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December 18, 2007 |
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MCDERMOTT INTERNATIONAL: Unit Bags Drilling Contract from PEMEX McDermott International Inc.'s subsidiary, J. Ray McDermott, S.A., has been awarded a contract by PEMEX Exploracion y Produccion, Northeast Marine Region, for the fabrication of the Maloob-C Drilling Platform. The project is located in the Ku- Maloob-Zaap field in the Bay of Campeche, Mexico, in 269 feet of water. "This is the first project award for our new facility at Altamira, Mexico," said Bob Deason, J. Ray's President and Chief Executive Officer. "I believe the Altamira facility will prove increasingly valuable for J. Ray in the coming years with its capabilities and deep water access to the Gulf of Mexico." Work on the drilling platform is scheduled to begin at Altamira in February 2008, and it is expected that over 275 craftsmen and professionals will be involved with the project. Designed to sustain 18 wells, the drilling platform will have a 3,200-short ton eight-legged jacket and a two-level deck weighing just over 2,500 short tons, with more than 3,300 short tons of piles. The contract is expected to be completed in the first quarter of 2009. McDermott International, Inc. (NYSE:MDR) -- http://www.mcdermott.com/ --is a leading worldwide energy services company. McDermott's subsidiaries provide engineering, construction, installation, procurement, research, manufacturing, environmental systems, project management and facility management services to a variety of customers in the energy and power industries, including the U.S. Department of Energy. The company operates in most major offshore producing regions throughout the world, including the U.S. Gulf of Mexico, Mexico, the Middle East, India, the Caspian Sea and Asia Pacific. Operations in this segment are primarily conducted through its subsidiary, J. Ray McDermott, S.A. * * * As reported in the Troubled Company Reporter-Latin America on July 5, 2007, Moody's raised MII's Corporate Family Rating to Ba3 from B1. Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1, its Probability of Default Rating to B1 from B2 and its senior secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%) and The Babcock & Wilcox Company's senior secured bank facility rating to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%). The rating outlook for J. Ray is positive, while the rating outlooks for MII and B&W are both stable, according to Moody's. |
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