J. Ray McDermott, S. A. (“J. Ray”) subsidiary McDermott Industries Australia was recently awarded a contract by Woodside for the Pluto Offshore Platform north west of Karratha, Western Australia.

The scope of work for this contract includes the installation engineering, transportation and installation of the complete platform. Contracts of this nature are typically valued in excess of US$100 million.

“The award of this contract is an excellent follow-up to the successful transportation and installation that J. Ray completed on the Angel Platform, also for Woodside, and it demonstrates our strength of experience in installation projects offshore Australia,” said Bob Deason, Chief Executive Officer of J. Ray. “We look forward to working with Woodside once again.”

The substructure, a four-leg extended base tower with a launch weight of 10,000MT, will be secured with drilled and grouted foundations by J. Ray’s 3,080-ton capacity construction barge, DB30. The DB30 will also lift and install the topsides. Work will commence in the first quarter of 2008 and is expected to be completed fourth quarter 2009. 

The Pluto gas field was discovered in April 2005 in the Carnarvon Basin. The field is located approximately 190km north west of Karratha.

J. Ray McDermott, S.A. is a leading provider of solutions for the offshore field development industry worldwide and is a subsidiary of McDermott International, Inc. (“McDermott”). McDermott is an engineering and construction company, with specialty manufacturing and service capabilities, focused on energy infrastructure. McDermott’s customers are predominantly utilities and other power generators, major and national oil companies, and the United States Government. With its global operations, McDermott operates in over 20 countries with more than 20,000 employees, and can be found on the internet at www.mcdermott.com.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott International, Inc. cautions that statements in this press release which are forward-looking and which provide other than historical information, involve risks and uncertainties that may impact McDermott’s actual results of operations.  The forward-looking statements in this press release include statements concerning the typical contract value, the project execution and timing of the Pluto T & I project. Although McDermott’s management believes that the expectations reflected in those forward-looking statements are reasonable, McDermott can give no assurance that those expectations will prove to have been correct.  Those statements are made by using various underlying assumptions and are subject to numerous uncertainties and risks.  If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected.  For a more complete discussion of these risk factors, please see McDermott’s annual report on Form 10-K for the year ended December 31, 2006 and its quarterly reports on Form 10-Q.