J. Ray McDermott Concludes Tender Offer for Senior Notes

J. Ray McDermott, a subsidiary of McDermott International Inc, has concluded its offer to purchase at par up to $18.75 million of J. Ray's 11 percent, senior secured notes due 2013 (the "Notes") commenced on Aug. 13, 2004. J. Ray did not receive any tenders of Notes during the offer period. The offer to purchase Notes was made in accordance with the asset sale covenant contained in the indenture. With the offer period now expired, the $18.75 million of previously restricted funds has now become unrestricted cash and available for general corporate purposes.