J. Ray Garners Long-term Project from Saudi Aramco

McDermott International says that its subsidiary, J. Ray McDermott, S.A. ("J. Ray"), has been awarded a seven-year project by Saudi Aramco to provide engineering, procurement, construction, and installation for the Offshore Maintain Potential Program in Saudi Arabia. The project is known in the industry as the "Long Term Agreement" or "LTA".

"We have worked in Saudi Arabia and the Middle East for more than 45 years, and this is the largest project we've ever undertaken for Saudi Aramco," said Bob Deason, Chief Executive Officer of J. Ray. "Saudi Arabia has significant plans to increase oil production to meet the world's rapidly growing energy demand and our contribution in developing the facilities under the LTA will play a vital role in helping Saudi Aramco meet that commitment."

The LTA project consists of several packages that will be awarded over the coming years. The first package consists of 13 jackets, 11 decks and one tie-in platform. In this first package, J. Ray will procure and construct over 17,500 metric tons of structures at its Jebel Ali facility that will be installed in water depths of 14 meters through 55 meters. In addition, the company will install 12 pipelines totaling 70 kilometers in length and six subsea cables totaling 53 kilometers. All work will be performed by J. Ray's marine vessels in the Zuluf, Safaniya, Marjan, and Karan fields, offshore Saudi Arabia. J. Ray's scope under the first package is scheduled for completion by 2009.

Subsequent packages under the LTA will be confirmed over the coming years on an annual basis as Saudi Aramco finalizes their development plans and budget allocations.

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