J. Ray McDermott Wins Vietnamese Engineering, Procurement, and Installation Contract

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October 01, 2008

McDermott International, Inc. (NYSE:MDR) (“McDermott”) announced today that a subsidiary of J. Ray McDermott, S.A. (“J. Ray”) was recently awarded a subcontract by PTSC Mechanical & Construction Company Limited, a wholly-owned subsidiary of Petroleum Technical Services Corporation (“PTSC”), to engineer, procure and install certain offshore facilities for the Su Tu Development - Su Tu Den North East project, located in Block 15-1 offshore Vietnam and operated by Cuu Long Joint Operating Company. Contracts of this nature are typically valued in excess of $90 million.

The new development lies approximately four miles northeast of the existing Su Tu Den facilities, and includes the installation of a wellhead platform, several infield pipelines and a composite power/fiber optic submarine cable. The new facilities will tie back to an existing infrastructure in the Su Tu Den and Su Tu Vang fields.

“We are pleased to receive this significant award, and look forward to working once again with PTSC, who clearly recognizes our cost effective installation capabilities and our vessels’ flexibility to switch from pipeline installation to subsea and above surface facility installation,” said Bob Deason, Chief Executive Officer of J. Ray.

Deason added, “Since we began our relationship with PTSC in Vietnam in 2001, we have undertaken a number of engineering, procurement and installation projects together. In early 2007, J. Ray performed the front end engineering design of the development for Cu Long Joint Operating Company, the same facilities we will be installing under this contract.”

Project management, detailed engineering including follow-on engineering, procurement of all pipeline materials, pipe coating, and procurement support to PTSC will be carried out through J. Ray’s operations group in Jakarta, Indonesia.

Transportation and installation of all structures, pipelines and subsea cable, will be performed during two offshore campaigns; the first during the second quarter of 2009 and the second during the second quarter of 2010. Vessels from J. Ray’s fleet will install the work offshore.

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