 9 of 10 Pages
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SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 12, 1999 SOROS FUND MANAGEMENT LLC
By: /s/ Michael C. Neus
-----------------------
Michael C. Neus
Assistant General Counsel
Dated: February 12, 1999 GEORGE SOROS
By: /s/ Michael C. Neus
-----------------------
Michael C. Neus
Attorney-in-Fact
Dated: February 12, 1999 STANLEY F. DRUCKENMILLER
By: /s/ Michael C. Neus
-----------------------
Michael C. Neus
Attorney-in-Fact
Dated: February 12, 1999 DUQUESNE CAPITAL MANAGEMENT, L.L.C.
By: /s/ Gerald Kerner
-----------------------
Gerald Kerner
Managing Director
Page 10 of 10 Pages
