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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Braddock Bull who wrote (46810)	6/23/1999 2:39:00 PM
From: Big Dog	Read Replies (1) \| Respond to of 95453

JACKSON, Miss.--(BUSINESS WIRE)--June 23, 1999--Friede Goldman International Inc. (NYSE:FGI) announced today that Ocean Rig ASA's Bingo 9000-1 and 9000-2 deepwater semisubmersibles under construction at Friede Goldman Offshore in Pascagoula, Miss. have been rescheduled for delivery in the second quarter of next year. Schedule completion for these vessels has been impacted due to reasons beyond Friede Goldman Offshore's control. This extended delivery schedule is expected to produce economic benefits for both parties. Friede Goldman International is a leading provider of offshore drilling services, including design, engineering, new construction, repair, retrofit, and conversion. FGI operates the engineering and design firm Friede & Goldman, Ltd., four shipyards in the U.S. and Canada through its subsidiaries 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 New York Stock Exchange under the symbol "FGI." 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 International Inc. 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 International Inc. and which are discussed in Friede Goldman International Inc.'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. --30--KO/na*