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Tuesday April 21, 9:04 am Eastern Time
Company Press Release
Friede Goldman International Announces Fifth EVA-4000
Project From Noble Drilling
JACKSON, Miss.--(BUSINESS WIRE)--April 21, 1998--Friede Goldman International Inc.
(NASDAQ: FGII - news) announced today its fifth EVA-4000(TM) project from Noble Drilling
(NYSE: NE - news) for its Pascagoula-based shipyard HAM Marine, Inc.
The Fri Rodli will soon join three other Noble EVA-4000(TM) projects, the Paul Romano, the Jim
Thompson, and the Amos Runner, currently underway at HAM Marine, along with the Max Smith,
which is scheduled to arrive in the third quarter.
J.L. Holloway, chairman and CEO of Friede Goldman International, said, ''Friede Goldman
continues to be a leader in deep water projects. This fifth EVA now gives us a total of nine deep
water projects, and it further shows the level of confidence the industry has in Friede Goldman's
technical and physical capabilities. We have also expanded our capabilities and capacity through
acquisitions and the construction of our new yard.''
The rig is expected to arrive at the shipyard in January 1999, after completing its current contract.
The project's targeted completion date is first quarter 2000. EVA-4000(TM) projects consist of
converting a submersible rig into a semi-submersible rig capable of deep water drilling.
Friede Goldman Newfoundland will fabricate the major structural components, including pontoons
and columns.
Executive Vice President John F. Alford said, ''We are extremely pleased with HAM Marine's
performance on the other Noble EVA-4000(TM) projects. The deep water market is currently
strong, and these projects are being completed on schedule and on budget. Our backlog growth is
going well due to the strategic growth in both shipyards and equipment operations, along with
increased engineering support.''
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, including
Brissonneau & Lotz Marine, 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.
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 and the Annual Report on Form 10-K. 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 International, Jackson
Natalie Pharr, 601/52-1107, Fax: 601-352-0588
fng.com
More Quotes
and News:
Friede Goldman International Inc (Nasdaq:FGII - news)
Noble Drilling Corp (NYSE:NE - news)
Related News Categories: oil/energy
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