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Friede Goldman Offshore News

27 May 2009

VT Halter Marine, New CEO & COO

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. Prior to this appointment Skinner was VT Halter Marine’s COO (2005- 2009) and Senior Vice President of Vessel Operations (2002-2005). Skinner had held senior positions in the shipbuilding industry including President of Friede Goldman Offshore Division of Friede Goldman Halter (1997-2002)…

25 Mar 2002

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. As Friede Goldman Halter emerges from Chapter 11 the resulting independent business units, and their management, are looking forward to increased interest from their loyal customer base.

14 Mar 2002

FGH To Reorganize Offshore and Marine Segments

Friede Goldman Halter, Inc. (FGH) announced today the debtor’s decision to file a joint plan to reorganize Friede Goldman Offshore (FGO) and Halter Marine, Inc. (HMI) under Chapter 11 of the Bankruptcy code. The Debtors and the Official Unsecured Creditors Committee are supporting this reorganization. The Restructuring Committee of the Board of Directors, after extensive review of options, will pursue the internal reorganization of the Offshore and Marine segments which is believed to be in the best interests of all parties. Details of the reorganization plan are being finalized and the reorganization plan will be filed with the United States Bankruptcy Court in the near future. Jack Stone, Principal, Glass & Associates, Inc.

08 Apr 2002

Stone Chosen to Lead FGH Comeback

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., a nationally prominent management-consulting firm, has been advising the Board of Directors since October 2001 on restructuring matters. As previous announced, FGH has filed a Plan of Reorganization which…

17 Apr 2002

FGH Records Large Non-Cash Write Downs

Friede Goldman Halter, Inc. (FGH) filed a Form 10-K with the Securities and Exchange Commission. weeks. The company reported a loss for the year ending December 31st 2001 of $401.6 million, or $8.24 per fully diluted common share. The complete financial statements and management's analysis of the results can be reviewed in the Form 10-K. amortization and impairment, depreciation, loss provisions on disposition of assets, inventory write-downs, and subordinated note related write-offs. Additionally, $37.6 million relates to other items including professional fees, income tax provision adjustments and certain contract loss liabilities that were due to the Chapter 11 filing and subsequent events.

13 May 2002

J.L. Holloway Resigns as Chairman of FGH

Friede Goldman Halter, Inc. announced today that J.L. Holloway has resigned from the company's Board of Directors. Holloway, 57, has been the Chairman of the Board since April 1997. He served as the Chief Executive Officer and President of Friede Goldman Offshore, Inc. (formerly HAM Marine, Inc.) from its formation in 1982 until April 1997. "The Board has accepted J.L.'s resignation and is grateful for the many years of service he has given to Friede Goldman Halter and its predecessors," said T. Jay Collins, Board Member and Chairman of the Restructuring Committee; "We wish J.L. the best in his endeavors."

24 May 2002

FGL Sold to United Heavy Machinery

United Heavy B.V., a division of United Heavy Machinery, has purchased the Naval Architecture and Marine Engineering business unit Friede & Goldman Ltd. (FGL) from Friede Goldman Halter, Inc. for a sum of $15 million. “We are pleased with the outcome of this auction,” said Jack Stone, president and CEO of Friede Goldman Halter. “The competitive bidding for FGL shows the level of confidence the marketplace has in the products and services offered by Friede & Goldman Ltd. and in its future.” “The sale of Friede & Goldman Ltd. is positive for the estate and the terms of the agreement provide continued access to the FGL design technology for Friede Goldman Offshore which should prove beneficial to both companies going forward.” said Ron Schnoor, President of Friede Goldman Offshore.

07 Apr 2000

Contracts

Friede Goldman Halter, Inc. announced that it has recently finalized six new contracts with a total value of approximately $40 million. -The Venezuelan government for the construction of two 153-foot LCU-type logistics support vessels. Financing for the project has been secured through the Export-Import Bank and all guarantees have been obtained. Construction for the vessels is anticipated to begin during the second quarter at the company's Moss Point Marine shipyard in Escatawpa, MS and delivery is slated for the fourth quarter of 2001. -Atwood Oceanics for the design and construction of a deepwater mooring system. The 8-point combination traction-winch/windlass mooring system will be installed on the Atwood Eagle…

06 Apr 2000

Friede Goldman Halter Finalizes $40 Million In New Contracts

Friede Goldman Halter, Inc. announced that it has recently finalized six new contracts with a total value of approximately $40 million. · The Venezuelan government for the construction of two 153-foot LCU-type logistics support vessels. Financing for the project has been secured through the Export-Import Bank and all guarantees have been obtained. Construction for the vessels is anticipated to begin during the second quarter at the company's Moss Point Marine shipyard in Escatawpa, MS and delivery is slated for the fourth quarter of 2001. · Atwood Oceanics for the design and construction of a deepwater mooring system. The 8-point combination traction-winch/windlass mooring system will be installed on the Atwood Eagle…

07 Apr 2000

Offshore Week

PanCanadian Petroleum Ltd., Canada's No. 2 oil company, could soon be on track to develop an East Coast offshore gas project to rival the huge Sable Island project, its chief executive said. PanCanadian, the oil and gas arm of conglomerate Canadian Pacific Ltd., plans to drill two appraisal wells this year near its recent Deep Panuke gas discoveries, made at the site of the exhausted Copan oil project off Nova Scotia. The wells will give the company the geological data it needs to decide whether to pursue more drilling or full development, PanCanadian CEO David Tuer said. Two recent wells drilled into the gas formation beneath the old oil reservoir tested at more than 50 million cubic feet a day each.

