J. Ray McDermott Awarded Su Tu Vang Project

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March 20, 2006—McDermott International, Inc. (NYSE:MDR) ("McDermott") announced today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") was awarded a significant contract by Cuu Long Joint Operating Company to provide engineering, procurement, construction, installation, hook-up and commissioning services for a Central Processing and Production ("CPP") platform with an integrated 16,400 short ton deck, and associated infield pipelines for the Su Tu Vang field, offshore Vietnam. Contracts of this type are typically valued at several hundred million dollars.

"This is a major award for J. Ray and our Asia Pacific operations, and we are honored to be selected as the contractor of choice for the Cuu Long Joint Operating Company," said Bob Deason, President and Chief Operating Officer of J. Ray. "This project, along with our other first quarter 2006 bookings, will substantially improve J. Ray's backlog and is a welcome addition to growing our business."

The integrated CPP platform, to be installed in about 170 foot water depth, includes the 16,400 short ton deck, a 4,340 short ton eight-leg jacket, and piles weighing in excess of 4,100 short tons and associated pipelines. Work on the project is scheduled to start in March 2006 when J. Ray will commence engineering and procurement activities from its project office in Singapore.

The CPP platform will be fabricated at J. Ray's recently upgraded facility on Batam Island, Indonesia. The floatover, jacket and in-field pipeline installation will be performed by J. Ray's floatover and launch barge and a combination derrick barge. Total project completion is scheduled for the second quarter of 2008.

J. Ray has signed numerous contracts during the first quarter of 2006, including the Su Tu Vang project. The combined value of the contracts awarded thus far in the 2006 first quarter is currently in excess of $800 million.

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