McDermott And Protexa Form Joint Venture- Buy Three Large Barges

J. Ray McDermott & Co., Inc.

announced that it has formed a joint venture company with Protexa, the leading offshore construction company of Mexico. The new company, C o n s t r u c c i o n es M a r i t i m a s Mexicanas, S.A. de C.V. (CMM), will conduct offshore marine construction and pipelaying activities in Mexican waters.

CMM is owned 51 percent by Inversiones Industrials de Monterrey, S.A., the parent company of Protexa, and 49 percent by McDermott Trade Corporation, a subsidiary of J. Ray McDermott.

The joint venture will be headquartered in Monterrey, with offices in Mexico City and Ciudad del Carmen, Mexico.

The new venture has purchased three large combination derrickand- lay barges f r om a McDermott subsidiary. The vessels, the Orca, the Sea Lion and the Tolteca, were obtained when the assets of Netherlands O f f s h o r e Company were purchased last year.

The Orca is equipped with an 800-ton crane and can lay pipe in depths up to 600 feet. The Sea Lion and Tolteca are each equipped with 2,000-ton cranes and equipment that can lay up to 48-inch (outside diameter) pipe.

The three vessels are currently performing offshore construction services for Pemex, the national petroleum company of Mexico.

Inversiones Industrials de Monterrey, S.A. is one of the leading industrial companies of Mexico.

In the petroleum field it is involved in drilling, pipelaying and construction operations onshore and offshore.

McDermott is a leading international energy services company.

The company and its subsidiaries provide engineering and construction services to the offshore oil and gas industry and manufacture steam generating equipment, tubular products, refractories, and automated machine tools.

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