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…
People & Company News
Friede Goldman Halter, Inc. (FGH) announced the appointment of Robert L. Champagne, CPA, as its Executive Vice President and CFO. Champagne has been employed with KPMG for 28 years, 18 of which he served as a partner in the firm. In addition to Mr. Champagne's appointment, Chuck DeCuir has been appointed Senior Vice President, Contracts, Legal Affairs and Risk Management, of Friede Goldman Halter, Inc. "Since becoming CEO, I have made it a major focus to strengthen the financial and Corporate Risk Management areas of the Company. Bobs 18 years of partnership experience, working with a number of publicly held companies, gives us solid financial leadership.
Halter Marine Wins NOAA Research Vessel Contract
Friede Goldman Halter, Inc., (FGH) vessel construction business unit, Halter Marine, has been informed by the offices of Senator Trent Lott (R-MS) and Senator Thad Cochran (R-MS) that it has been awarded a contract by the National Oceanic and Atmospheric Administration (NOAA) of the U.S. Department of Commerce for the detailed design and construction of the first of four Fisheries Research Vessels- designated the FRV-40 class. The contract also includes the provisions of spare parts, technical services and options to built three additional ships. The total value of the base contract is $38.3 million, if all possible options are exercised, the value of the contract could ultimately exceed $165 million.
FGH Rejects Petrodrill Contract
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.
