J. Ray McDermott Awarded Two Offshore Construction Projects

McDermott International, Inc., announced that subsidiaries of J. Ray McDermott, S.A. were recently awarded two contracts for offshore construction projects. Both of the contracts will be included in McDermott's second quarter 2008 backlog, and have a combined value in excess of $500 million.

The first award, from OOO LUKOIL-Nizhnevolzhskneft, a subsidiary of OAO LUKOIL Oil Company, is a contract to install offshore facilities in the Yuri Korchagin field. J. Ray's scope of work includes the transportation and installation of the piles for the ice-resistant fixed platform LSP-1, as well as transportation and installation of Single Point Mooring substructure, piles and the topsides.

The second award, from Esso Australia Resources Pty Ltd, is an engineering, procurement, construction and installation contract for work on the Kipper Tuna Gas Project located in the Bass Strait, Victoria, Australia. "This is a very significant contract for J. Ray, as it encompasses a wide range of services and marks a return to working with Esso Australia," said Bob Deason, Chief Executive Officer of J. Ray.