Friede & Goldman Grants Licenses To Build Seven Designs

Friede & Goldman, Ltd. (F&G) announced today that it has completed licensing contracts for the construction of four JU-2000E jackup rigs and for three ExD semi-submersible designs. These seven licensing agreements combined with their contract engineering projects bring F&Gs total contracts value to an all time high and enhances F&Gs reputation as the leader of independent conceptual design of mobile offshore drilling units.

The licensing agreements to build four F&G designed JU-2000E jackup drilling rigs include option agreements for four additional JU-2000Es. In addition, F&G signed contracts to provide their patented Rack Chock leg fixation system for each of the newbuild jackups. The JU2000E jackup is a high specification Friede & Goldman designed jackup rig with a 75 foot cantilever reach, rated water depth of 400 feet, and rated drilling depth of 30,000 feet. The F&G JU-2000E is also a harsh environment designed rig capable of operating in the North Sea. Each of the newbuild jackups are scheduled for delivery in 2007 and will bring a total of seven JU-2000Es in operation around the world.

The three licenses issued to build three F&G ExD semisubmersibles combined with the two ExDs delivered in 2004 confirm F&Gs place as the leading designer in semisubmersibles rated for water depths up to 10,000 feet. The ExD is a 6th generation ultra-deepwater Friede & Goldman designed semisubmersible drilling rig capable of operating in a challenging deepwater arena, in particular in the Gulf of Mexico, offshore Brazil, and West Africa. The F&G designed semisubmersible can operate in dynamic positioning mode in water depths up to 10,000 feet and is also engineered for stability and versatility with operational displacement of 43,400 metric tons at 17 meters draft and 46,750 metric tons at 20 meters draft. The rig will also have 18,000 square feet of usable deck space and more than 8,000 metric tons of variable deck load.

Mr. Paul Geiger Jr., President & CEO, commented, Friede & Goldman offshore drilling designs have been the industry standard for over 40 years. We are very proud of the experience and expertise we incorporate into each design.

Friede & Goldman, Ltd. is a leading international mobile offshore drilling unit design company. The Company specializes in conceptual design of Jackup and Semisubmersible design. F&G also provides offshore production, construction and other vessel designs as well as contract engineering services to the petroleum industry.

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