FRIEDE GOLDMAN HALTER
Friede Goldman Halter, Inc. announced that the purchaser has completed financing arrangements for the sale of its Friede Goldman Offshore division based in Pascagoula, Mississippi. On November 15, Friede Goldman Halter, Inc. (FGH) entered into a definitive contract to sell the assets of its Offshore division to ACON Offshore Partners LP, a Delaware limited partnership and an affiliate of ACON Investments, in a transaction valued at approximately $61 million (USD). The sale hearing will take place in the United States Bankruptcy Court for the Southern District of Mississippi, Southern Division, on December 16, 2002. Court approval is expected, with a year-end closing anticipated. "The FGH Restructuring Committee of the Board of Directors has worked diligently in concert with the Unsecured Creditors Committee to secure this transaction," said Jack Stone, principal, Glass & Associates, Inc. and chief restructuring advisor to FGH. "The sale of the Offshore division represents a determined effort by senior management, our loyal employees, customers and suppliers to complete this process." Friede Goldman Halter has been advised by ACON Investments that ACON is an international private equity investment firm, which manages investments in the United States, Europe and Latin America. ACON's partnerships typically include sophisticated institutional investors from the U.S., Europe and Latin America. Among its activities, ACON is affiliated with Texas Pacific Group (TPG)
Friede Goldman Halter, Inc. (FGH) announced that FGO, the company's rig segment, has completed repairs to the Noble Amos Runner, an EVA 4000 semisubmersible which was damaged by an offshore supply vessel (OSV) during drilling operations. The rig had to undergo replacement of damaged structural elements. Noble also utilized the time to perform other minor modification work. The rig departed on budget and ahead of schedule.
Friede Goldman Offshore, the offshore energy division of Friede Goldman Halter, Inc., has been awarded a contract from Oceaneering International, for the shipyard work in Oceaneering's conversion of its Marine 7 jackup to a production unit. The unit will operate in the Legendre North and South fields on the Northwest Shelf of Western Australia.
Friede Goldman Halter, Inc. announced today that Ocean Rig ASA has commenced arbitration proceedings in London against Friede Goldman Halter, Inc., and Friede Goldman Offshore, Inc., under the Completion Contracts, as amended, for the outfitting of Ocean Rig’s two Bingo 9000 semi-submersible drilling rigs. Separately, FGH announced that it has been advised by its lenders under its $110 million credit facility that the company has violated certain of the covenants in the loan agreement
Friede Goldman Halter Inc., which provides support for the offshore oil industry, announced it has agreed to sell its vessel repair unit to Bollinger Shipyards Inc. for $80 million. The all-cash deal with the Lockport, La.-based company, which is expected to be completed in July 2000, is structured as an asset sale and is subject to certain regulatory conditions. "We undertook to evaluate the strategic fit of each of our business lines," said J. L. Holloway, company chairman and CEO
Friede Goldman Halter, Inc. (FGH) announced late last week the resignation John Alford as President and Chief Executive Officer of Friede Goldman Halter. Mr. Alford has served in that capacity since August 2000. The Board of Directors has elected Mr. Jack R. Stone, Jr., currently serving as the Chief Restructuring Advisor to FGH, to the additional post of President and CEO effective April 5, 2002. Mr. Stone, a principal of Glass & Associates, Inc
Friede Goldman Halter filed with the bankruptcy court a motion to reject the two contracts for the construction of the two Amethyst offshore drilling rigs for Petrodrill. The company, in a statement, said that these highly unprofitable contracts caused substantial losses to FGH, and led to the company's recent Chapter 11 filing. FGH has also taken further cost-cutting measures, announcing that all senior management members have taken substantial salary cuts, in come cases as high as 40%.
Friede Goldman Halter (FGH) has received a Notice of Continuing Events of Default and Demand for Payment, from Foothill Capital Corporation, under which Foothill demands the immediate payment of $85.7 million, plus interest and various other costs, within five days of the Notice. FGH also announced that it would not make the interest payment due on March 15, 2001, on its $185 million principal amount of 4.5 percent convertible notes
Bollinger Shipyards, Lockport, La. is now known as the largest vessel repair and conversion company in the Gulf of Mexico region upon its acquisition of the five shipyards of Friede Goldman Halter ship repair and conversion division. Bollinger now operates 12 dedicated ship repair and conversion yards totaling 42 drydocks situated between New Orleans and Houston, as well as two new construction shipyards in Lockport and Amelia, La.
