J. Ray McDermott Says Hello to New CFO

McDermott announced that Perry L. Elders has been elected Chief Financial Officer of its subsidiary, J. Ray McDermott, S.A. ("J. Ray"). In this role, Elders will have primary responsibility for all financial functions of J. Ray.

"I am exceptionally pleased to have Perry join J. Ray and our executive leadership team," said Stephen M. Johnson, President and Chief Executive Officer of J. Ray. "Perry brings proven success as a public company CFO and a strong background with substantial experience in accounting, finance and M&A in the energy industries we serve. His addition to our executive ranks brings us a trusted adviser and seasoned executive as we prepare to become a stand-alone, publicly-traded company."

Perry Elders is an experienced financial leader, with 27 years in roles of increasing responsibility. Most recently, Elders served as Executive Vice President and Chief Financial Officer of Bristow Group from 2005 through 2009. Prior to joining Bristow, Perry Elders served as Vice President, Finance and Chief Accounting Officer at Vetco International, Mr. Elders began his career and served 20 years in public accounting, primarily with Arthur Andersen, where he left as an Audit Partner and Head of its Gulf Coast Oilfield Services Industry Team, followed by PricewaterhouseCoopers, where he was an Audit Partner.

Mr. Elders earned his Bachelor of Accountancy degree from New Mexico State University in 1983 and is a Certified Public Accountant in the state of Texas.

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