J. Ray gets Peregrino FPSO letter of award

March 28, 2008

A subsidiary of J. Ray McDermott has received a letter of award for the engineering, procurement, and construction of topside modules for the Peregrino FPSO from A.P. Moller - Maersk A/S.

Offshore staff

HOUSTON -- A subsidiary of J. Ray McDermott has received a letter of award for the engineering, procurement, and construction of topside modules for the Peregrino FPSO from A.P. Moller - Maersk A/S.

Engineering and procurement activities have begun and the fabrication scope is expected to begin in 3Q 2008 at J. Ray's Batam Island facility in Indonesia. The Peregrino FPSO project is expected to be complete by 4Q 2009.

The FPSO will be moored in the Peregrino field, located in the Campos basin approximately 85 km (53 mi) offshore Brazil. The field is to be developed with an FPSO and two drilling platforms.

"This project underscores J. Ray's ability to draw from its global resources to offer a fast track and cost effective solution when our customers need one most," says Bob Deason, CEO of J. Ray. "Our engineering and procurement resources in Houston combined with our operations in Indonesia are able to leverage the global footprint of J. Ray to optimize project execution and delivery."

03/28/2008