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    J Ray McDermott completes sale of Scottish fabrication facility

    Yard News // February 4, 2005
    J Ray McDermott, the subsidiary of McDermott International, has announced that it recently completed the sale of its Ardersier fabrication facility in Scotland in the UK. Ardersier had been inactive since 2001.

    It is anticipated that the buyer will convert Ardersier for residential and commercial purposes, including a marina.

    The proceeds received from the transaction were approximately US$14.5 million, and will be used in accordance with the indenture on J Ray's senior secured notes, issued in December 2003.

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