| J. Ray McDermott Awarded First Asia Pacific Subsea Project |
| HOUSTON, Mar 17, 2010 (BUSINESS WIRE) -- McDermott International, Inc. (NYSE:MDR) ("McDermott") announced today
that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") has been awarded
its first SURF ("Subsea Infrastructure, Umbilicals, Risers & Flowlines")
project in the Asia Pacific market since its strategic push into this
high growth area. This milestone contract was awarded by PetroVietnam
Technical Services Corporation ("PTSC") on behalf of its customer,
PetroVietnam Exploration & Production ("PVEP").
J. Ray's scope of work includes the engineering, procurement, construction and installation of new production and export lines, umbilical and subsea cable. This includes tie-in, testing and pre-commissioning of two 2.2 kilometers flexible flowlines, replacement of two 2.3 kilometers export flowlines and umbilical, installation of a subsea cable and 4.8 kilometers of insulated flexible flowlines. Initial engineering and procurement work starts immediately with the offshore installation expected to commence in the third quarter of 2011. J. Ray's Executive Vice President & Chief Operating Officer, John Nesser, who attended the award signing ceremony in Ho Chi Minh City said, "We are very pleased with this first award as it is a step forward in our long term strategy to grow our SURF business in the Asia Pacific market. This award solidifies and acknowledges the long relationship we have with PTSC." The Dai Hung oilfield is located in Block 05-1A, approximately 250 kilometers offshore Vietnam, in a water depth of about 110 meters and is operated by PVEP. McDermott is an engineering and construction company, with specialty manufacturing and service capabilities, focused on energy infrastructure. McDermott's customers are predominantly utilities and other power generators, major and national oil companies, and the United States Government. With its global operations, McDermott operates in over 20 countries with more than 25,000 employees. In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott International, Inc. cautions that statements in this press release which are forward-looking and provide other than historical information involve risks and uncertainties that may impact McDermott's actual results of operations. The forward-looking statements in this press release include, among other things, the expected scope, execution, and timing associated with this project. Although McDermott's management believes that the expectations reflected in those forward-looking statements are reasonable, McDermott can give no assurance that those expectations will prove to have been correct. Those statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including without limitation, changes in project design or schedules, contract cancellations, change orders and other modifications, and difficulties executing on the project. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see McDermott's annual report on Form 10-K for the year ended December 31, 2009. SOURCE: McDermott International, Inc. McDermott Investor Relations & Corporate Communications |