J. Ray McDermott Completes Acquisition of Secunda Assets

McDermott International reports that an affiliate of its subsidiary, J. Ray McDermott, S.A. ("J. Ray"), has completed its previously announced acquisition of substantially all of the assets of Secunda International Limited ("Secunda"), including 14 harsh-weather, multi-functional vessels, with capabilities which include subsea construction, pipelay, cable lay and dive support, as well as its shore base operations, for approximately $260 million.

"We are pleased to complete this purchase and to begin integrating certain of these assets into J. Ray's strong backlog of offshore oil & gas construction projects," said Bob Deason, Chief Executive Officer of J. Ray. "With Secunda, J. Ray enhances the ability to utilize its larger marine assets for higher value activities, increases the number of activities which can be self-performed, and additionally, supports its growing subsea development activities."