Bobby To Retire At JRM

McDermott reports that Robert (Bobby) H. Rawle, JRM's President and Chief Operating Officer, will retire effective June 30, 2002. Bruce W. Wilkinson, Chairman and Chief Executive Officer of McDermott International, Inc., will assume the additional responsibilities of President and Chief Operating Officer of JRM. A newly created position of Executive Vice President of Operations of JRM will be filled immediately by Rickey Oehrlein who is currently a JRM Senior Vice President. All operating activities of JRM will report to Mr. Oehrlein, who in turn will report to Mr. Wilkinson.

"All of us at McDermott appreciate the significant contribution Bobby has made at J. Ray during his 24 year career. We wish him well in his future endeavors," said Bruce Wilkinson. "With Rickey's 30 plus years of operating experience in all facets of J. Ray's business, he is the ideal candidate to help me manage J. Ray's operations during this period of transition."