Friede Aiming for Brazilian Deep Water
"Friede Goldman Offshore, Estaleiro Ilha Teaming Up for Brazilian Deepwater Projects
GULFPORT, Miss.--(BUSINESS WIRE)--March 31, 2000--Friede Goldman Halter, Inc. (NYSE: FGH - news) today announced that its Friede Goldman Offshore division has signed a memorandum of understanding with Brazilian shipyard Estaleiro Ilha S.A. (EISA) of Rio de Janeiro. Under the memorandum, Friede Goldman Offshore and EISA intend to form a joint venture that will actively pursue offshore energy projects in Brazil and other parts of the world with Friede Goldman Offshore serving as prime contractor and EISA providing fabrication services.
EISA has long been known as Brazil's leading shipyard, with the capabilities of building any size vessel or offshore structure. Friede Goldman Offshore is North America's leading builder of semisubmersibles, with six deepwater drilling rigs either delivered or under construction.
``We look forward to working with EISA as a partner in Brazil, one of the great frontiers of the deepwater energy industry' said J. L. Holloway, chairman and chief executive officer of Friede Goldman Halter. ``I believe that EISA's skilled craftsmen and Friede Goldman Offshore's experience and designs will make a powerhouse in the Brazilian deepwater market." biz.yahoo.com
Comment: Now that the clouds have been removed, I expect to see more releases such as the one above. Doesn't sound like a Company in trouble, does it?
K
Note; FGH stock price is now an explosion waiting to happen. We'll wake up some morning (perhaps next Monday) and find the Institutions have driven the price up several points. Problems solved, new business, reduced FLOAT = Happy Days on the Horizon!!!!!!!!
Have a good weekend
K |
