J. Ray McDermott, S.A. (J. Ray), a subsidiary of McDermott International, Inc. (NYSE: MDR) announced today that its affiliate has completed its previously announced acquisition of substantially all of the assets of Secunda International Limited ("Secunda"), including 14 harsh-weather, multi-functional vessels, with capabilities which include subsea construction, pipelay, cable lay and dive support, as well as its shore base operations, for approximately $260 million.

 "We are pleased to complete this purchase and to begin integrating certain of these assets into J. Ray's strong backlog of offshore oil & gas construction projects," said Bob Deason, Chief Executive Officer of J. Ray. "With Secunda, J. Ray enhances the ability to utilize its larger marine assets for higher value activities, increases the number of activities which can be self-performed, and additionally, supports its growing subsea development activities."

J. Ray McDermott, S.A., is a subsidiary of McDermott International, Inc. (NYSE:MDR). J. Ray McDermott, S.A. and its subsidiaries provide engineering, construction, procurement, installation and project management services to offshore oil and gas developments worldwide.

McDermott International, Inc. is an engineering and construction company, with specialty manufacturing and service capabilities, focused on energy infrastructure. McDermott’s customers are predominantly utilities and other power generators, major and national oil companies, and the United States Government.  With its global operations, McDermott operates in over 20 countries with more than 20,000 employees, and can be found on the internet at www.mcdermott.com.

In connection with the approval under the Investment Canada Act, J. Ray's acquiring subsidiary made certain commitments to the Minister of Industry, which highlight the net benefit to Canada that will result from the acquisition. These include commitments to maintain Secunda's former headquarters as well as the existing management team in Dartmouth, Nova Scotia and to increase capital expenditures to maintain and upgrade the vessel fleet. Additionally, J. Ray's presence in the Atlantic Canada region will bring to the area's oil and gas industry a new, local fully-integrated EPCI contractor for future field developments.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this presentation that are forward-looking and provide other than historical information involve risks and uncertainties that may impact the actual results realized from the asset purchase. The forward-looking statements in this presentation include statements regarding the expected benefits from this acquisition. Those statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation, difficulties in integrating Secunda assets and employees with J. Ray's operations.