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Gold/Mining/Energy : MDR: McDermott International

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From: Condo6/7/2008 12:09:41 AM
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J. Ray establishes FPSO facility joint venture

Filed from Houston 6/6/2008 5:29:43 PM GMT

HAIXIWAN, CHINA: A subsidiary of J. Ray McDermott has entered into a joint venture with Qingdao Wuchuan Heavy Industry Co., a subsidiary of China Shipbuilding Industry Corp. (CSIC), to establish a new fabrication facility in China.

The joint venture, Qingdao McDermott Wuchuan Offshore Engineering Co., plans to establish a new facility on 111 acres in HaiXiWan, Qingdao, Shandong, China. The new facility will be adjacent to two CSIC shipyards, joint venture partner Qingdao Wuchuan Heavy Industry Co. and Qingdao Beihai Shipbuilding Heavy Industry Co. McDermoot Wuchuan will focus its business on floating, production, storage and offloading (FPSO) vessel construction and integration.

The new facility is planned to allow an annual throughput of up to 33,000 tons, expending six million man-hours per year. It will include structural and pipe shops, blasting and painting facilities, module assembly buildings, covered warehousing and lay down areas.

J. Ray McDermott President and CEO Bob Deason called the joint venture a "critical component" in the company's comprehensive business strategy, as FPSOs are a fast growing segment of the offshore construction industry.
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