OCEAN RIG ASA

Friede Goldman Halter, Inc. and Ocean Rig ASA have settled disputes related to the construction 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 facility. The settlement terminates the arbitration proceedings in which both companies were engaged. The settlement was concluded without admission of liability on the part of either company for the delays previously encountered in the outfitting of the two fifth-generation rigs. Ocean Rig and Friede Goldman Offshore have also announced that, as part of the settlement, they have agreed that the Bingo 9000-1 will be delivered on October 31, 2000 and the Bingo 9000-2 on December 31, 2000.
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