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Gold/Mining/Energy : MDR: McDermott International

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From: Condo5/30/2007 3:23:55 PM
   of 10
 
May 29, 2007 07:00 AM Eastern Daylight Time
J. Ray McDermott Awarded Major Saudi Aramco Offshore Contract

Leveraging expertise to provide 13 new offshore platforms, modifications of 26

HOUSTON--(BUSINESS WIRE)--McDermott International, Inc. (NYSE:MDR) (“McDermott”) confirmed today that its subsidiary, J. Ray McDermott, S.A. (“J. Ray”), was awarded a four-year project by Saudi Aramco to engineer, procure, construct, install, hook-up and commission the Manifa Field Facilities in the Arabian Gulf.

“It’s a matter of great pride for us to be associated with this significant project,” said Bob Deason, President and Chief Operating Officer of J. Ray. “Saudi Aramco is a long-term and valued customer. Our safe delivery of past structures won us recognition from them last year; and we expect to achieve high safety and quality performance on the Manifa project as well.”

The Manifa project is scheduled to commence engineering in May 2007. J. Ray will engineer from its regional headquarters in Jebel Ali, U.A.E. as well as from its engineering office in Chennai, India, established last year. The fabrication of platforms, with a combined weight of over 16,700 metric tons, will begin at the Jebel Ali facility in September 2007.

The project also includes modification work which entails design, procurement, installation, hook-up and commissioning of communication packages on 26 existing platforms.

“We recently embarked on an ambitious development plan for our fabrication facility at Jebel Ali. The plan involves capacity expansion and deployment of additional equipment, resulting in an increase in both efficiency and workable man-hours. Together with our experienced project team, we are well-prepared to successfully execute the Manifa project,” continued Deason.

The project is expected to be competed by 2011. During this four year period, J. Ray’s marine vessels will carry out the offshore construction and hook-up of the facilities in several campaigns.
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