Transportation Industry
Friede Goldman Halter, Inc.
Marine Log, July, 2000
Ship builder Friede Goldman Halter, Inc., Gulfport, Miss., recently reached an agreement with Petrodrill IV Ltd. and Petrodril V Ltd. regarding contract disputes involving the construction of two Amethyst class deepwater semi-submersibles. The agreements were approved by the boards of both Friede Goldman Halter and Petrodrill, as well as by the Maritime Administration. The approval of MarAd was necessary because of Title XI ship loan guarantees for the construction.
Under the agreements, the delivery dates of the Amethyst 4 and Amethyst V will be September 15, 2001 and December 15, 2001, respectively. Additionally, both 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,...
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