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Friede Goldman

Halter And Friede Goldman Amend Merger Terms

Halter Marine Group and Friede Goldman International have agreed to amend the terms of their proposed merger due to developments related to a contract dispute with a significant customer, as previously disclosed by Friede Goldman. Under the revised merger agreement, each Halter share will be converted into 0.57 of a share of Friede Goldman. The closing under the revised merger agreement will also be subject to the arrangement o bank financing for the combined company on terms mutually agreeable to Halter and Friede Goldman. Announced on June 1, the merger proposal originally provided for the exchange of 0.4614 of a Friede Goldman share for each Halter share. The boards of directors of both companies have approved the revised merger terms, and the investment banking firms representing the two companies have delivered fairness opinions based on the revised terms. Assuming approval of the merger at the stockholder meetings of Friede Goldman and Halter, the parties expect to close the merger early in the fourth quarter of 1999.


FGH Submits Reorganization Plan

Friede Goldman Halter, Inc. that it has submitted its plan for reorganization to the United States Bankruptcy Court. Friede Goldman Halter has worked closely with its unsecured creditors to develop this plan. The plan calls for the reorganization of Friede Goldman Offshore and Halter Marine and anticipates that the previously announced sale of AmClyde and Friede & Goldman, Ltd. (a naval-architecture and marine-engineering firm specializing in offshore rig design) will be finalized.


Friede Goldman Signs $143 Million Contract to Build Millennium SA

Friede Goldman International Inc. (FGI) has signed a $143.2 million contract with Rudgil SA, a subsidiary of Schahin Engenharia e Comercio Ltda. of Brazil, for the construction of a Friede Goldman-designed "Millennium SA." The Millennium SA (South America) is the latest in new, deepwater semisubmersible designs from FGI subsidiary Friede & Goldman, Ltd., (F&G) a New Orleans-based naval architecture and marine engineering company.


FGH Contracts to Sell Friede Goldman Offshore

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. The purchase price consists of $18 million in cash plus the assumption of approximately $43 million in secured debt. The sale is contingent upon the buyer receiving specific refinancing terms from certain existing secured creditors by


After Mulling Options, FGH Will Protect Its Assets

Friede Goldman Halter Inc., manufacturer of offshore equipment for the energy industry, on Thursday said it filed for protection under Chapter 11 of the U.S. bankruptcy code. The announcement comes a day after the announcement that investment group Pegasus Partners II would not pursue an agreement to provide Friede Goldman Halter with a $100 million loan. Friede Goldman filed its bankruptcy petition, allowing for reorganization of its debts


FGH, Ocean Rig End Dispute Over Drilling Rigs

Norway’s Ocean Rig and Friede Goldman Halter signed an agreement, ending a legal dispute over the building of two drilling rigs that was halted earlier this month. “Work on the rigs, which was suspended briefly by Friede Goldman, causing Ocean Rig to commence arbitration and other legal proceedings against Friede Goldman, resumed in full this morning,” it said in a statement to the Oslo Stock Exchange. “Both companies believe that this latest agreement ..


Friede Goldman and Halter Complete Merger

Friede Goldman International, Inc. and Halter Marine Group Inc. have announced the two companies have completed their previously announced merger and the name of the combined company is now Friede Goldman Halter, Inc. The new company will begin trading on the New York Stock Exchange on November 4, under the new symbol "FGH."


FGH Elects New COO

Friede Goldman Halter has appointed Anil Raj as its COO, effective immediately. Raj, who served previously as the company's senior vice president, Government Projects, joined Halter Marine in 1987 as director of Engineering. Raj has also held positions at Brown & Root, and Gulf Fleet Marine Corp. He holds a BSE degree in naval architecture and marine engineering from the University of Michigan.


Friede Goldman Halter Says No Chapter 11

Friede Goldman Halter Inc., said on Wednesday it had not filed for bankruptcy protection and was seeking alternatives. The company's shares plummeted on Tuesday in response to investor concerns about the company's financial fitness. The shares had not recovered by late afternoon Wednesday trading on the New York Stock Exchange, a day after the company canceled a scheduled conference call with investors. The shares hit a new 52-week low of $.52 before crawling back to last trade at $


Friede Goldman Offshore Settles Dispute

Friede Goldman Offshore Texas has reached a decision with Petrodrill IV and Petrodrill V concerning contract disputes over Friede Goldman's construction of two Amethyst-class deepwater semisubmersible drilling rigs for Petrodrill. The agreements have been approved by the boards of directors for both companies by MarAd, which is providing loan guarantees for the project. The agreements call for the new delivery dates of Amethyst 4 and 5 to occur on September 15, 2001 and December 15, 2001


