Marine Link
Monday, January 22, 2018

Friede Goldman News

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.

Halter And Friede Goldman Amend Merger Terms

Halter Marine Group and Friede Goldman International have agreed to amend the terms of their proposed merger due to developments related to a contract dispute with a significant customer, as previously disclosed by Friede Goldman. Under the revised merger agreement, each Halter share will be converted into 0.57 of a share of Friede Goldman. The closing under the revised merger agreement will also be subject to the arrangement o bank financing for the combined company on terms mutually agreeable to Halter and Friede Goldman. Announced on June 1, the merger proposal originally provided for the exchange of 0.4614 of a Friede Goldman share for each Halter share.

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.

Friede Goldman In Deal To Buy Halter Marine

Friede Goldman In Deal To Buy Halter Marine In a deal that will create the U.S.’ most prolific offshore building company, Friede Goldman International Inc. announced plans earlier this week to buy ship builder Halter Marine Group Inc. The agreement is valued at about $220 million calls for each Halter share to be exchanged for 0.4614 share of Friede Goldman.

FGH, Ocean Rig End Dispute Over Drilling Rigs

Norway’s Ocean Rig and Friede Goldman Halter signed an agreement, ending a legal dispute over the building of two drilling rigs that was halted earlier this month. “Work on the rigs, which was suspended briefly by Friede Goldman, causing Ocean Rig to commence arbitration and other legal proceedings against Friede Goldman, resumed in full this morning,” it said in a statement to the Oslo Stock Exchange. “Both companies believe that this latest agreement ... reflects the strong interest of both companies in allocating resources as effectively as possible to complete the remaining work on the rigs,” it said. Friede Goldman, based in Gulfport…

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.

After Mulling Options, FGH Will Protect Its Assets

Friede Goldman Halter Inc., manufacturer of offshore equipment for the energy industry, on Thursday said it filed for protection under Chapter 11 of the U.S. bankruptcy code. The announcement comes a day after the announcement that investment group Pegasus Partners II would not pursue an agreement to provide Friede Goldman Halter with a $100 million loan. Friede Goldman filed its bankruptcy petition, allowing for reorganization of its debts, in the Bankruptcy Court of the Southern District of Mississippi. The company's 31 subsidiaries that are co-borrowers or guarantors also plan to file reorganization petitions, Friede Goldman said.

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.

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.

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.

FGH, Ocean Rig End Dispute

Norway's Ocean Rig and Friede Goldman Halter signed an agreement, ending a legal dispute over the building of two drilling rigs that was halted earlier this month. "Work on the rigs, which was suspended briefly by Friede Goldman, causing Ocean Rig to commence arbitration and other legal proceedings against Friede Goldman, resumed in full this morning," it said in a statement to the Oslo Stock Exchange. "Both companies believe that this latest agreement ... reflects the strong interest of both companies in allocating resources as effectively as possible to complete the remaining work on the rigs," it said. Fride Goldman, based in Gulfport…

Geiger Named FGH President

Friede Goldman Halter elected Paul Geiger, Jr. as president of Friede & Goldman, Ltd., the company's naval architecture division, which is renowned for its designs of mobile offshore drilling units for the offshore energy industry. Geiger, who joined the company in 1989 as vice president of design, will head Friede & Goldman's newly consolidated offices in Houston.

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.

Friede Goldman Receives Conversion Project

Friede Goldman Offshore, the offshore energy division of Friede Goldman Halter, Inc., has been awarded a contract from Oceaneering International, for the shipyard work in Oceaneering's conversion of its Marine 7 jackup to a production unit. The unit will operate in the Legendre North and South fields on the Northwest Shelf of Western Australia.

Friede Goldman and Halter Complete Merger

Friede Goldman International, Inc. and Halter Marine Group Inc. have announced the two companies have completed their previously announced merger and the name of the combined company is now Friede Goldman Halter, Inc. The new company will begin trading on the New York Stock Exchange on November 4, under the new symbol "FGH."

Ocean Rig and Friede Goldman Agree on Delivery Date

Ocean Rig ASA and Friede Goldman International have reached an agreement on new delivery dates for Ocean Rigs Bingo 9000-1 and 9000-2: March 31, 2000 and June 30, 2000, respectively. The dual deepwater semisubmersible rigs, are currently under construction at Friede Goldman's Pascagoula, Miss. location, where the company recently completed its sixth milestone for Bingo 9000-2, worth $28 million.

Ocean Rig and Friede Goldman Agree on Delivery Date

Ocean Rig ASA and Friede Goldman International have reached an agreement on new delivery dates for Ocean Rigs Bingo 9000-1 and 9000-2: March 31, 2000 and June 30, 2000, respectively. The dual deepwater semisubmersible rigs, are currently under construction at Friede Goldman's Pascagoula, Miss. location, where the company recently completed its sixth milestone for Bingo 9000-2, worth $28 million.

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.

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)…

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.

MODEC Aides FGL

MODEC Inc., announced that its wholly owned subsidiary, MODEC (USA) Inc. in partnership with the current management team of Friede & Goldman, Ltd. (FGL) has signed a contract with Friede Goldman Halter, Inc. to acquire the assets of Friede & Goldman Ltd. The acquisition is subject to approval by the United States Bankruptcy Court. Commenting on the agreement,. Paul Geiger Jr., President of Friede & Goldman, Ltd. said, “This acquisition led by the management team with the support of MODEC Group gives a tremendous boost to the business activities of FGL. We intend to aggressively market our services and designs to drilling contractors and to shipyards. Kenji Yamada, President & C.E.O. of MODEC Inc.

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.

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…

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