AmClyde Receives New Equipment Orders

FGH Engineered Products Group, the equipment segment of Friede Goldman Halter, Inc., announced today that its AmClyde unit has signed new contracts totaling over $17 million with several customers in the offshore oil & gas sector.

Dick Juelich, AmClyde President, said: "We are very pleased to receive this order for a deepwater mooring system from a subsidiary of Diamond Offshore Drilling, Inc. for their semisubmersible Ocean Rover. Diamond Offshore is a valued and long-standing client, and this represents the fifth mooring system in a series that AmClyde has been chosen to supply."

AmClyde also received a contract to provide an 8-point mooring system for Pacific Pipelines International's new-build vessel PPI 1. In addition, AmClyde has seen an increase of sales in its pedestal crane product line with new bookings from Helmerich & Payne, Apache Drilling and PDVSA in Venezuela.

Anil Raj, Chief Operating Officer of Friede Goldman Halter, AmClyde's parent company, commented: "The announcement of these new contracts for AmClyde reaffirms the confidence that customers have in Friede Goldman Halter's operating companies. All FGH business segments have received significant new contracts since we filed a petition for reorganization in our last fiscal quarter. These awards bring the value of post-petition orders including options to be exercised, to approximately $270 million. The continued support of our customers will assist FGH to emerge as a stronger and more capable company."