08 Jun 2000

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, respectively. Both parties have agreed to increase the float-out milestone payment by $3 million per rig and to a final $6.4 million payment per rig at delivery, resulting in a new contract value of $186.8 million based upon the new delivery schedules.

01 Dec 2000

FGH And Ocean Rig Sign Cooperation Agreement

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.

14 Dec 2000

FGH Subsidiary Sells Interest in Ilion

Friede Goldman Halter, Inc. has announced that one of its subsidiaries has sold its minority equity interest in Ilion LLC for $12.8 million to Noble Drilling Corporation. The Ilion, a Friede and Goldman designed semi submersible, is in the Friede Goldman Offshore shipyard in Pascagoula, Miss. Additionally Friede & Goldman, Ltd., recently received a contract from Noble Drilling to perform design engineering for phase one upgrading of the semi submersible. Phase one specifically involves the upgrading of the rig's hull.

06 Mar 2001

Ocean Rig Commences Arbitration Against FGH

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. The company disputes the lenders’ assertions and has been in negotiations with the lenders regarding the parties’ outstanding issues. There can be no assurance, however, that the company and the lenders will reach a mutually agreeable resolution of those issues. - (Reuters)

18 Mar 2001

FGH’s Convertible Note Interest Payment Status

Friede Goldman Halter, Inc. announced that it has not made the semi-annual interest payment on its outstanding 4 1/2% convertible subordinated notes due 2004. The company plans to make this interest payment within the 30-day grace period provided under the indenture relating to the notes. Friede Goldman Halter is a world leader in the design and manufacture of equipment for the maritime and offshore energy industries. Its operating units are Friede Goldman Offshore (construction, upgrade and repair of drilling units, mobile production units and offshore construction equipment); Halter Marine (construction of vessels for commercial and governmental markets)…

26 Nov 2002

FGH Anticipates Sale Completion

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.

19 Nov 2002

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 November 22, 2002 and the receipt by the seller of the buyer's contract deposit on the same date. If these conditions are met, the sale would be presented on December 16, 2002 to the United States Bankruptcy Court for the Southern District of Mississippi, Southern Division, for approval.

01 Sep 1999

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. 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. Equipped as a dynamically positioned semi with a DPS-2 station keeping system, the Millennium SA is capable of drilling in 5,000 ft. of water with a variable deck load of 3,500 long tons. F&G will perform engineering work on the project in conjunction with Friede Goldman Offshore, East in Pascagoula, Miss., where the rig will be constructed.

18 Aug 1999

Friede Goldman and Ocean Rig Reschedule Rig Deliveries

Ocean Rig ASA's Bingo 9000-1 and 9000-2 deepwater semisubmersibles are under construction at Friede Goldman Offshore in Pascagoula, Miss. and have been rescheduled for delivery in the second quarter of next year. The extended delivery date for these vessels has been impacted by reasons beyond Friede Goldman Offshore's control, according to the company.

26 Jul 2001

FGH Completes Rig Repair

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. "We are very cognizant of the revenue loss our customers may suffer if their work is delayed. Meeting or beating their schedule is important to us and our customers," stated Anil Raj, chief operating officer of Friede Goldman Halter.

27 Jun 2001

FGH Announces Rig Work

Friede Goldman Offshore, Inc., the rig segment of Friede Goldman Halter, Inc. announced that Noble Drilling (U.S.) Inc. has scheduled the Noble Amos Runner for repair work at FGH's Pascagoula facility. The EVA 4000 semisubmersible was hit by an offshore supply vessel (OSV) during drilling operations in October 2000, and the main structural tubular braces were damaged. The rig is insured and the damage is covered under the policy. "This is the first rig Noble will be bringing in under the previously announced Master Shipyard Agreement," said Ron Schnoor, Group President of the Offshore Division. Friede Goldman Offshore converted and delivered the Noble Amos Runner to Noble in August 1999.

18 Jun 2001

FGH Signs Master Shipyard Agreement With Noble Drilling

Friede Goldman Offshore, Inc., the rig segment of Friede Goldman Halter, Inc. and Noble Drilling (U.S.), Inc. have signed a Master Shipyard Agreement, which will cover all repairs, modifications, refurbishment and construction services provided to the Noble Companies by Friede Goldman Offshore. The Agreement, which is subject to the approval of the bankruptcy court, defines the contractual relationship between the companies and delineates their respective responsibilities for performing repairs, modifications, refurbishments and construction services during FGH's reorganization process. "We are satisfied with our progress so far during our reorganization effort," said Ron Schnoor, Group President of the Offshore Division.

08 May 2001

FGH Delivers Power Barges

Waller Marine, Inc., took delivery of two 30 MW power barges from the Friede Goldman Offshore shipyard, Pascagoula, MS, in April 2001 and immediately loaded the vessels on the M.V. Smit Express for their dry tow to Lagos, Nigeria. The 60 MWs of power will be connected to other similar vessels, delivering much needed electricity to the city of Lagos. Each power barge was designed by Waller to ABS River Rule standards, each supporting a single General Electric, frame 6B, industrial gas turbine generator set, controls, switchgear, main transformer and associated equipment. Waller contracted Friede Goldman for the vessel's construction, installation and testing under a fast track schedule to deliver the units to Lagos. Waller is currently designing power barges for installation in U.S.