J. Ray McDermott Completes Front Runner Spar Project

abarrelfullabarrelfull wrote on 26 Feb 2013 11:27

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Aug. 3, 2004

J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott International, Inc. (NYSE:MDR) ("McDermott"), announced today that it has completed and handed over the Front Runner Spar platform and has received acceptance from the customer, Murphy Exploration and Production Company - USA, a subsidiary of Murphy Oil Corporation (NYSE:MUR).

SparTEC, a subsidiary of J. Ray McDermott, Inc., provided the overall project management of the EPIC contract which included the design, engineering, procurement, fabrication, installation and commissioning of the offshore production facility, located in 3,330 feet of water in the Gulf of Mexico.

The design of the Front Runner facility, consisting of hull, mooring system, topsides and production facilities, utilized proprietary technology designed to provide operators with leading edge development solutions in water depths of up to 9,000 feet. The hull, which was constructed at J. Ray McDermott's fabrication facility in Dubai, is 587 feet in length, 94 feet in diameter and weighed over 14,000 short tons at the time of installation.

J. Ray completed the offshore lift and set of the topsides on May 27, 2004. J. Ray also conducted the hookup and commissioning of the platform. The topsides are designed to handle 60,000 barrels of oil and 110 million cubic feet of gas per day.

The Front Runner field is a deepwater development located in Green Canyon 338. Murphy operates the field with 37.5% ownership. Its partners include Dominion Exploration and Production Inc., a subsidiary of Dominion (NYSE:D) (37.5%) and Spinnaker Exploration Company (NYSE:SKE) (25%).

In accordance with the covenants on J. Ray's 11 percent senior secured notes due 2013, the $22 million temporary interest reserve, which had been maintained in a separate, restricted cash account until the acceptance of the Front Runner project was received, will now be unrestricted and available for J. Ray's general corporate purposes.

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