Morgan & Morgan Sample Contracts

Contract (December 28th, 2005)

Exhibit 10.1 Performance guarantee issuance facility of $105,210,000 Dated 22 December 2005 J. Ray McDermott Middle East, Inc. (as Applicant) J. Ray McDermott, S.A. (as Guarantor) Mashreqbank psc (as Arranger) The financial institutions specified in Schedule 1 (as Original Banks) The Commercial Bank of Qatar (Q.S.C.) (as Issuing Bank) Mashreqbank psc (as Facility Agent) DentonWildeSapte 26th Floor Sheikh Zayed Road PO Box 1756 Dubai United Arab Emirates T +971 4 331 0220 F +971 4 331 0201 dubai@dentonwildesapte.com www.dentonwildesapte.com