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Friede Goldman Halter Inc News

17 Dec 2009

Roberts Re-Elected NSRP Panel Vice Chair

Photo courtesy ShipConstructor

Patrick Roberts, Director of Operations for ShipConstructor USA, has been re-elected Vice Chairman of the Business Process Technologies Panel for the United States National Shipbuilding Research Program (NSRP). The upcoming year will be Roberts’ second year in the role of Vice Chairman. The NSRP Business Process Technologies Panel advises the NSRP Executive Control Board on research projects involving technology to improve procedures and practices within the shipbuilding industry.

27 Sep 2001

Friede Goldman Halter Announces Plan to Retain Investment Banking Firm

Friede Goldman Halter, Inc., announced that it plans to retain, subject to Bankruptcy Court approval, the services of Houlihan Lokey Howard & Zukin. Houlihan Lokey Howard & Zukin is an international investment banking firm providing a wide range of services including mergers and acquisitions, financial restructuring, private placements of debt and equity capital, business and securities valuations, financial opinions, litigation support, and merchant banking services. In the last decade Houlihan Lokey Howard & Zukin's financial restructuring professionals have consummated over $30 billion in transactions. FGH will draw upon the firm's diverse industry experience, extensive talent base, and resources to coordinate and execute a successful financial restructuring.

05 Oct 2001

FGH Advances Construction Operations

Friede Goldman Halter, Inc., announces that its offshore subsidiary has reached an agreement with Petrodrill IV Ltd. and Petrodrill V Ltd. to advance construction of two Amethyst-class deepwater semisubmersible drilling rigs. Friede Goldman will work at the customer?s direction, and operate on a cost-reimbursable basis with contractually established rates for equipment, personnel, and labor. The agreement is expected to generate greater security and additional employment opportunities for the local workforce. Preliminary estimates place work for this phase of completion at four months for the Company?s Pascagoula, Miss., offshore projects at the east facility on Greenwood Island. The West Bank facility will undergo a restoration and upgrade during the temporary closure.

10 Oct 2001

FGH Announces Two New Contracts

Halter Marine, Inc. the vessel segment of Friede Goldman Halter, Inc. announced that it has signed a contract with an undisclosed customer to build a 332' x 74' x 25', double-skin, clean oil tank barge with an estimated 80,000 BBL capacity. This vessel meets the requirements of the Oil Pollution Act of 1990 (OPA 90). This barge is similar in design to one currently under construction at the Halter Gulfport, Miss. facility. Construction will begin at Halter's Gulfport, Miss. facility and take approximately 12 months. Although no new jobs will be created, the project is expected to sustain the facility's current workforce. In recent years, Halter has built 88 similar barges, and currently holds contracts and options for an additional 8 vessels.

19 Oct 2001

FGH Retains Chief Restructuring Advisor

Friede Goldman Halter Inc., announced that it has engaged Glass & Associates, Inc., a national crisis-management firm, to serve as its Chief Restructuring Advisor. Jack R. Stone, Jr., principal of Glass, will serve in that capacity and will report directly to the Restructuring Committee of the Board of Directors. Stone will oversee all restructuring activities, working closely with company management and the investment-banking firm of Houlhan Lokey Howard Zukin. This action was taken to provide a separation of the restructuring effort from the day-to-day business operations, which are under the direction of John F. Alford, CEO.

31 Oct 2001

Halter Receives Outstanding Rating From U.S. Navy

Friede Goldman Halter, Inc. announced that its Halter marine segment received an outstanding rating for the completion of the USNS Mary Sears sea trials. Rear Adm. William Schmidt of Insurv and U.S. Navy captain Philip Johnson of Supships Pascagoula participated in the trials along with personnel from the U.S. Coast Guard, Navy Insurv Board, Naval Sea Systems command, Military Sea Lift Command, Pascagoula Supervisor of Shipbuilding and the Naval Oceanographic Office. The USNS Mary Sears is the sixth Pathfinder T-AGS 60 class built for the Navy by Halter Marine. The vessel is a multi-mission oceanographic survey ship capable of surveying in either coastal or deep-ocean waters, and always forward deployed- having no stateside homeport.

31 Oct 2001

FGH Delivers Harbor Tug

Halter Marine, Inc., the vessel segment of Friede Goldman Halter, Inc., announced the delivery of its newly designed 98-ft. harbor tug, the Lynn Marie. The 6,000-hp Azimuthing Stern Drive (ASD) is based on a design developed by Halter and Foss Marine. Primary tug operations of the Lynn Marie will include ship docking and towing.

