J. Ray McDermott Completes Barge Sale

J. Ray McDermott has completed the sale of its DB 60 combination derrick and pipelay barge. The cash sales price received was approximately $44 million. J. Ray currently plans to use the proceeds to fund forecast capital expenditures over the next 12 months, a use permitted under the indenture on the secured notes it issued in 2003.

"While the DB 60 was not strategic to J. Ray's business plans, it could only be sold after completing its recent work in southern Argentina," said Bob Deason, President and Chief Operating Officer of J. Ray. "We are pleased to have so quickly realized the value of this asset once it became available for sale."