Ron Schnoor News

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.

Signal International recently achieved over one million man hours without a U.S. Department of Labor OSHA recordable incident. This safety performance follows the announcement of the Shipbuilder’s Council of America (SCA) 2006 safety awards. For the fourth consecutive year, Signal International has been a recipient of the Excellence in Safety award with one of the lowest total recordable incidence rates in the industry. This historic milestone was achieved on July 22, 2007. Dick Marler, Signal International’s CEO commended Ron Schnoor, Senior Vice President and General Manager of its’ Mississippi operations for personally developing the policies and procedures necessary to insure a safe working environment.

Signal International, a company known for its work in repairing and renovating offshore drilling rigs, will be repair the hull of the Boomtown Casino barge. The barge, heavily damaged during Hurricane Katrina, was moved to Signal last week for hull repairs, according to information from Penn National Gaming, which owns the casino. Company officials said they expect to have the barge's repairs completed and the casino back in operation by the end of this year. The exact cost of the repairs were not released, but company spokesman Ron Schnoor said the hull repairs were estimated at less than $1 million. Source: Mississippi Press

Friede Goldman Halter, Inc. (FGH) has completed the previous announced sale of substantially all of the assets of its offshore division to ACON Offshore Partners LP and its affiliates (ACON), a Delaware limited partnership. The sale was finalized for a purchase price of approximately $61 million (USD), consisting of cash and the assumption of secured debt. "We are pleased with the outcome in closing this transaction and we commend the Restructuring Committee of the Board of Directors and the Unsecured Creditors Committee for their efforts," said T. Jay Collins, FGH Chairman and CEO. Now that the sale of the offshore assets is complete, Friede Goldman Halter intends to concentrate on promulgation of its plan of reorganization.

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.

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.