J. Ray McDermott Announces Extension of Tender Offer
June 01 2006 - 8:21PM
Business Wire
J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott
International, Inc. ("McDermott") (NYSE:MDR), announced today that
it has extended the expiration date of its previously announced
cash tender offer and consent solicitation (collectively, the
"Offer") to purchase all of J. Ray's outstanding 11% Senior Secured
Notes due 2013 (the "Notes"). As a result of the extension, the
Offer will expire at 5:00 p.m., New York City time, on June 5,
2006, unless further extended (the "Expiration Date"). J. Ray has
extended the Offer in order to allow for additional time in an
effort to satisfy one of the conditions to the Offer, the
completion of a proposed credit facility. This announcement is not
an offer to purchase, a solicitation of an offer to purchase or a
solicitation of an offer to sell securities, with respect to any of
the Notes. The Offer is being made solely pursuant to the terms of
the Statement and related Letter of Transmittal and Consent. Each
Note holder should read the Statement and accompanying documents,
as they contain important information. J. Ray McDermott is a
leading provider of engineering, procurement, construction, and
installation services for offshore oil and gas field developments
worldwide. McDermott International, Inc. is a leading worldwide
energy services company. McDermott's subsidiaries provide
engineering, construction, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the
energy and power industries, including the U.S. Department of
Energy. In accordance with the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995, McDermott
cautions that statements in this press release, which are
forward-looking and provide other than historical information,
involve risks and uncertainties that may impact actual outcomes.
These forward-looking statements include our statement regarding
the expected expiration date of the Offer. This statement is
subject to uncertainties and risks including, without limitation,
that the Offer may be further extended.
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