McDermott Awarded Argentine EPCI Contract

J. Ray McDermott, S.A., a subsidiary of McDermott International, Inc. has been awarded contracts by Total Austral S.A., a subsidiary of TotalFinaElf S.A., to engineer, procure, construct and install two natural gas production platforms and related submarine pipelines for offshore Argentina. The contracts, which were awarded following a design competition, have a total value of approximately $160 million.

"This award further secures our place as a premier EPCI marine construction company for deepwater and harsh environments," said Bobby Rawle, President and Chief Operating Officer of J. Ray McDermott. "By focusing on this important segment of the market, we continue to find opportunities to use the full scope of our capabilities."

Under the contracts, J. Ray McDermott will complete the first phase of Total Austral's Carina and Aries field development project, approximately 50 miles east of Tierra del Fuego, Argentina in the South Atlantic Ocean. The project includes design, procurement, fabrication and installation of two wellhead platforms, one in approximately 260 feet of water and the other in approximately 195 feet of water. J. Ray McDermott will also install approximately 62 miles of offshore flowlines and related chemical injection pipelines to transport natural gas production to shore. The offshore pipeline installation will be the most southerly ever completed.

Design of platform facilities and pipelines will be completed respectively by J. Ray McDermott Engineering and Mentor Subsea, a J. Ray McDermott subsidiary. Platform decks will be fabricated at J. Ray McDermott's TNG facility in Veracruz, Mexico, while platform jackets will be erected at the company's Harbor Island, Texas fabrication yard. Installation of the platforms and pipelines will be completed by the DB-60.

Engineering of the structures and pipelines is underway, with fabrication scheduled to start in March 2002, followed by installation, currently scheduled to begin in November 2002. Production is expected in the summer of 2003.


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