FRIEDE GOLDMAN HALTER

Friede Goldman Halter and Petrodrill IV, Ltd and Petrodrill V, Ltd. have reached an agreement regarding contract disputes over the construction of the semisubmersibles Amethyst 4 and Amethyst 5. The new delivery dates for the Amethyst 4 and Amethyst 5 are September 15, 2001 and December 15, 2001, respectively. The parties have agreed to increase the float-out milestone payment by $3 million per rig and to a final $6.4 million payment per rig at delivery, resulting in a new contract value if $186.8 million based upon the new delivery schedules. Agreement was also made for increased late delivery penalties. And, both parties have agreed to terminate all pending litigation related to the project.
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