FGH Rejects Petrodrill Contract

Thursday, July 26, 2001
Friede Goldman Halter, Inc., (FGH) announced that the bankruptcy court has officially rejected the Petrodrill contracts. On June 12, FGH filed a motion with the bankruptcy court to reject the two contracts for the construction of the two "Amethyst" offshore drilling rigs for Petrodrill, a Brazilian company. These highly unprofitable contracts caused substantial losses to the Company, and were one of the two key influences in conjunction with the losses suffered on the Ocean Rig Bingo program which led to the Company's decision to file Chapter 11. By virtue of this order, the company's contractual obligations on this project are terminated. Unsuccessful negotiations for the terms of completion of these two unprofitable contracts with Petrodrill and the surety, Fireman's Fund Insurance Company, a wholly owned subsidiary of the German insurance company Allianz, led to the filing of this rejection motion. According to John Alford, president and chief executive officer of FGH, "We are pursuing alternatives with Petrodrill to help them finish these rigs. We are not opposed to alternatives that may be offered which would help them finish this project. Earlier this year, we were successful in reaching an agreement to assist Ocean Rig, ASA in the completion of their rigs."

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Thyssenkrupp Bids for Australian Sub Contract

German industrial group Thyssenkrupp has submitted an offer to the Australian government for a contract to build stealth submarines potentially worth tens of billions of euros,

Ferreira Quits Petrobras

Murilo Ferreira quit as chairman of Brazil's Petroleo Brasileiro SA, the state-controlled oil company said on Monday, without disclosing the reason for his decision.

Wärtsilä Sternguard In-Water Serviceable Seal Launched

Wärtsilä, the marine and offshore industry's leading solutions and services provider, introduces an innovative new seal that can be fully serviced underwater, without setting up a habitat.


VT Halter Launches Barge for Bouchard

VT Halter Marine, Inc. (VT Halter Marine), a company of Vision Technologies Systems, Inc. (VT Systems) and Bouchard Transportation Co. announced that Barge B. No.

Volvo Penta IPS for New Tampa Bay Pilot Boat

The new Chesapeake-class MKII launch delivered this month by Gladding-Hearn Shipbuilding to the Tampa Bay Pilots Association features integrated engine and drive from Volvo Penta.

Cat C9.3 ACERT to Debut at WorkBoat

Caterpillar Marine unveils Cat C9.3 ACERT power solutions for the commercial marine market   Caterpillar Marine has launched the Cat C9.3 ACERT Marine platform,

Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1168 sec (9 req/sec)