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

To: SliderOnTheBlack who wrote (36768)	2/4/1999 2:40:00 PM
From: Platter	Read Replies (2) \| Respond to of 95453

OSX now down .50

To: SliderOnTheBlack who wrote (36768)	2/4/1999 2:46:00 PM
From: Platter	Read Replies (1) \| Respond to of 95453

Friede Goldman Signs $143 Million Contract to Build Deepwater Semisubmersible JACKSON, Miss.--(BUSINESS WIRE)--Feb. 4, 1999--Friede Goldman International Inc. (NYSE: FGI) announced today a $143.2 million contract with Rudgil SA, a subsidiary of Schahin Engenharia e Comercio Ltda. of Brazil, for the construction of a Friede Goldman-designed "Millennium SA." J.L. Holloway, chairman and chief executive officer of Friede Goldman International, said, "Friede Goldman has a strong reputation and a successful history in the semisubmersible market. We are proud of our Millennium SA design, and we will continue our research and development in the offshore markets, especially deepwater. This is an important contract because it gives our company the opportunity to showcase its fully-integrated capabilities in the offshore industry. Not only will we take this project from the design and engineering phase through the construction phase, but we will also have the opportunity to provide deepwater equipment through our company BLM Offshore. " The Millennium SA (South America) is the latest in new, deepwater semisubmersible designs from FGI subsidiary Friede & Goldman, Ltd., a New Orleans-based naval architecture and marine engineering company. Equipped as a dynamically positioned semi with a DPS-2 station keeping system, the Millennium SA is capable of drilling in 5,000 feet of water with a variable deck load of 3,500 LT (long tons). F&G, Ltd. will perform engineering work on the project in conjunction with Friede Goldman Offshore - East in Pascagoula, Miss., where the rig will be constructed. The rig is scheduled for delivery 23 months from the contract signing date, contingent on the completion of rig financing. The Schahin company has a six-year contract with Petrobras, the state-owned oil company, to operate its rig offshore Brazil. "Our new shipyard was designed specifically to compete on a global basis and handle new-build projects with the latest technology and some of the industry's most experienced managers," Holloway said. "This project exemplifies our long-term, strategic plan in which we have continued to build our company through managed growth without significant debt. All operations are running smoothly, and we are pleased with the way the divisions in our company are working together." Friede Goldman International Inc. is scheduled to release its FY '98 earnings on February 10 at the close of market. (a) 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. --30--LB/na* CONTACT: Friede Goldman International, Jackson