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EXHIBIT 99.1
FRIEDE GOLDMAN HALTER, INC.
PRESS RELEASE
For immediate release
FRIEDE GOLDMAN HALTER AND OCEAN RIG SIGN
COOPERATION AGREEMENT
GULFPORT, MS, December 1, 2000 - Friede Goldman Halter, Inc. (NYSE: FGH) and
Ocean Rig ASA today announced that they have executed a Cooperation Agreement
related to the completion and delivery of Ocean Rig's Bingo 9000-1 and Bingo
9000-2 offshore drilling rigs which are currently being outfitted at Friede
Goldman Offshore's Pascagoula, Mississippi shipyard.
The agreement is the result of the joint effort of Friede Goldman and Ocean Rig
to develop a mutually acceptable plan and schedule for completion and delivery
of the two fifth-generation rigs, and marks an important step as the two rigs
near completion. As of November 12, 2000, Bingo 9000-1 is 95% completed and
Bingo 9000-2 is 79% completed. As previously reported by Friede Goldman, Bingo
9000-1 is expected to leave the shipyard for commissioning and sea trials in
January 2001 and Bingo 9000-2 will be ready to leave the shipyard in April 2001.
The agreement establishes new delivery dates for the rigs, with a delivery date
for Bingo 9000-1 set for March 1, 2001, and a delivery date for Bingo 9000-2 set
for June 1, 2001. These delivery dates are within the range previously
determined by Umoe, the independent firm hired in January 2000 by the two
companies to monitor and evaluate, on an on-going basis, the completion of the
two rigs.
The agreement contains several incentives to ensure timely completion and
delivery of the two rigs and waives Ocean Rig's entitlement to liquidated
damages for previous delays. Ocean Rig has agreed, as part of this agreement, to
allocate additional funds to the project for targeted critical-path activities,
such as the installation of certain electrical equipment. In addition, the
agreement includes an early completion bonus of $1 million per rig, payable to
Friede Goldman if the rigs are delivered to Ocean Rig prior to the new delivery
dates. The agreement also includes a specific incentive plan targeted to the
completion of Bingo 9000-2. According to this plan, Ocean Rig will pay an
incentive bonus of up to a total of $5 million to Friede Goldman as Friede
Goldman meets certain pre-determined progress targets at the end of each
calendar month between now and April 15, 2001.
Under the agreement, each company has agreed, with certain specific exception's
to waive claims between the two companies as of the date of this agreement. The
two companies will jointly determine when the rigs are ready to leave the
shipyard - a crucial step in the preparation of the rigs for final delivery to
Ocean Rig. As an indication of its commitment to meet these delivery dates,
Friede Goldman has agreed that it will pay liquidated damages to Ocean Rig if
the rigs are delivered later than these dates, at a rate of $75,000 per day per
rig, to a maximum of $7.5 million per rig.
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Friede Goldman Halter
December 1, 2000
Page 2
Friede Goldman and Ocean Rig are confident that this agreement will help ensure
completion and delivery of the two rigs on terms acceptable and beneficial to
both companies. They look forward to working together towards successful
completion of these two highly advanced rigs.
Friede Goldman Halter is a world leader in the design and manufacture of
equipment for the maritime and offshore energy industries. Its operating units
are Friede Goldman Offshore (construction, upgrade and repair of drilling units,
mobile production units and offshore construction equipment), Halter Marine
(construction of ocean-going vessels for commercial and governmental markets),
FGH Engineered Products Group (design and manufacture of cranes, winches,
mooring systems and marine deck equipment), and Friede & Goldman Ltd. (naval
architecture and marine engineering).
FOR INFORMATION REGARDING THIS OR ANY OF OUR PRESS RELEASES, CONTACT:
CHRIS CUNNINGHAM
Investor Relations and Corporate Communications
(228) 897-4987
*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 Halter 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 Halter and which are discussed in Friede Goldman Halter's
Registration Statement on Form S-1 and the 1999 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.*