Friede Goldman Halter, Inc., announced that it plans to retain, subject to Bankruptcy Court approval, the services of Houlihan Lokey Howard & Zukin. Houlihan Lokey Howard & Zukin is an international investment banking firm providing a wide range of services including mergers and acquisitions, financial restructuring, private placements of debt and equity capital, business and securities valuations, financial opinions, litigation support, and merchant banking services
Friede & Goldman, Ltd. announced that it has completed licensing contracts for the construction of four JU-2000E jackup rigs and for three ExD semi-submersible designs. These seven licensing agreements combined with their contract engineering projects bring F&G’s total contracts value to an
AVEVA said that Friede & Goldman (F&G) has selected AVEVA Marine. F&G will use AVEVA Marine to create intelligent 3D models of mobile offshore drilling and production units with the goal of shortening design cycle time and improving information handover and communication with clients.
VT Halter Marine Inc., a company of VT Systems Inc (VT Systems), announced the appointment of William (Bill) E. Skinner as Chief Executive Officer (CEO) and Paul J. Albert as Chief Operating Officer (COO). Skinner, who has been with the company since inception, was appointed CEO on 21 April, 2009
Patrick Roberts, Director of Operations for ShipConstructor USA, has been re-elected Vice Chairman of the Business Process Technologies Panel for the United States National Shipbuilding Research Program (NSRP). The upcoming year will be Roberts’ second year in the role of Vice Chairman.
Friede Goldman Halter, Inc. (FGH) has completed the previous announced sale of substantially all of the assets of its offshore division to ACON Offshore Partners LP and its affiliates (ACON), a Delaware limited partnership. The sale was finalized for a purchase price of approximately $61 million
Friede Goldman Halter, Inc. has completed the previously announced auction of its Friede Goldman Offshore division and has entered into a contract to sell the assets to ACON Offshore Partners LLP, a Delaware limited partnership, for approximately $61 million
Singapore Technologies Engineering Ltd (ST Engg), through its U.S. arm, Vision Technologies Kinetics Inc (VT Kinetics), has made a successful bid for the assets of Halter Marine, the shipbuilding arm of US-based Friede Goldman Halter Inc (FGH)
Friede Goldman Halter, Inc., has continued the auction process related to the Halter business unit, originally scheduled to commence on July 16th, to the morning of July 23rd. On the afternoon of July 23rd, a hearing will take place on the sale of the Halter unit to the successful bidder as
HMI, a division of Friede Goldman Halter, Inc. laid the keel of the U.S. Army’s Tank and Automotive Command (TACOM) new Enhanced Logistic Vessel (ELSV). The vessel will support TACOM logistical efforts on a worldwide basis. The completed vessels will be 314 ft. long, have a 60 ft
Friede Goldman Halter, Inc. (FGH) received milestone dates from the U.S Bankruptcy Court regarding the sale of Halter Marine. The Court auction date has been set for July 16th 2002 with the sale hearing to take place on July 23rd 2002. A copy of the procedures for participating in the auction is
In what amounts to what would be an amazing turn of fortune over a number of years, Bollinger Shipyards, Inc., Lockport, La., has signed a contract, pursuant to approval of the U.S. Bankruptcy Court, to acquire the assets and operations of Halter Marine from Friede Goldman Halter, Inc
Halter Marine, Inc, a subsidiary of Friede Goldman Halter, has started construction of NOAA’s (National Oceanographic and Atmospheric Administration) newest vessel the M/V Oscar Dyson. The vessel is scheduled for delivery in 36 months at a price of $38.3 million
The Board of Directors of Friede Goldman Halter have added the title of Chief Executive Officer to T. Jay Collins who presently serves as Chairman of FGH. Collins is overseeing the final stages of the bankruptcy process from the Board level
By Larry Pearson With the launching and first of the year completion of the 208-ft. vessel Oscar Dyson, a new era has also been launched at the National Oceanic and Atmospheric Administration (NOAA). Typically the recipients of hand-me-down vessels from other services, the $39
By Larry Pearson The Industrial Canal in New Orleans is aptly named. Connecting a tributary of Mississippi River with Lake Pontchartrain, it is much like a boulevard of broken dreams. Remnants of old shipyards, coffee-roasting facilities operating at half capacity and areas where the oil