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    J Ray McDermott completes sale of DB 60

    Vessel & ROV News // July 23, 2004
    J Ray McDermott has announced that it has completed the sale of its DB 60 combination derrick and pipelay barge.

    The cash sales price received was approximately US$44 million.

    J Ray currently plans to use the proceeds to fund forecast capital expenditures over the next 12 months, a use permitted under the indenture on the secured notes it issued in 2003.

    "While the DB 60 was not strategic to J Ray's business plans, it could only be sold after completing its recent work in southern Argentina," said Bob Deason, President and Chief Operating Officer of J Ray. "We are pleased to have so quickly realized thevalue of this asset once it became available for sale."

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