JACKSON, Miss.--(BUSINESS WIRE)--July 14, 1999--Friede Goldman International FGI announced today the successful completion and conveyance of the mobile offshore drilling rig Marine 700, the first project of its kind for the company's new offshore manufacturing facility, Friede Goldman Offshore - East.
J.L. Holloway, chairman and CEO of Friede Goldman International, said, "We are proud to deliver the Marine 700 to our customer Marine Drilling. This project marks the successful completion of a great milestone for our company and our employees. Not only is the Marine 700 the first new mobile offshore drilling rig built in our new shipyard, it is also the first new build semisubmersible rig built in the United States since 1983. I am extremely pleased with our teamwork and performance on this project. We have constructed one of the most modern and sophisticated drilling rigs ever built, and we did it in record time. The Marine 700 is a true representation of teamwork, skill and dedication."
The company's new, purpose-built offshore facility, Friede Goldman Offshore - East, was not fully completed until July 1998, but work had already begun on the rig's existing bare hull soon after the contract was awarded in December 1997. Earlier this week, Friede Goldman presented the Det Norske Veritas (DNV) vessel classification certificate for the Marine 700 to Houston-based Marine Drilling Co. MRL , signifying the construction completion and conveyance of the rig to the customer.
"We realize that this project has been viewed under the microscope since day one by almost everyone in the industry and financial market because of the magnitude of the project and the high standards placed on all of us," Holloway said. "We have received every indication that our customer is pleased with our performance on this record-breaking project. Our people have demonstrated their tenacity and skill during every phase of this project, and I think our success is evidence of the total teamwork effort between our management team and crew and those of our customer.
The Marine 700, a fifth generation, new construction semisubmersible drilling unit designed to complete drilling operations in 7,500 feet of water, is the third deepwater project completed and delivered by Friede Goldman in the last six months.
"We continue to develop an already outstanding record in deepwater semi conversion and new construction," Holloway added. "And, we are encouraged by the recent increases in the price of oil."
Friede Goldman International is scheduled to release its second quarter earnings on Monday, July 26, at the close of the market. A conference call will follow on Tuesday, July 27 at 10:30 a.m. CDT.
Friede Goldman International 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 21E 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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