MCDERMOTT

Independent Committee to Consider Merger Proposal

J. Ray McDermott, S.A. announced a proposal was made by the Board of Directors of McDermott International, Inc., to the Independent Committee of J. Ray McDermott's Board of Directors. Under the proposal, McDermott International would acquire all the publicly held shares of JRM. The proposal calls for a merger in which each publicly held share of J. Ray McDermott would be converted into 1.15 shares of McDermott International, Inc. common stock. McDermott International currently owns 63 percent of the common stock of JRM. The Independent Committee of J. Ray McDermott's Board will take the proposal of a merger with McDermott International, Inc. under consideration.

McDermott International Terminates Proposal

The Finance Committee of the Board of Directors of McDermott International, Inc. has terminated discussions with the Independent Committee of the Board of Directors of its majority-owned subsidiary, J. Ray McDermott S.A., concerning the possible acquisition by McDermott International of the publicly held shares of J. Ray McDermott. The committee said the discussions were terminated because the parties were unable to reach an acceptable financial agreement

J. Ray McDermott Awarded Contract

According to reports, J. Ray McDermott Eastern Hemisphere Ltd. (J. Ray), a subsidiary of J. Ray McDermott, S.A., was awarded a contract by ExxonMobil Middle East Gas Marketing Ltd. to provide engineering, procurement, construction and installation (EPCI) services for two wellhead platforms and pipelines, as part of the Al Khaleej Gas (AKG) Development Phase 2 Offshore Expansion Project.

J. Ray Morgan City Facility Awarded Contract

J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott International Inc. ("McDermott"), announced that its Morgan City, Louisiana fabrication facility has been awarded a contract for the construction of flues, ducts and reactor panels by The Babcock & Wilcox Company ("B&W"), also a McDermott subsidiary. The contract is in support of B&W's Kansas City Power & Light LaCygne #1 SCR project and is valued at approximately $4 million

McDermott in JV with China Shipbuilding

McDermott International Inc said that a subsidiary of group company J Ray McDermott has set up a joint venture with a unit of state-owned China Shipbuilding Industry Corp. The joint venture - Qingdao McDermott Wuchuan Offshore Engineering Co Ltd - plans to establish a facility in Qingdao, in eastern China's Shandong province. The new company plans to focus on the construction of floating production, storage and off-loading (FPSO) vessels, US-listed McDermott said in a statement

J. Ray Awarded Malaysia Pipeline Contract

J. Ray McDermott, S.A. announced that its Malaysian affiliate Barmada McDermott Sdn. Bhd. (BMD) has won a fast track transportation and installation contract from ExxonMobil Exploration and Production Malaysia Inc. for the 2.4km, 12 inch full well stream (FWS) replacement pipeline between Guntong-C and Guntong-A, off the east coast of Peninsular Malaysia. The existing Guntong-C riser and a section of the existing pipeline will be replaced with a 2

Judge Rules for B&W and McDermott Regarding Insurance for Asbestos Claims

In a ruling issued January 4, 2002, Judge Sarah S. Vance of the U.S. District Court for the Eastern District of Louisiana granted Babcock & Wilcox's and McDermott International, Inc.'s (NYSE: MDR) motions for summary judgement against a group of London underwriters and dismissed the declaratory judgment action filed by the insurers. The underwriters had sought to annul an agreement which acknowledges coverage for B&W's asbestos exposure and sets forth the agreements of the insurers to pay

J.Ray McDermott Begins Construction on Casino Barges

The Houston Business Journal has reported that J. Ray McDermott Inc has begun construction on two specialty barges for Harrah's Entertainment Inc. The two casino barges currently under construction will become part of Harrah's Horseshoe Casino expansion project in Hammond, Ind. Each measures 276 feet long by 102 feet wide and 22 feet deep, with a weight of about 1,700 tons. They will be combined with four other barges being built elsewhere to create a 564-foot long

Subsea Tie-in Connectors: Aker to Deliver for Ichtys LNG Project

Aker Solutions contracted by a subsidiary of McDermott for the delivery of subsea tie-in connectors to the Australian Ichthys LNG Project. The scope of work in the contract, valued at NOK 500-million, includes the delivery of 6"-18" horizontal and vertical diverless tie-in connectors to be included in the McDermott umbilicals, risers and flowline scope for the Ichthys LNG Project. Engineering, procurement, construction and installation specialist, McDermott

McDermott International Announces 3Q Results

McDermott International, Inc. (NYSE:MDR) reported net income of $140.4m, or $0.61 per diluted share, for the 2007 third quarter, compared to net income of $102.7m, or $0.45 per diluted share, for the corresponding period in 2006. Weighted average common shares outstanding on a fully diluted basis were approximately 228.9 million and 228.3 million in the quarters ended September 30, 2007 and September 30, 2006, respectively