FGH Tries To Shed Petrodrill Contracts

Maritime Activity Reports, Inc.

May 7, 2001

Friede Goldman Halter filed with the bankruptcy court a motion to reject the two contracts for the construction of the two Amethyst offshore drilling rigs for Petrodrill. The company, in a statement, said that these highly unprofitable contracts caused substantial losses to FGH, and led to the company's recent Chapter 11 filing. FGH has also taken further cost-cutting measures, announcing that all senior management members have taken substantial salary cuts, in come cases as high as 40%.
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