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

To: Bob A Louie who wrote (2976)	11/14/1997 12:37:00 PM
From: SJS	Read Replies (1) \| Respond to of 95453

Bill...can't see this and don't plan a subscription to it right now. Can we get it here another way?

To: Bob A Louie who wrote (2976)	11/14/1997 1:48:00 PM
From: Bob A Louie	Read Replies (1) \| Respond to of 95453

Maybe this will help goose Freddy Goldman: HOUSTON, Nov 14 (Reuters) - Rigco North America LLC said Friday it entered into a memorandum of understanding with Friede Goldman International Inc for the construction of a Millennium Class semisubmersible drilling rig. The deep water, fifth generation semisubmersible is to be constructed in Friede Goldman's Marystown Shipyard in Newfoundland and will be capable of operating in cold weather and other harsh environments, the DeepTech International Inc (Nasdaq:DEEP - news) subsidiary said. The new rig will be equipped initially to operate in water depths of up to 2,000 feet with the ability to upgrade the depth rating to 5,000 feet with minimum modifications. The rig will be designed to meet all Canadian mobile offshore drilling rig requirements including thruster-assisted mooring and will be readily upgradeable to full dynamic positioning capabilities. The rig is projected to be delivered in mid-year 2000, RIGCO said. The company noted it owns two semisubmersibles, the FPS Laffit Pincay and the FPS Bill Shoemaker. The Bill Shoemaker is drilling offshore Newfoundland. The Laffit Pincay is currently drilling in the Gulf of Mexico. No terms were given for the agreement with Friede Goldman, which also contemplates an upgrade to the Laffit Pincay to increase its rating to drill in water depths of up to 1,800 feet initially with the ability to readily upgrade the rig to a water depth rating of 3,000 feet by adding additional riser and mooring lines. RIGCO said the upgrade would include increasing the variable drilling deck load to a minimum of 3,300 short tons, increased mud pit capacity, the addition of a third mud pump, the upgrade of the top drive to a Varco TDS-4 and other general refurbishment to the drilling and marine systems. The parties anticipate the Laffit Pincay upgrade would be performed in Friede Goldman's Marystown, Newfoundland, and Pascagoula, Miss., shipyards.