Friede & Goldman

Friede Goldman International, Inc. announced today a $143.2 million contract with Rudgil SA, a subsidiary of Schahin Engenharia e Comercio Ltda. of Brazil, for the construction of a Friede Goldman-designed “Millennium SA.” J.L. Holloway, chairman and chief executive officer of Friede Goldman International, said, “Friede Goldman has a strong reputation and a successful history in the semisubmersible market. We are proud of our Millennium SA design, and we will continue our research and development in the offshore markets, especially deepwater. This is an important contract because it gives our company the opportunity to showcase its fully-integrated capabilities in the offshore industry. Not only will we take this project from the design and engineering phase through the construction phase, but we will also have the opportunity to provide deepwater equipment through our company BLM Offshore.” The Millennium SA (South America) is the latest in new, deepwater semisubmersible designs from FGI subsidiary Friede & Goldman, Ltd., a New Orleans-based naval architecture and marine engineering company. Equipped as a dynamically positioned semi with a DPS-2 station keeping system, the Millennium SA is capable of drilling in 5,000 feet of water with a variable deck load of 3,500 LT (long tons). F&G, Ltd. will perform engineering work on the project in conjunction with Friede Goldman Offshore – East in Pascagoula, Miss., where the rig will be constructed. The rig is scheduled for delivery 23 months from the contract signing date, contingent on the completion of rig financing. The Schahin company has a six-year contract with Petrobras, the state-owned oil company, to operate its rig offshore Brazil.