J. Ray to Install 2 Drilling Platforms for Pemex in Bay of Campeche

J. Ray McDermott has been awarded a contract by PEMEX Exploracion y Produccion for the transportation and installation of the Ixtal-B and Maloob-C drilling platforms. These projects are located in the Bay of Campeche, Mexico, in 216 and 272 feet of water, respectively. Contracts of this nature are typically valued in excess of $40 million.

"This is the first installation contract PEMEX has awarded directly to J. Ray and follows our contract for the Maloob-C platform construction awarded in December 2007," said John Nesser, J. Ray's Executive Vice President and Chief Operating Officer. "J. Ray has a reputation as an industry leader known for delivering quality products with schedule certainty, and we look forward to cultivating this partnership with PEMEX on future projects."

The Ixtal-B drilling platform comprises a 1,984-ton, four-leg jacket with 2,205 tons of piles, and a 2,205-ton topside. The Maloob-C drilling platform comprises a 3,527-ton, eight-leg jacket, 2,535-ton topside, and 3,307 tons of piles and 2,646 tons of 30-inch conductors. The Ixtal-B jacket will be a "lift and set" installation, while the Maloob-C jacket will be launched conventionally.

J. Ray will mobilize its DB50 construction vessel from the U.S. Gulf of Mexico in the second quarter of 2009 to perform the installation of both facilities. The project is expected to be completed before the third quarter of 2009.