J. Ray McDermott Awarded Asia Pacific Platform Contract

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Sept. 29, 2005

McDermott International, Inc. (NYSE:MDR) ("McDermott") announced today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") has been awarded the Arthit Processing Platform ("APP") contract by PTT Exploration and Production and Production Public Company Limited ("PTTEP"). APP is part of the Arthit Field Development Project in the Gulf of Thailand. The contract is valued at approximately $110 million.

"APP has been a key prospect for our company since its inception, and we are extremely pleased to be awarded this comprehensive project by PTTEP," said Bob Deason, President and Chief Operating Officer of J. Ray. "This award provides a welcome addition to our backlog at our Batam Island fabrication facility, and confirms the suitability and competitiveness of our group assets."

The project scope includes procurement, fabrication, transportation, installation, hook-up and pre-commissioning of the APP topsides, equipped with production and processing facilities, weighing approximately 17,600 short tons. Fabrication work commenced in the third quarter of 2005 at J. Ray's Batam Island fabrication facility. Offshore installation of the structure will be performed with J. Ray's marine vessels using float-over technology.

Drawing on J. Ray's worldwide engineering resources, construction engineering of the deck will be undertaken by the company's Batam Island facility, installation engineering will be performed by J. Ray's Jebel Ali marine group, and the engineering for the float-over component design will be executed at J. Ray's Houston office.

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