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

To: SargeK who wrote (59142)	1/26/2000 10:16:00 AM
From: Big Dog	Read Replies (1) \| Respond to of 95453

Sarge, That was a very nice post. No 'color'. Thanks for the info. big atoffshore.com

To: SargeK who wrote (59142)	1/26/2000 10:50:00 AM
From: SliderOnTheBlack	Read Replies (3) \| Respond to of 95453

Another BOMB !FGH is going to report Q4 in the middle of March !?!?!?!? - WHAT ? Gee Sarge; kind of like pulling teeth isn't it ? ie: getting a straight answer from FGH... Well; lets just say they are quickly getting an opinion formed about their "corporate culture" now aren't they ? So Sarge; NOW !? - the Shipbuilding assets ARE for sale - aren't they ? - are you a believer now ? Petro Drill project "may" (WILL) be removed from the backlog. But the BOMB - the next BOMB for FGH is that "Q4" will not be released untill the middle of MARCH ?!?!?!?!?!????????????????????????? *WHAT'S WRONG - IS WOLFGANG PUCK BUSY UNTILL THEN ? * "middle" of MARCH ? For Q4 ? Will the Street.Com & Mavis get to do a follow up on the "Books" again !?!?! FGH - will they ever learn...? Will SargeK ever learn ? SargeK; once again; ie your insistance that FGH was "not" selling shipbuilding assets reinforces the fact that YOU have yet to get one single thing about FGH correct; not one: WRONG on the entire HLX merger. WRONG on selling the shipbuilding asssets. WRONG on there being any benefit on the TDW news. WRONG on Petro Drill being removed from the backlog. WRONG on the "pop" from the "good news" that you have endlessly promised is coming from IR (was this it today ? (ROFLMAO !) WRONG on them showing a profit this qtr. WRONG on the fines and the entire situation with the Canadian yards. WRONG on the backlog. WRONG on the 10% pop last friday WRONG on tax loss selling WRONG on the bottom WRONG yesterday, WRONG today and you will continue to be WRONG tomorrow... Middle of March - huh ?; the OSX broke out 50% last Feb-March; do you want to sit in deadmoney while the OSX is poised to explode ? DUMP it and get on with life... "Middle of March" ! - Holloway should retire/resign on this - period. Where does the buck stop ? He can't use Dane as his scapegoat now...

To: SargeK who wrote (59142)	1/27/2000 10:05:00 AM
From: SargeK	Read Replies (2) \| Respond to of 95453

FGH Recap of Recent Events Posted on Clear Station: clearstation.com; Ocean Rig Dispute: The sooner-than-expected resolution of the Ocean Rig dispute mitigates the risk of a crippling financial settlement against the Company. The settlement regarding the construction and delivery of two 5th generation semis, the Bingo 1 & 2 is viewed favorably. With the increase in purchase price ($21.5 million per rig), Friede now expects that it will break-even or post a modest profit on these rigs. The agreement to eliminate further engineering change orders should allow the project to proceed smoothly toward new negotiated delivery dates of Oct 31, 2000 (Bingo 1) and Dec 31, 2000 (Bingo 2). The new delivery dates allows the projects to proceed without the higher cost of late shift and weekend crews. In addition, the accelerated payment schedule should improve FGH's liquidity and reduce it credit risk to Ocean Rig. Financials aside, one might assume that FGH has progressed on the inherent design and construction learning curve on these 5th generation semis which should be of significant benefit in future bidding, design and construction of these State-of-the-Art deep water drilling platforms. Petrodrill Project Petrodrill has slowed its payments to FGH for the Amethyst 4 &5, two 4th generation semis due to delivery delays that have sparked contractual disputes with Petrobras. As a result of the slow payments, FGH has laid-off overtime and weekend crews for the two Petrodrill semis and is only performing very limited work that is not dependent upon engineering specifications. Similar to the Ocean Rig dispute, FGH maintains that design changes and late deliveries of owner furnished equipment have hampered construction. Petrobras contends that Petrodril's letter from a former Petrobras official allowing a 540-day extension is not legally binding. From a credit perspective, FGH's management maintains that FGH has billed and collected more on these MARAD-financed rigs than its cost to construct them to date. It is unclear who will absorb the cost overruns or the lost present value of the lower dayrate these rigs may accept to secure contracts. Per agreement between parties, neither Petrodrill nor Friede will comment on the status of ongoing negotiations. Millenium 2000 The Company may remove this $145 million (former Halter) project from back-log in 4Q/99 since it does not meet the normal contractual standards by which Friede counts its back-log. The Company had expected this issue to be resolved during 4Q/99. Disposition of Assets: The Company is currently having appraised, all recently acquired assets. When complete, evaluations will be made to ascertain which properties and equipment will be sold to reduce debt, increase cash for operations, and achieve synergies/efficiencies; with the ultimate goal of growing the Company and Stock holders' equity and value. Comments: Since FGH has already taken a ($0.36) per share charge in 3Q/99 relating primarily to the Ocean Rig dispute, it is unclear how the settlement (with the Company's expectation of a profit) will affect 4Q and future earnings. It is anticipated that merger/acquisition, relocation, consolidation and other related costs will be charged against 4Q/99. This may be significant since $3 million was paid to Jefferies for successfully managing the merger/acquisition. Since visibility and quality of earnings over the next several months is questionable, the stock will likely continue to be extremely volatile. Long term, under Mr. Holloways focused direction, the Company should be well-positioned to take exceptional advantage of both a new rig construction cycle beginning in the next year or so along with the significant potential for GOM related FPSO design and construction; in addition to, double-hull construction to meet mandated future requirements for vessels hauling crude and chemicals on the Intercoastal canals and territorial waters. I remain convinced FGH is a STRONG BUY investment for Value conscious investors focused on LONG TERM GAIN. Best Regards and Good Luck! SargeK Note 1: To everyones' relief, I will be reducing my posts to a very bare minimum absent personal attacks which may require pro-active response. Note 2: I expect a favorable news release today or tomorrow! FWIW