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

To: kormac who wrote (67328)	5/30/2000 6:39:00 PM
From: E. Graphs	Respond to of 95453

Friede Goldman Offshore Texas, Petrodrill Settle Contract Dispute biz.yahoo.com >>...Under the agreements, new delivery dates for the Amethyst 4 and Amethyst 5 are September 15, 2001 and December 15, 2001, respectively. Both parties have agreed to increase the float-out milestone payment by $3 million per rig and to a final $6.4 million payment per rig at delivery, resulting in a new contract value of $186.8 million based upon the new delivery schedules. The parties have also agreed to increased late delivery penalties; however, the company believes that during the past four months it has completed necessary engineering to allow for a smooth completion of the construction plan. In addition, both parties have agreed to terminate all pending litigation related to the project....<<