McDermott International Inc. said it has no immediate intention to withdraw
from a consortium seeking to develop oil and gas fields off Sakhalin Island in the Russian Far East.
"Recent press reports have created the false impression that we are actively seeking to withdraw from the Sakhalin development," said R.E. Howson, chairman and chief executive of McDermott. "We have been involved in discussions and negotiations over development of the offshore oil and gas reserves of the island for over 15 years."