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McDermott wins international offshore contracts worth $500M

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May 5, 2008

HOUSTON—Engineering company McDermott International Inc. said Monday that subsidiaries of its energy services arm J. Ray McDermott SA were awarded two contracts for offshore construction projects with a combined value of more than $500 million.

The first contract, awarded by a subsidiary of OAO Lukoil, Russia's second-largest oil producer, calls for McDermott to install offshore facilities in the Caspian Sea.

The second is an engineering, procurement, construction and installation contract from Esso Australia Resources Pty. Ltd. for work on a subsea development project in the Bass Strait in Australia.

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