(MDR) McDermott International Unit Wins Vietnam Subsea Infrastructure Contract

March 18th, 2010

J. Ray McDermott S.A. – a subsidiary of energy-focused engineering and construction firm McDermott International Inc. (MDR) – announced the receipt of a subsea infrastructure contract from Vietnam-based PetroVietnam Technical Services Corp. The financial terms of the transaction were not disclosed.

The contract, encompassing engineering, procurement, construction and installation of new production and export lines, umbilical and subsea cable, calls for J. Ray to tie-in, test and pre-commission two 2.2 kilometers flexible flowlines, replace two 2.3 kilometers export flowlines and umbilical, install a subsea cable and 4.8 kilometers of insulated flexible flowlines. J. Ray is due to commence engineering and procurement work immediately, while offshore installation is likely to begin during the third quarter of 2011.

J. Ray sees the PetroVietnam award as a major push to its strategy of tapping the Asia-Pacific market. To be carried out in the Dai Hung oilfield offshore Vietnam, it is the company’s first SURF (Subsea Infrastructure, Umbilicals, Risers & Flowlines) project in this high growth region. The order is part of J. Ray’s strong and longstanding relationship with PetroVietnam Technical Services Corp. The Dai Hung oilfield is situated in Block 05-1A, approximately 250 kilometers offshore Vietnam, at a water depth of about 110 meters.

Incorporated in 1959, Houston, Texas-based McDermott International Inc. provides a diverse range of products and services to customers in the energy and power industries Incorporatedluding utilities and other power generators, major and national oil companies, and the U.S. Government.

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(MDR) McDermott International Unit Wins Vietnam Subsea Infrastructure Contract

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