J. Ray McDermott Receives Commitment to Commence Topsides Fabrication for BP's Atlantis Development Project in the Gulf of Mexic

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Feb 17, 2003

J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott International Inc. (NYSE:MDR) ("McDermott"), announced today that it received a commitment from BP to begin fabrication of the Atlantis topsides. Fabrication will commence in August 2003 with an estimated completion date of May 2005. The topsides will be fabricated in J. Ray's Morgan City yard and will weigh approximately 15,450 tons. The Atlantis topsides are the fourth in the series of topsides that J. Ray will fabricate for BP under a contract valued at $600 million, which gives BP exclusive use of J. Ray's Morgan City facility during a significant portion of the construction period. Atlantis is a deep-water development project owned by BP (56%) and BHP Billiton (44%) located in the Gulf of Mexico.

"We are pleased that the Atlantis project has been sanctioned and look forward to contributing to the success of BP's deepwater developments," said Rickey Oehrlein, executive vice president of J. Ray's Western Hemisphere Operations. "As a result of the recent fabrication work performed for BP on the Holstein, Thunder Horse and Mad Dog topsides, we have developed an excellent working relationship with BP," continued Oehrlein.

"J. Ray's fabrication facility at Morgan City was established in 1956 and currently employs approximately 1,200 workers. Continuous improvements and investments in infrastructure, together with our highly skilled and dedicated workforce, have established us as a leader in producing quality structures for the offshore oil and gas industry," said Frank Smith, vice president and general manager of Fabrication Services for J. Ray's Western Hemisphere.

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