McDermott: Rig Repair Contracts at Altamira Facility in Mexico

McDermott International, Inc. (NYSE: MDR) said that one of its subsidiaries has been awarded contracts to refurbish and undertake rig repair work at the McDermott Altamira fabrication facility in Tamaulipas, Mexico. The two jack-up rigs are the Friede & Goldman L-780 Mod II design and will


Seadrill Buys Ultra-Deepwater Rig 'Songa Eclipse'

Songa Eclipse & Songa Offshore COO at Launch: Photo credit Songa Offshore

A subsidiary of Seadrill to buy the ultra-deepwater semi-submersible rig 'Songa Eclipse' for a price of US$ 590-million. The rig was delivered from the Jurong Shipyard in Singapore in 2011, and is currently operating for Total offshore Angola on a fixed contract ending in December 2013


Chinese Shipyard Notified to Halt on Rig Jack-up System

Dalian Shipbuilding Industry Offshore has been notified by Friede & Goldman Marketing BV (F&G) to temporarily suspend construction of its rig jacking systems. Arising from the recent accident during the construction of a similar rig at the Jurong Shipyard in Singapore


Seadrill Contracts Out Multiple Jack-Up Units

Seadrill vessel: Photo courtesy of the owners

Seadrill Limited informs it has secured new contracts for the jack-up units 'West Tucana', 'West Telesto', 'West Ariel', and 'West Prospero'.  Additionally, the contract for the 'West Mischief' has been extended by four months.  The total revenue potential for the four new contracts and


ABB Wins Contracts Worth $110M

ABB has been awarded contracts worth $110 million to supply electrical power systems for twelve vessels and five offshore drilling rigs. The ABB orders, all booked during January-March 2006, include the following: • Total electrical power system packages for two semi-submersible drilling


Gulf Capital Acquires Stake in Maritime Industrial Services Co.

According to Rigzone, Gulf Capital has acquired, as part of a large investment consortium, a 21% stake in Maritime Industrial Services Co. (MIS) was acquired as part of a larger private placement that raised $80 million for MIS on the Norwegian over the counter (OTC) market.


CNOOC in Teams up with F&G

China National Offshore Oil Corp (CNOOC) will tie up with US engineering design firm Friede & Goldman to develop China's first deep-water semi-submersible drill platform. CNOOC said the two companies signed a contract in late November and will jointly hold intellectual property rights put into


Seadrill Orders Semi-Submersible Rig Ordered from Jurong

Seadrill has entered into a contract to build another ultra-deepwater semi-submersible drilling rig at the Jurong Shipyard in Singapore. The turnkey contract has a net total project value of $531.5m with scheduled delivery of the unit in April 2010


Friede & Goldman Selects AVEVA Marine

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.


AOPL Wins Contract

Atwood Oceanics, Inc. announced that its wholly owned subsidiary, Atwood Oceanics Pacific Limited (AOPL), has been awarded a contract by Chevron Australia Pty. Ltd. to provide a newly constructed Mobile Offshore Semisubmersible Drilling Unit for a firm three year period


RSA Invests in Shipbuilding Firm

The Retirement Systems of Alabama has become the largest investor in Signal International, with a $100m purchase of shares in the shipbuilding firm that will move its headquarters from Pascagoula, Miss., to RSA's new skyscraper in Mobile. RSA bought about $100m worth of shares in the


Transocean Sets Depth Record

Transocean Inc. said that the its jackup GSF Rig 127 set a world record for the longest extended-reach well ever drilled at 40,320 ft. (12,289 m) MD (measured depth) with a 35,770-ft. (10,902-m) horizontal section. The well was drilled offshore Qatar in 36 days and incident-free


ABS to Class First Jackup Building in Mexico

ABS team (left to right) Country Manager for Mexico Paul DeLaire, Project Manager Lynnda Pekel, Project Manager for Survey Gustavo Garcia, Senior Principal Surveyor Pietro Culicetta, Principal Surveyor Roy Ingram, and Surveyor Israel Miron.

A BS has been selected to class the first self elevating drilling rig built in Mexico. The rig is a Friede & Goldman JU2000 (E) design to be built by Operadora CICSA headquartered in Mexico City. The rig design is intended for all-year Central North Sea harsh-environment operation in up to 400


VT Halter Marine, New CEO & COO

William-E.Skinner,-CEO_web.jpg

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


Roberts Re-Elected NSRP Panel Vice Chair

Photo courtesy ShipConstructor

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.


 
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