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

To: chuck weir who wrote (26417)	7/24/1998 1:36:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

The only secret is that only one fund sold out of its holdings. I thought it would have been more. Anyway, LT made it pretty clear he was referring to the fundamental business of the companies. I take nothing away from LT and his very informative posts of the past. But the posts in which he said he knew something but didn't say what it was should not be counted as his best work.

To: chuck weir who wrote (26417)	7/24/1998 1:36:00 PM
From: TulipMania	Read Replies (1) \| Respond to of 95453

JACKSON, Miss.--(BUSINESS WIRE)--July 24, 1998--Friede Goldman International Inc. (NASDAQ: FGII) announced today that its Board of Directors has authorized a stock buy back program of up to one million shares of stock, depending on market conditions. J.L. Holloway, chairman and CEO of Friede Goldman International, said, "Our Board of Directors felt that a substantial buy back program should be put into place at this time. We are continuing to execute our business plan, and we are pleased with our results for the second quarter. Although commodity prices are weak, we have increased our backlog this year, which is primarily in the deepwater market. Our new shipyard on the Gulf of Mexico is operational, and has been completed on schedule and within budget. We have already announced more than $350 million of projects for that yard." Friede Goldman International will release second quarter earnings on Monday, July 27, at the close of the market. The company will host a conference call on Tuesday, July 28, at 10 a.m. (CDT). Friede Goldman International Inc. is a leading provider of offshore drilling services, including design, engineering, new construction, repair, retrofit, and conversion. FGII operates the engineering and design firm Friede & Goldman, Ltd., four shipyards in the U.S. and Canada through its subsidiaries HAM Marine, Friede Goldman Offshore, and Friede Goldman Newfoundland. The company also designs, manufactures, and markets equipment for the worldwide offshore industry through its subsidiary Brissonneau & Lotz Marine. The Company's outstanding Common Stock is traded on the NASDAQ National Market under the symbol "FGII". 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 Inc., Jackson John F. Alford, 601-352-1107 or Julia Brewer, 601-352-0588 13:20 EDT JULY 24, 1998 * end of story *