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: SargeK who wrote (37238)	2/10/1999 4:50:00 PM
From: SargeK	Read Replies (1) of 95453

FGIs SURPRISES EARNINGS UP ($.10 surprise) and MORE IMPORTANTLY - BACKLOG is SKYROCKETING!!!!!!!! J.L. Holloway, chairman and CEO of FGI, said, "We are extremely proud to announce record revenue and earnings for the fourth quarter. This success was due in part to the smooth execution of operations by each subsidiary and by the efforts of our Friede Goldman Offshore employees who achieved a high level of performance during the holiday season. We were able to secure and complete additional, short-term projects within the quarter without significant interruptions to our previous schedules." At the same time, the Company reported a backlog of $364.7 million at December 31, 1998. This compares to a backlog of $321 million at December 31, 1997. The backlog does not include the recently announced $143.2 million contract with a Brazilian company for the construction of a Friede Goldman-designed Millennium SA semisubmersible drilling rig. K

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