New company hits key milestones

FloaTEC, LLC, a new deepwater technology solutions joint venture company created by J. Ray McDermott, Inc. and Keppel FELS Ltd., has achieved several key milestones in its first four months of business.

Offshore staff

(US) - FloaTEC, LLC, a new deepwater technology solutions joint venture company created by J. Ray McDermott, Inc. (JRM) and Keppel FELS Ltd. (KFELS) to deliver deepwater floating production systems (FPS) to the upstream oil and gas industry, has achieved several key milestones in its first four months of business including:

* Completed the formation of its Leadership Team and recruitment of its core Functional Team.

* Successfully launched the marketing and branding of the FloaTEC name, including launching the FloaTEC.com website.

* Awarded Technical Feasibility study work.

* Filed for its first patent for a new Spar concept.

"All of the pieces are falling into place that will enable FloaTEC to realize its vision of providing all or part of the entire package of a deepwater floating production system," said Eric Namtvedt, FloaTEC's president. "The future of the offshore oil and gas industry is in deepwater. Given the current high number of deepwater prospects and opportunities available, FloaTEC is without a doubt in the right market, at the right time."

Under the FloaTEC umbrella, the joint venture boasts a portfolio of three floating production solutions for its clients, represented by their brand names - SparTEC; SemiTEC and TlpTEC. FloaTEC's objectivity relative to floating production platform concepts along with the worldwide experience and support from the JRM and KFELS organizations, ideally positions the company to participate in front-end study and technical feasibility work.

FloaTEC, which stands for Floating Technology, Engineering, and Construction, offers a unique business model which gives the operator maximum flexibility in how they contract for all or part of an entire package of a deepwater FPS.

The company was formed specifically to provide unbiased and concept-neutral engineering to support the industry. FloaTEC is unique in that it is the only company that can offer and deliver a suite of three distinctly different hull forms (TLP, Spar, and Semi), including moorings and risers from technical feasibility work to delivery of an Engineering, Procurement and Construction (EPC) contract.

FloaTEC's Leadership Team consists of:

* Eric H. Namtvedt, President, 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, Southeast Asia, the North Sea and Australia. Eric has overall responsibility for the direction of the company, interfacing with the Board of Managers representing the owners. He is ultimately responsible for client relationships and project deliveries, and will provide focus and guidance to all team members.

* Christopher M. Barton, Director Business Development, formerly from JRM, is coming back to this joint venture after highly successful stints at ABB, PennWell and most recently Technip, where he held the position of VP of Business Development for the company's US Operations Division. In his new position at FloaTEC, Chris will be responsible for prospect identification and prioritization, client relationship development and management, and marketing and branding.

* Werner A. Bornstein, Director Pursuit and Capture, has held similar positions at ABB and Fluor. He will be responsible for formalizing pursuit and winning strategies for targeted projects, driving the capture process, developing client relationships and ensuring early execution success.

* Tapan K. Das, Director Commercial, Contracts and Administration, joins FloaTEC from a similar position with ABB in Houston, and his main tasks will be to oversee risk management processes, ensure contract compliance and completeness, and provide administrative management to the office and staff.

* John J. Murray, Director Technology Development, previously Product Development Manager with Technip, will be responsible for technology development, along with development and maintenance of tools, systems and procedures to support projects and R&D work. John will manage all the development efforts and the associated teams.

* Terje W. Eilertsen, who has been Chief Technical Advisor with Technip, will be Director Technology Solutions. In addition to his Spar, TLP and Semi experience, he brings a wealth of experience relative to drilling and topsides engineering, fabrication and commissioning. Terje will focus on technology implementation, front-end project deliveries and product support to the various projects.

* Fred B. Plummer, who recently retired from ExxonMobil as Marine Manager Engineering for ExxonMobil Development Co., will focus on Execution Excellence and ensure total quality management in project deliveries. Fred's background is large international offshore projects.

1/16/06

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