Bye Bye Bingo FGHLQ press release
Friede Goldman Halter Announces Departure of Bingo 9000-1
BUSINESS WIRE - May 07, 2001 11:58
PASCAGOULA, Miss., May 7, 2001 (BUSINESS WIRE) -- Friede Goldman Halter, Inc. (OTCBB:FGHLQ) announced today the departure of the "Leiv Eiriksson," the first of two world-class, fifth-generation deepwater semisubmersible drilling units under construction by Friede Goldman Offshore for the Norwegian company, Ocean Rig ASA.
The "Leiv Eiriksson" and the "Eirik Raude" are the largest and most complex rigs ever built in the United States. They are designed to drill to 30,000 feet below the earth's surface in water depths up to 7,500 feet and to keep drilling even in Force 8 gales and while experiencing 40-foot waves. The construction of these rigs was an astonishing technological achievement.
The unit is being towed from Friede Goldman Offshore's Pascagoula facility to undergo final outfitting, including the installation of the dynamic positioning thruster system.
"We are extremely pleased to complete the shipyard portion of work on the `Leiv Eiriksson'," said John Alford, President and chief executive officer of Friede Goldman Halter. "This program has been a challenge to all parties involved and we are exceptionally proud of the workmanship that went into these rigs."
The second semisubmersible, the "Eirik Raude," is still under construction and is expected to leave the Pascagoula yard by the end of the year.
Friede Goldman Halter is a world leader in the design and manufacture of equipment for the maritime and offshore energy industries. Its operating units are Friede Goldman Offshore (construction, upgrade and repair of drilling units, mobile production units and offshore construction equipment); Halter Marine (construction of vessels for commercial and governmental markets); FGH Engineered Products (design and manufacture of cranes, winches, mooring systems and other types of marine equipment); and Friede & Goldman Ltd. (naval architecture and marine engineering).
Note: This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of The Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Friede Goldman Halter expects, believes or anticipates will or may occur in the future, are forward-looking statements. These statements are based on certain assumptions and analyses made by Friede Goldman International Inc. in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Friede Goldman Halter and which are discussed in Friede Goldman Halter's Registration Statement on Form S-1 and the Annual Report on Form 10-K. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.
CONTACT: Friede Goldman Halter, Inc. Kristi Kelly, 228/897-4997 www.fgh.com
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KEYWORD: MISSISSIPPI
INDUSTRY KEYWORD: MARITIME
OIL/GAS
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