FGII Awarded Contract for Deepwater Mooring System
JACKSON, Miss.--(BUSINESS WIRE)--June 3, 1998--Friede Goldman International Inc. (Nasdaq: FGII - news) announced today a new contract for its French subsidiary Brissonneau & Lotz Marine for a deepwater semisubmersible mooring system for Sedco Forex.
J.L. Holloway, chairman and CEO of Friede Goldman International Inc., said, ''BLM plays an important part in our business strategy to deliver not only outstanding design, engineering, and shipyard services, but also outstanding equipment, to the offshore industry. We will continue to strengthen our position by enhancing our current equipment line with additional products and increasing our marketing efforts in North America. We are pleased with the performance of our company this quarter, and we are continuing to negotiate for additional projects.''
This order gives BLM four deepwater semisubmersible mooring systems in production at their manufacturing facility in Nantes, France. Sedco Forex plans to use this mooring system aboard their new semisubmersible drilling rig currently under construction. The new system is scheduled for delivery in the fourth quarter of 1999.
G.T. (Ted) Greak, president and CEO of Brissonneau & Lotz Marine USA, said, ''This new order further confirms the confidence the deepwater segment of the drilling industry has in BLM's ability to produce high quality mooring systems. BLM has made extensive efforts to expand its line of mooring equipment to accommodate this emerging market for deepwater semis and drillships.''
Friede Goldman International Inc. is a leading provider of offshore drilling services, including design, engineering, new construction, repair, retrofit, and conversion. FGII operates the engineering and design firm Friede & Goldman, Ltd., four shipyards in the U.S. and Canada through its subsidiaries HAM Marine, Friede Goldman Offshore, and Friede Goldman Newfoundland. The company also designs, manufactures, and markets equipment for the worldwide offshore industry through its subsidiary Brissonneau & Lotz Marine. The Company's outstanding Common Stock is traded on the NASDAQ National Market under the symbol ''FGII''. -O-
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