J. Ray McDermott Signs Contract for Arabian Gulf Project

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July 15, 2003

J. Ray McDermott, S.A. ("J.Ray"), a subsidiary of McDermott International Inc. (NYSE:MDR) ("McDermottt"), announced today that it has recently been awarded a subcontract for work on Qatar Petroleum's ("QP") PS-2 and the PS-3 complex (the "complexes") in the Maydan Mahzam and Bul Hanine fields located in the Arabian Gulf. The subcontract, valued at approximately US$26.6 million, was signed with Larsen & Toubro ("L&T") Ltd. India.

QP's turnkey project includes the engineering, procurement, installation and commissioning of a living quarters platform and power upgrade module for the complexes. J. Ray will provide the procurement, fabrication, transportation and installation of three jackets with associated piles and four bridges and will install the living quarters and the power upgrade module topsides. Fabrication work is due to commence at J. Ray's Jebel Ali fabrication facility in early 2004, with offshore installation scheduled for the third quarter of next year.

"We have worked successfully with L&T before on numerous projects offshore India but never before in the Arabian Gulf," said Kurt S. Nelson, J. Ray's sr. vice president, sales, marketing and strategic planning. "With J. Ray's expert handling of shallow water jacket fabrication and years of offshore installation experience in Qatar and L&T's ability to handle multi-million dollar oil and gas projects, we have a formidable combination for the timely completion of this project," he continued.


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