New Joint Venture Targets Deepwater Markets

Friday, September 09, 2005
J. Ray McDermott, S.A. and Keppel FELS Limited. are in the process of forming a new joint venture company, to be named FloaTEC, LLC, to provide deepwater and ultra deepwater oil and gas development solutions.

To add to the Joint Venture’s offerings, J Ray and Keppel FELS plan to draw upon the purchased patent rights previously owned by ABB for the Extended Tension Leg Platform (ETLP) and Single Column Floater (SCF) designs. Combined with J Ray’s existing SPAR technology and Keppel FELS’ semi-submersible expertise, FloaTEC, LLC will be in a unique position to provide a wide range of solutions for deepwater developments.

“We believe that the timing could not be better for this cooperation with our colleagues at Keppel FELS and the establishment of this exciting joint venture,” said Bob Deason, president and chief operating officer of J. Ray McDermott, Inc. “Both companies have developed unique technologies and capabilities over the years and command an attractive product portfolio, in particular within floating production solutions. This joint venture further strengthens that combined product portfolio and prepares us to take a leading role in global deepwater development prospects.”

“J Ray and Keppel FELS are uniquely positioned to offer total solutions to customers through this new company,” said Choo Chiau Beng, Chairman and Chief Executive Officer of Keppel Offshore & Marine Ltd., the parent company of Keppel FELS. “We have established reputations in the international market for versatility, reliability, quality service, timely delivery, good project management and a commitment to excellence. FloaTEC will offer customers quality solutions enhanced by proprietary technology and critical engineering expertise.”

Eric H. Namtvedt will be named Chief Operating Officer to lead this new company. He will join the JV with over 25 years of experience in the industry. Namtvedt has worked for a major oil company, the Norwegian government, a global E & C contractor, and an oilfield service and fabrication company, leading projects ranging geographically from the US to West Africa, South East Asia, North Sea and Australia. Namtvedt’s experience includes the establishment of joint venture companies, both in fabrication and technology development.

“Establishing FloaTEC, LLC represents a significant commitment by both J Ray and Keppel FELS and a firm belief that jointly they can achieve more and provide better value to their clients,” said Namtvedt. “J Ray is widely recognized for its marine construction and installation services, and Keppel FELS has a long history of client-focused product developments and deliveries of semis, floaters, jack-ups and specialized ships. Field proven designs of SPARs and Production Semi-submersibles have been successfully delivered from Keppel and J Ray’s global fabrication facilities.”

FloaTEC, LLC boasts an unmatched portfolio of floating production solutions for its clients, represented by the - SparTEC; - SemiTEC and - TlpTEC product lines.

“FloaTEC, in close dialogue with potential clients, will work to provide optimum solutions from this suite of hull designs. In addition to providing engineering solutions, we will be able to offer full EPIC solutions for hull, topsides, mooring systems and risers by drawing on our parents’ global engineering, project management, fabrication and marine construction resources.”

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