Arias, Fábrega & Fábrega acted as Panamanian counsel to Credit Suisse Securities (USA) LLC in connection with the third, fourth and fifth amendments to the 2006 US$500 million credit facility extended by a group of banks to J. Ray McDermott, S.A. pursuant to which the maximum commitment of the banks was increased to US$800 million. The obligations of J. Ray McDermott, S.A. are secured by first naval mortgages on seven (7) Panamanian registered vessels. The mortgages were amended in order to secure the increased amounts that may be outstanding under the credit facilities. The firm had also worked in the original financing and granting of the security in June 2006.

Roy C. Durling Jr., partner and head of the firm's Shipping and Transportation practice group participated in this transaction.