Marine Link
Thursday, September 29, 2016

FGH And Ocean Rig Sign Cooperation Agreement

December 1, 2000

Friede Goldman Halter (FGH) and Ocean Rig have signed a cooperation agreement related to the completion and delivery of Ocean Rig's Bingo 9000-1 and Bingo 9000-2 offshore drilling rigs, which are currently being outfitted and Friede Goldman Offshore's Pascagoula, Miss. shipyard.

The agreement results from a joint effort of Friede Goldman and Ocean Rig to develop an acceptable plan and schedule for the completion and delivery of the two fifth-generation rigs, and marks a significant step as the two rigs near completion. This decision establishes new delivery dates for the rigs, with a delivery date for Bingo 9000-1 set for March 2001, followed by Bingo 9000-2 on June 1, 2001.

Also outlined in the agreement is a specific incentive plan geared toward the completion of Bingo 9000-2. According to terms outlined in this plan, Ocean Rig will pay an incentive bonus of up to a total of $5 million to Friede Goldman as Friede Goldman meets certain pre-determined progress targets at the end of each calendar month between now and April 15, 2001.



Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News