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

To: Think4Yourself who wrote (53528)	10/25/1999 9:27:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 95453

JQP... one topic left out is the increased reliance of the USA on foreign oil these days...much more so than 1974.

To: Think4Yourself who wrote (53528)	10/25/1999 9:30:00 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

Friede Goldman sees Q3 loss due to rig dispute JACKSON, Miss., Oct 25 (Reuters) - Offshore driller Friede Goldman International Inc. (NYSE:FGI - news) said Monday it would incur a loss of about $0.36 per share in the third quarter as a result of a contract dispute with Ocean Rig ASA of Norway. Friede has been disputing the construction of two Bingo 9000 oil rigs by Ocean Rig at its Pascagoula, Miss., shipyard. The expected loss included a charge for the estimated costs to complete the rigs, as well as a claim against Ocean Rig for additional expenses and delay damages, said Friede. ``If a settlement of the Ocean Rig matter is reached prior to the November 15...the impact of such a settlement could increase or decrease the amount of the charge and, as a result, the net loss for the quarter,' it said in a statement. Analysts had expected an operating profit of $0.19 per diluted share for the quarter, according to a consensus estimate compiled by First Call/Thomson Financial. Friede, whose stock closed 3/16 lower at 9-13/16, is set to merge with Halter Marine Group Inc. (AMEX:HLX - news), a ship and offshore rig builder. In September, the two companies agreed to submit the dispute to binding fast track arbitration, but a settlement has yet to be reached.