McDermott & Keppel Sign LOI for ABB Lummus Global Patents

J. Ray McDermott, S.A., a subsidiary of McDermott International and Keppel FELS Ltd, a wholly-owned subsidiary of Keppel Offshore & Marine, announced that ABB Lummus Global Inc. has accepted in principal the offer made jointly by Keppel and J. Ray for the purchase of ABB's Floating Production Systems US and foreign patents. This purchase includes, among other patents, the Extended Tension-Leg Platform (ETLP(TM)) and the Single Column Floater (SCF(TM)) designs. Keppel and J. Ray are preparing to form a new entity to jointly pursue development of this technology and certain deepwater floating structures.

"J. Ray and Keppel are excited to add these technologies to our respective inventories of offshore solutions," said Bob Deason, president and chief operating officer of J. Ray. "Our relationship with Keppel provides a unique opportunity to grow our respective markets through the application of these technologies."

Tong Chong Heong, Keppel's managing director, shared, "Keppel FELS has been constructing floating production systems for many years, starting with Conoco's TLWP in 1987. The acquisition of these technologies, together with J Ray, will enhance our capabilities and enable us to provide even better service to our customers."