McDermott Commences Partial Tender Offer for Senior Notes

J. Ray McDermott has commenced an offer to purchase at par up to $18.75 million of J. Ray's 11 percent, senior secured notes due 2013 (the "Notes"). The offer to purchase is being made in accordance with the asset sale covenant contained in the indenture governing the Notes. J. Ray intends to use proceeds it obtained from the recently completed sale of the Oceanic 93 Shearleg Crane barge to fund the purchase of properly tendered Notes.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release, which are forward-looking and provide other than historical information, involve risks and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include our statements regarding J. Ray's intention to purchase properly tendered Notes. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous uncertainties and risks. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these risk factors, please see McDermott's annual report for the year ended December 31, 2003 and its 2004 quarterly reports filed with the Securities and Exchange Commission.


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