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Company Press Release
Friede Goldman International Announces Expansion of BLM to North
America
JACKSON, Miss.--(BUSINESS WIRE)--March 13, 1998-- Friede Goldman International Inc. announced today plans to expand its subsidiary Brisssonneau & Lotz Marine (BLM) to North America. Based in Nantes,
France, BLM is a leading designer and manufacturer of marine and offshore rig equipment.
The company also announced the appointment of G.T. (Ted) Greak, formerly a senior vice president of Houston-based Marine
Drilling Company, as president of BLM North America.
J.L. Holloway, chairman and CEO of Friede Goldman International, said, ''We are extremely pleased to have Ted Greak
heading up our operations in North America. Ted has more than 28 years of experience in the offshore industry. The BLM
North American operations will complement the existing operation in France and give us greater manufacturing capabilities in the
offshore market.''
Friede Goldman plans to expand BLM's offshore business by increasing its manufacturing capabilities and marketing its
mooring equipment for semisubmersible rigs, as well as skidding systems, winches, and elevating systems for jack up rigs.
Also, BLM will produce jackup kits for the Friede & Goldman, Ltd. jackup designs, including the JU-2000 and the Alpha 350.
Greak said, ''I am excited about the opportunity to expand BLM's products to the North American market. The company has a
great reputation for quality, and I have been very impressed by their manufacturing capabilities and technology. Up to this point,
the company has not focused its effort on the North American market. Considering Friede Goldman's large customer base here,
this expansion represents a great opportunity for growth.''
The France operations are currently running at 92% of capacity based on 1998 backlog, and the North American operations will
focus on increasing the manufacturing capacity for equipment for the offshore oil industry.
Holloway said, ''Our shipyards are currently involved in eight semisubmersible deepwater projects, and we have positioned
ourselves as a leader in the deepwater construction market. This strategy has been very effective for our company, and we
believe the BLM operations will complement this strategy by producing critical equipment for the deepwater and jackup markets.
All areas of our business are performing well, and we feel confident about our strategy going forward. Strategic moves made by
the company last year to increase significantly our engineering support and shipyard capabilities are working well as we have
continued to increase backlog levels. And, we are currently negotiating with customers for additional projects.''
FGII operates engineering and design firm Friede & Goldman, Ltd. and four shipyards in the U.S. and Canada through
subsidiaries HAM Marine, Friede Goldman Offshore, and Friede Goldman Newfoundland. The company recently acquired
France Marine and its subsidiaries, worldwide designers and manufacturers of marine and offshore equipment. Friede Goldman
International provides offshore drilling services, including design, engineering, new construction, repair, retrofit, and
modification. The company's Common Stock is quoted on the NASDAQ National Market.
(1)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. 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.
Contact:
Friede Goldman, Jackson
Natalie Pharr, 601/352-1107
fng.com |
