FGH And Noble Sign Master Shipyard Agreement

Friede Goldman Offshore, Inc., the rig segment of Friede Goldman Halter, Inc. and Noble Drilling have signed a Master Shipyard Agreement, which will cover all repairs, modifications, refurbishment and construction services provided to the Noble Companies by Friede Goldman Offshore. The Agreement, which is subject to the approval of the bankruptcy court, defines the contractual relationship between the companies and delineates their respective responsibilities for performing repairs, modifications, refurbishments and construction services during FGH's reorganization process.

"We are satisfied with our progress so far during our reorganization effort," said Ron Schnoor, Group President of the Offshore Division. "This Agreement demonstrates Noble's continued confidence in our ability to provide quality services, and it reinforces their belief in our viability as a going business concern. We have a long history with Noble, and have provided our services for many of their rigs in the past."