J. Ray McDermott completes acquisition of Secunda International

Offshore staff

HOUSTON -- J. Ray McDermott has completed the $260-million acquisition of Secunda International Ltd. The deal includes 14 harsh-weather, multi-functional vessels, subsea construction capabilities, pipelay, cable lay, dive support, and shore base operations.

"We are pleased to complete this purchase and to begin integrating these assets into J. Ray's strong backlog of offshore oil & gas construction projects," says Bob Deason, CEO of J. Ray. "With Secunda, J. Ray enhances the ability to use its larger marine assets for higher value activities, increases the number of activities that can be self-performed, and additionally, supports its growing subsea development activities."

J. Ray will maintain Secunda's former headquarters as well as the existing management team in Dartmouth, Nova Scotia, and has committed to increase capital expenditures to maintain and upgrade the vessel fleet. Additionally, J. Ray's presence in the Atlantic Canada region will bring to the area's oil and gas industry a new, local fully-integrated EPCI contractor for future field developments.

7/30/2007