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 Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Belgian Strike to Impact Antwerp Port

A strike in parts of Belgium on Monday is expected to disrupt rail services and one of Europe's largest ports as trade unions and workers voice their anger over

Statoil Halts Angola Exploration, Cancels Rig Contract

Norway's Statoil has halted its exploration campaign in Angola after several disappointing wells and canceled a rig contract with Stena Drilling, the firm said on Friday.

Transas Launches Web Map Service

Transas Marine has launched Transas Web Map Service (WMS)to provide transparent and easy access to navigation charts through common interface. Access to comprehensive

Shipbuilding

Everett College to Launch New Research Boat

Everett Community College’s Ocean Research College Academy (ORCA) will launch its new research vesel on November 22 with a celebration at 11 a.m. at the Port of Everett.

Video: Reefer RoRo Ship Design Rebooted

Expanding on the Reefer RoRo Ship design release in September last year, naval architects group Knud E. Hansen A/S has continued the development of the new Reefer RoRo Ship design with version II.

HHI to Build FSRU for Höegh LNG

A new Floating Storage and Regasification Unit (FSRU) will be built by the Korean shipbuilding Company Hyundai Heavy Industries (HHI). This FSRU will be the fifth

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1231 sec (8 req/sec)