J. Ray Awarded Pemex Construction Contract

McDermott International Inc. announced today that its subsidiary, J. Ray McDermott S.A., has been awarded a contract by Pemex for the fabrication of the Maloob-C Drilling Platform. The project is located in the Ku-Maloob-Zaap field in the Bay of Campeche, Mexico, in 269 feet of water.

"This is the first project award for our new facility at Altamira, Mexico," said Bob Deason, J. Ray's president and CEO. "I believe the Altamira facility will prove increasingly valuable for J. Ray in the coming years with its capabilities and deepwater access to the Gulf of Mexico."

Work on the drilling platform is scheduled to begin at Altamira in February 2008, and it is expected that more than 275 people will be involved with the project. Designed to sustain 18 wells, the drilling platform will have a 3,200ton eight-legged jacket and a two-level deck weighing just more than 2,500 tons, with more than 3,300 tons of piles. The contract is expected to be completed in the first quarter of 2009.

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