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Date:Sunday 1st June 2008
Title:J. Ray McDermott Awarded Two Offshore Construction Projects

J. Ray McDermott, S.A. (“J. Ray”), a subsidiary of McDermott International, Inc. (NYSE: MDR) (“McDermott”), announced today that its subsidiaries were recently awarded two contracts for offshore construction projects. Both of the contracts will be included in McDermott’s second quarter 2008 backlog, and have a combined value in excess of 0 million.

The first award, from OOO LUKOIL-Nizhnevolzhskneft, a subsidiary of OAO LUKOIL Oil Company, is a contract to install offshore facilities in the Yuri Korchagin field. J. Ray’s scope of work includes the transportation and installation of the piles for the ice-resistant fixed platform LSP-1, as well as transportation and installation of Single Point Mooring substructure, piles and the topsides.

The second award, from Esso Australia Resources Pty Ltd, is an engineering, procurement, construction and installation contract for work on the Kipper Tuna Gas Project located in the Bass Strait, Victoria, Australia. “This is a very significant contract for J. Ray, as it encompasses a wide range of services and marks a return to working with Esso Australia,” said Bob Deason, Chief Executive Officer of J. Ray.

Source: McDermott


Date:Sunday 1st June 2008
Title:Saipem awarded two offshore contracts worth USD 600 million

Saipem has been awarded two new offshore contracts in Egypt and Angola worth a total value of about USD 600 million.

Egypt

The first contract was awarded by the Burullus Gas Company for the subsea development of the Sequoia field, which straddles both the Rosetta and West Delta Deep Marine Concessions, located offshore from the Nile River Delta, about 130 kilometres northeast of Alexandria, Egypt.

The contract encompasses the engineering, procurement, installation and commissioning (EPIC) of the subsea development system of the Sequoia field, in water depths ranging from between 70 and 570 metres, and of a new 22” gas-export pipeline. The marine activities will be carried out mainly by Saipem’s highly specialised FDS vessel and will use different installation methods (J-lay and S-lay) to match the complexity of the operational environment, including both shallow and deep waters. The work will be completed in the second half of 2009.
Angola

The second contract, awarded by Total E&P Angola, is for the Block 17 Gas Export Project consisting of exporting Block 17 gas to Block 2 area for injection into two oil depleted reservoirs located off the Angolan shore, about 230 kilometres northwest of Luanda. Saipem’s scope of work includes engineering, procurement, fabrication, transportation and installation of a new injection platform (Single Central Platform) weighting a total of 1500 tons, to be installed in water depth of 38 metres in the Block 2 area. The marine activities will be carried out by Saipem 3000 vessel in the second half of 2009.

Source: Saipem