13 Dec 2001

FGH Announces Extension of Debtor Exclusivity in Bankruptcy Process

Friede Goldman Halter, Inc. announced that the U.S. Bankruptcy Court has extended the exclusively period for filing of a reorganization plan until February 11, 2002. The primary secured lending group and the Official Unsecured Creditors’ Committee unanimously supported this extension. The restructuring committee of the board of directors has been evaluating expression of interest received from potential strategic and financial parties. These interested parties will conduct final due diligence in the next 30 days, and the restructuring committee expects to make its recommendation prior to February 1, 2002. Both the restructuring committee and the official unsecured creditors’ committee are evaluating all possible alternatives for the company.

11 Dec 2001

FGH Announces $10 Million in New Contracts

FGH Engineered Products Group, the equipment segment of Friede Goldman Halter, Inc., announced that its AmClyde unit has signed new contracts totaling over $10 million with several customers in the international offshore oil and gas sector. AmClyde crane to a new vessel. AmClyde also has a contract from Horizon Offshore Contractors to upgrade the lifting capacity on their existing AmClyde Model 52 marine crane by more than 50 percent. AmClyde is the preeminent designer/builder of the world's largest marine cranes. support services for their new 3,800-ton AmClyde marine crane. services contract. contract from AIOC (Azerbaijan International Operating Company) to provide a template leveling system. a further boost to the backlog of our Engineered Products Group. this group.

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.

18 Mar 2002

Halter Marine Will Build Tugs for Lockheed Martin

Halter Marine, Inc (HMI), a division of Friede Goldman Halter, Inc. (FGHLQ) announced that it has received a Letter of Intent from Lockheed Martin Overseas Corporation to design, and build two Voith Schneider Tractor Tugs. This is a portion of a contract that Lockheed Martin signed with the Egyptian Ministry of Transport earlier this month. Lockheed has released funding for design and planning at this time, with details on the remainder of the project to be finalized later. The project is expected to take twenty-six months to complete. Anil Raj, Chief Operating Officer for Friede Goldman Halter said, “The partnership between Halter Marine and Lockheed is added confirmation that demand for quality vessels produced by Halter continues to grow internationally.

19 Mar 2002

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.

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.

28 Mar 2002

FGH’s Newfoundland Sector Under New Ownership

Friede Goldman Halter, Inc. (FGH) announced today it has sold the assets of Friede Goldman Newfoundland, the company’s Canadian subsidiary located in the province of Newfoundland and Labrador Canada, to Peter Kiewit Sons Co. Ltd.The transaction is part of the continuing effort to restructure the company and facilitate its emergence from Chapter 11 bankruptcy. Bob Shepherd, Executive vice president, administration of FGH, commented, “ The sale of the assets of FGN is in the best interests of the company as it emerges from Chapter 11 bankruptcy protection. The transaction allows the company to reduce outstanding obligations.”

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.

28 Apr 2002

FGH Sells Amclyde Division

Friede Goldman Halter, Inc. on April 25 closed the previously announced sale of the company's AmClyde Division located in St. Paul, Minnesota, for approximately $36 million (USD) to Hydralift ASA, a Norwegian company. "This is an important step," said Jack Stone, President and Chief Executive Officer of Friede Goldman Halter. "The completion of this transaction provides a major portion of the liquidity necessary to accomplish the financial restructuring. The Company continues to move toward Court approval of its Plan of Reorganization. The officers and employees of the AmClyde division did an exemplary job of working with their customers during the bankruptcy and are joining another market leader."

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

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…

16 May 2002

First of Two Halter-Built Vessels Christened

Halter Marine, Inc. (HMI), a division of Friede Goldman Halter, Inc. announced the christening of the first of two articulated tug-barges (ATB) for long-time customer-vessel management services, a Crowley Maritime Corporation subsidiary, and part of its Corporate Services segment. An ATB is built with an articulated pin connection system between the tug and barge that allows movement in the critical area of fore and aft pitch. Christened Sea Reliance, the 9,280 HP tug design is the result of a joint project between Halter Marine and Vessel Management Services. The latest environmental and safety advances, including double-sided construction, along with increased efficiencies in hose handling anchoring, mooring, discharge and loading product are incorporated into the design.

22 May 2002

Bollinger to Acquire Halter Marine

In what amounts to what would be an amazing turn of fortune over a number of years, Bollinger Shipyards, Inc., Lockport, La., has signed a contract, pursuant to approval of the U.S. Bankruptcy Court, to acquire the assets and operations of Halter Marine from Friede Goldman Halter, Inc. Bollinger Shipyards has always been regarded as a well-run builder of quality vessels for the U.S. and foreign markets. However, less than a decade ago, the company was overshadowed by the enormous network of ship and boatyards that was Halter Marine. But Halter, with a mountain of debt and a tight offshore market, fell from the top, in concert with Bollinger's rise.

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.

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."