Current contracts & Contracts Pending Total Over ONE AND ONE-HALF BILLION $$ for Friede Goldman Halter, Inc
CURRENT CONTRACTS
CURRENT COMMERCIAL - $380.8 millions (Total of completions due after 1/1/2000): (excluding Ilion Noble Drillings & also excluding the *Oceaneering Contract announced on Nov 29, 1999.) Note: (nc) following date indicates (NOT COUNTED) marinelog.com
Shipbuilder Location Qty Type Shipowner Value$Mil's- Status
FriedeGoldman Offshore Pascagoula, MS 1 semisub (C) 5,000 ft Marine Drilling 87.0 9/99(nc)
Friede Goldman Offshore Pascagoula, MS 2 semisubs (C) Bingo 9000 Ocean Rig ASA (Norway) 270 6/00
Friede Goldman Offshore Pascagoula, MS 1 semisub (C) EVA-4000 Noble Drilling 40.0 3/00
Friede Goldman Offshore Pascagoula, MS 1 semisub (C) Ilion Noble Drillling/FGII N/A N/A
Halter Marine Group Moss Point, MS 2 car/pass. ferry 300 passengers/40 autos North Carolina DOT 10.8 7/00
Halter Marine Group Moss Point, MS 1 RO/RO 310 ft Foss Maritime 30.0 12/99(nc)
Halter Marine Group Pearlington, MS 1 self-unloading bulker 740 ft Great Lakes Marine Leasing 30.0 4/00
Halter Marine Group Lockport, LA 1 ship docking module 4,020 hp Hvide Marine, Inc. 5.0 10/99(nc)
Halter Marine Group Pearlington, MS 1 self-unloading bulker 740 ft Great Lakes Marine Leasing 30.0 4/00
CURRENT GOVERNMENT ? $194.8 millions (Total completions due after 1/1/2000)
marinelog.com
Halter Marine Group Gulfport, MS 10 patrol boats not available Venezuelan Navy 10.0 12/99(nc)
Halter Marine Group Gulfport, MS 12 patrol boats not available Venezuelan Navy 28.0 5/00
Halter Marine Group Gulfport, MS 1 surveillance ship T-AGOS-23 U.S. Navy 60.0 1/00
Halter Marine Group Moss Point, MS 1 survey ship T-AGS-64 U.S. Navy 51.7 1/00
Halter Marine Group Pascagoula, MS dry cargo ship T-ADC(X) Phase I U.S. Navy 1.5 2000
Halter Marine Group Moss Point, MS 1 survey ship T-AGS-65 U.S. Navy 53.6 11/01
TOTAL CURRENT COMMERCIAL & GOVERNMENT: $575.6 MILLIONS
CONTRACTS PENDING
Pending Commercial - $800 millions marinelog.com
Friede Goldman Offshore Pascagoula, MS 3 Bingo 9000-1 rigs (C) Ocean Rig ASA 381.0 options
Friede Goldman Offshore Pascagoula, MS 1 Millennium Class semi-submersible Engenaria 216.0 awaiting Title XI
Halter Marine Group Gulfport, MS 1 70/500 car/pass. ferry State of Virginia 11.0 options
TDI-Halter Orange, TX 1 jack-up rig Perfordora Cent. 92.0 awaiting Title XI
TDI-Halter Orange, TX 1 semisubmersible ENSCO International 100.0 option
Pending Government - $133 millions marinelog.com
Halter Marine Group 3 patrol craft Sri Lanka 15.0 Options
Halter Marine Group 12 special ops craft Special Ops 12.0 Options
Halter Marine Group 1 oceanographic ship U.S. Navy 70.0 Option
Halter Marine Group 4 patrol craft Bahamas 36.0 Options
TOTAL PENDING GOVERNMENT & COMMERCIAL - $933. Millions
TOTAL CURRENT & PENDING CONTRACTS: $1508.6 MILLIONS
*Oceaneering Contract: biz.yahoo.com
This contract, which represents the initial phase of the conversion, is valued at $15-$20 million. The entire project is expected to cost around $80 million, contract awards for the balance of the rig conversion have not yet been announced. FGH is also bidding on the contract to perform topside work on this project. The entire conversion is expected to take around 14 months.
In addition to the work cited above, FGH Companies perform many high margin services which add to the Bottom Line. One example, the of a state-of-the-art shipyard located in Pascagoula, Mississippi, which is capable of constructing new offshore drilling rigs and production units as well as converting, retrofitting and repairing existing offshore drilling rigs and production units.
According to the 10-Q, the backlog was $731.5 million @ 9/30/99 (which would include current construction contracts cited above, in addition to a significant amount of other work not included, above). Additionally, some of the backlog cited in the 10-Q is being worked off during the current quarter which I excluded from 'Current Contracts' to present a FORWARD look.
Prospects for future projects are becoming increasingly improved.
"SURVEY OF OIL COMPANY SPENDING PLANS
On Tuesday, Lehman Brothers published a survey of spending plans by 320 oil companies that indicated their global drilling budgets will rise 10.2 percent next year.
The survey indicates that gains of 15.7 percent in the United States and 28 percent in Canada will be offset by a relatively modest rise of 5.7 percent outside North America.
Jim Wicklund, an analyst with Dain Rauscher Wessels, said in a research note the survey confirmed his own assessment of the outlook for the oilfield services and drilling industry.
`The outlook for the sector remains bullish with expectations for North America to be strong...'"
( These statements may be reinforced by a review of the vast number of Pending Contracts on the above links where the Contractor has yet to be determined.)
Another peek at this article smallcapdigest.com might help explain how a Company?s stock can drop from 45 to below Book Value while it simultaneously increased stock holder equity exponentially.
Note: Based on the results of previous posts, I don?t expect this will convince anyone to buy FGH stock.
It may however, provide some solace to Value Investors and reinforce their capacity to endure until the ultimate turn around. While the current stock price suggests otherwise, I remain convinced Friede Goldman Halter, Inc. is a SOLID Company with an extremely bright future - Short, Intermediate or Long Term.
Current 5 Day Chart: quote.yahoo.com The trading range in the past couple of days looks like an EKG of a BEAR in Hibernation. Maybe all he needs is a kick in the ass to wake him up! >VBG<
CAVEAT EMPTOR ! Remember Current Contracts can be cancelled and Pending Contracts may be delayed or never materialize. Also, be advised that almost every time I post a positive message the stock price tends to drop another notch or two. But that, Does NOT bother me, bother me, bother me!>g< |
