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

To: The Ox who wrote (46873)	6/24/1999 1:41:00 PM
From: Harold S.	Read Replies (1) \| Respond to of 95453

Anyone know what oil is doing right now??

To: The Ox who wrote (46873)	6/24/1999 1:46:00 PM
From: Wowzer	Read Replies (3) \| Respond to of 95453

Oh sure now you guys come out the woodwork.... Here is the udated press release from FGI. Doesn't seem to be helping much...I think that is a train up ahead..... Thursday June 24, 1:24 pm Eastern Time Company Press Release Friede Goldman and Ocean Rig Continue Talks On Schedule Extensions JACKSON, Miss.--(BUSINESS WIRE)--June 24, 1999--Friede Goldman International Inc. (NYSE: FGI - news) and Ocean Rig ASA have scheduled meetings to discuss extending the delivery schedules for the drilling rigs Bingo 9000-1 and Bingo 9000-2. As previously announced, the two deepwater semisubmersibles under construction at Friede Goldman Offshore in Pascagoula, Miss. are anticipated to be rescheduled for delivery in the first and second quarters of next year. The rigs were originally scheduled for delivery in the fourth quarter of 1999; however, delays in the receipt of owner furnished equipment and engineering have resulted in construction delays. J.L. Holloway, chairman and CEO of Friede Goldman International, said, ''I have been given every indication that our customer, Ocean Rig, has been pleased with the quality of work performed on these projects. We have a good working relationship with Ocean Rig, and we expect that relationship to continue. Rescheduling the delivery dates will benefit both parties due to current rig demand in today's market conditions and the ability to use more efficiently the company's facilities and skilled labor within an extended schedule. Friede Goldman is committed to working with our customer to develop a new delivery schedule and is capable of allocating the resources to deliver these projects according to the schedule. When completed, these projects will be some of the most modern and efficient rigs on the market.'' 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.