Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Think4Yourself who wrote (46846)	6/24/1999 9:50:00 AM
From: Big Dog	Read Replies (2) of 95453

I just got off the phone with (JL CEO at FGI). He agrees that a better explanation of the Ocean Rig issue is needed. I suggested he do another press release together with a conference call, and I expect this will be done today. The news really isn't bad for FGI. The extended deliverey schedule will allow the yard to use its "best shipyard practices" which will lower the yard cost by making for a more efficient use of labor and procedures. This will give FGI a higher profit margin on the job. The delivery set back was not the fault of FGI, but was mostly due to owner furnished equipment not arriving on schedule. This causes extra work when some equipment almost has to be "retrofitted". JL said FGI will not be paying any "damages" for the delay and that Ocean Rig and FGI had mutually agreed to reschedule the delivery dates. By the way: The major equipment supplier to the project is a company owned by a major shareholder of Ocean Rig. Maybe it's hard for him to accept responsibility for the equipment delays and would find it better to shift the attention elsewhere. (My opinion only.) Watch for "damage control" from FGI later today. big atoffshore.com

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