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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: upanddown who wrote (75473)	10/3/2000 6:29:08 PM
From: CpsOmis	Respond to of 95453

This is part of why MDR moved today..... people are beginning to understand in light of all of these recent contracts that business will CONTINUE to go on as before.....a 65 million dollar contract doesn't hurt either.... Cosmo Hey Slider? I STILL got MDR....working the plan and knowing the story.....bet the farm and gonna buy me a new tractor!!!! Hee Hawwwwww....... (a gold trimmed tractor, but ALL IN GOOD TIME) J. Ray McDermott Awarded Contracts for Kerr-McGee's ``Boomvang'' Project in the Deepwater Gulf of Mexico NEW ORLEANS--(BUSINESS WIRE)--Oct. 3, 2000--McDermott International, Inc. (NYSE:MDR - news) announced today that J. Ray McDermott and its subsidiary, Mentor Subsea Technology Services, have received contracts valued at approximately $65 million to perform work on the Boomvang project, a Gulf of Mexico deepwater spar development for Kerr-McGee Oil & Gas Corp., a wholly owned subsidiary of Kerr-McGee Corporation (NYSE:KMG - news). J. Ray McDermott will be responsible for fabrication of the production facility topside and offshore installation of the spar platform, including moorings, hull, production risers and topside. Mentor Subsea, working with Aker Maritime, will provide production risers for the project. Aker Maritime will be responsible for providing the complete hull and moorings. Work on Boomvang is underway at J. Ray McDermott's fabrication facility near Morgan City, Louisiana, where approximately 250 workers already employed are assigned to the project full time. ``The deepwater market in the Gulf of Mexico appears to be strengthening and J. Ray intends to be competitive in seeking participation in future projects,'' said Bobby Rawle, president of J. Ray McDermott. ``We are pleased that Kerr-McGee has selected our company to fabricate and install Boomvang. We look forward to working with Kerr-McGee and Aker to complete this important project.'' The Boomvang development is located in East Breaks Blocks 642, 643, 688 and 732, approximately 115 miles south of Galveston, Texas in water depth of 3,450 feet. Kerr-McGee operates Boomvang with a 30% working interest. Partners in Boomvang are Enterprise Oil (NYSE:ETP - news), 50%, and Ocean Energy, Inc. (NYSE:OEI - news), 20%. For the 5,400 ton, two hook lift of the one-piece Boomvang topside, J. Ray McDermott's DB50, a combination derrick/lay barge with a lift capacity of 4,400 tons, will be joined by the DB101 with a lift capacity of 3,500 tons. Installation is scheduled in late 2001. Boomvang is the fourth spar project in the Gulf of Mexico. J. Ray McDermott has participated in all four, including fabrication and installation of Kerr-McGee's Neptune and Nansen spars. The Nansen project is currently underway. J. Ray McDermott, through its wholly owned subsidiary SparTEC, Inc., jointly owns with Aker Maritime all patents and related intellectual property developed by Spars International, Inc. and Deep Oil Technology related to the design of spar platform systems, including the Truss spar technology to be used for Boomvang and Nansen. J. Ray McDermott, a subsidiary of McDermott International, Inc., is a leading worldwide marine construction company. Its services include design, fabrication and installation of spar platforms; design and installation of subsea facilities; design, fabrication, and installation of new and refurbished bottom-founded offshore platforms; and, installation of offshore pipelines for the oil and gas industry.