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McDermott Enters Russian Shipbuilding Venture

McDermott International Inc. and JSR Amur Shipbuilding Plant of Russia have formed joint ventures for shipbuilding, marine construction and ship component fabrication to take place at the Amur shipyard in the Khabarovsk region of Russia's Far East. Both companies will reportedly own equal shares of the two ventures. The joint ventures were announced during the Presidential Development Mission to Russia, led by U.S. Secretary of Commerce Ron Brown. Robert E.Howson, chairman of the board and CEO of McDermott, was among 29 chief executives and presidents on the trip.

One of the ventures to be formed is McAmur Construction Services Co., which will provide fabrication services for marine construction projects offshore Far East Russia, and another venture is McAmur Shipbuilding Co., which will market shipbuilding and ship component fabrication services worldwide. The Amur yard is in the city of Komsomolsk on the Amur River and is reportedly the largest shipyard in Russia's Far East. The plant has been constructing military vessels since the 1940s, including diesel and nuclear powered submarines.

McDermott International Inc. is a worldwide energy services company which, among other things, provides engineering and construction services for industrial and utility facilities onshore and to the oil and gas industries offshore.

McDermott also builds vessels for a variety of other services.

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