Offshore staff

(Singapore)-J. Ray McDermott, S.A. and Keppel FELS Ltd. are in the process of forming a new joint venture company, to be named FloaTEC, LLC, to provide deepwater and ultra deepwater oil and gas development solutions.

In this joint venture, J Ray and Keppel FELS plan to draw upon the purchased patent rights previously owned by ABB for the extended tension leg platform and single column floater designs. Combined with J Ray's existing spar technology and Keppel FELS' semisubmersible knowledge, FloaTEC, LLC will provide solutions for deepwater developments.

09/09/05