DARTMOUTH, NS, June 4 /CNW/ - Secunda International Limited ("Secunda")
has signed a definitive agreement to sell substantially all of its assets to
J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott
International, Inc. (NYSE: MDR) ("McDermott"), including 14 harsh-weather,
multi-functional vessels, with capabilities which include subsea construction,
pipelay, cable lay and dive support vessels, as well as its shore base
operations. The purchase price is approximately US$260 million.
"Secunda's assets, and more importantly our people, will be a
complementary and strategic addition to J. Ray's offshore capabilities," said
Fred Smithers, president of Secunda. "With Secunda, J. Ray strengthens its
traditional offshore construction business. Together we are able to offer a
broader and stronger offshore construction portfolio to customers and projects
most suitable to the boats' capabilities."
"Secunda is a great company that has achieved a lot over the last
24 years from its home base in Dartmouth, Nova Scotia" said Bob Deason,
President and Chief Operating Officer of J. Ray. "It has a proud tradition,
committed employees and a solid management team. We look forward to building
on that tradition as a result of this acquisition and welcoming Secunda's
employees to our J. Ray McDermott family."
The 14 vessels to be added to J. Ray's fleet under the purchase agreement
represent the majority of Secunda's existing fleet, including eight vessels
with dynamic positioning capabilities.
"Our crews will still operate the vessels, and the office will remain in
Dartmouth. This is an exciting time for all of us. J. Ray McDermott currently
has a record backlog of over US$4.2 billion in orders that can use the skills,
knowledge and experience of Secunda's people and equipment to help get some of
this work done," explained Smithers. "These projects will provide a broader
scope in many new and stimulating environments, providing a host of career
development opportunities for our current and future employees. With prospects
so bright, there is a lot for all of us to look forward to together."
Secunda's philosophy of providing superior service based on highly
experienced mariners with a strong work ethic complements J. Ray's commitment
to safety, quality, productivity and ethics.
"Working together and successfully integrating these businesses will
result in a broader and stronger offshore construction portfolio and will
allow better application of resources to fulfill our customer's requirements,"
J. Ray's acquisition is contingent upon obtaining regulatory approval in
Canada and the United States, and final due diligence. The transaction is
expected to close early in the 2007 third quarter.
Secunda International Limited (Secunda) owns and operates a
technologically advanced fleet of offshore support vessels servicing oil and
gas companies nationally and internationally. Secunda, founded in Nova Scotia,
has grown its fleet on a solid foundation of highly experienced sailors,
maritime work ethic, and philosophy of providing a superior service to our
J. Ray McDermott, S.A., a subsidiary of McDermott International, Inc.
(NYSE: MDR), is a geographically diversified marine energy services firm
working with leaders throughout the global oil & gas industry.
McDermott International, Inc. 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 more than 20
countries with more than 20,000 employees, and can be found on the internet at
For further information:
For further information: Mike Connolly, Vice President Planning and
Investor Relations, Secunda Marine Services, Ltd., One Canal Street, (902) 465
3400, Fax: (902) 465 2578, email@example.com; Louise Denly, Director,
Corporate Communications, J. Ray McDermott, (281) 870-5000 Fax: (281)