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Thursday March 11, 10:57 am Eastern Time
Company Press Release
Friede Goldman Signs Cooperation Agreement With Chinese Shipyard
JACKSON, Miss.--(BUSINESS WIRE)--March 11, 1999--Friede Goldman International Inc. (NYSE: FGI - news) announced today that its subsidiary Brissonneau & Lotz Marine (BLM) has signed a cooperation agreement with Dalian New Shipyard, located in Liaoning Province, China, for joint manufacturing of semi-submersible mooring winches and jack-up frame elevating systems under BLM technical assistance and supervision.
J.L. Holloway, chairman and CEO of Friede Goldman International, said, ''Dalian New Shipyard is a major player in the global marine industry. This alliance will allow our subsidiary BLM to develop its supply of offshore equipment not only for the Chinese market but also for the worldwide market. This partnership is further proof of our commitment to pursue every opportunity to extend our customer base and increase the awareness of our company's quality products.''
BLM has had a successful history of joint manufacturing partnerships in East Asia. Since 1981, BLM has been jointly manufacturing marine equipment, including deck cranes, mooring winches, and windlasses for cargo and container vessels, with Wuhan Marine Machinery Plant (WMMP), located in Hubei Province, China. During their 18-year alliance, BLM and WMMP have delivered more than 100 container handling cranes and fitted more than 40 vessels with BLM mooring winches and windlasses.
''Growing the equipment side of our business and expanding our worldwide presence will continue to be primary focus points for our management,'' Holloway said. ''We have received several orders recently to manufacture various cranes and deck machinery to be delivered to shipyards in Europe and Asia during the remainder of this year and into 2000.''
Based in Nantes, France for nearly 160 years, BLM has another manufacturing facility in Brest, France, and sales offices in China, Korea, and Russia. The company has recently expanded its operations to include a U.S.-based sales office in Houston, Texas, and a BLM service center in Pascagoula, Miss.
Friede Goldman International Inc. is a leading provider of offshore drilling services, including design, engineering, new construction, repair, retrofit, and conversion. FGI operates the engineering and design firm Friede & Goldman, Ltd., four shipyards in the U.S. and Canada through its subsidiaries 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 New York Stock Exchange under the symbol ''FGI.''
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.
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Contact:
Friede Goldman International, Jackson
Natalie P. Pittman or Julia Brewer, 601/352-1107
Fax: 601-352-0588
www.fng.com
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