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Offshore Report Friede Goldman Halter Negotiates $100M Financing Despite reports earlier that the compa- ny was headed for bankruptcy protec- tion, Friede Goldman Halter announced that it and several of its affiliates have signed a letter of intent with Pegasus Partners II and affiliated entities for Pegasus to loan $100 million in the form of a senior secured note with a three- year maturity. In connection with the proposed transaction, the company will issue Pegasus warrants to purchase the company's common stock. The recom- mended transaction is subject to the negotiation and execution of a definitive agreement and the satisfactory comple- tion of due diligence by Pegasus. Shares of Friede Goldman Halter Inc., fell on April 3 after the company said it may have to seek bankruptcy protection. Friede Goldman, whose problems stem from cost overruns on a number of oil rigs it is building, said it plans to reschedule the call. Shares fell $1.52 to $0.90 cents on the New York Stock Exchange the day after it disclosed it was carrying $107.7 million in overdue debt. In an SEC filing, the company said if it can't renegotiate its credit and raise more capital, it may not be able to meet our obligations in the ordinary course of business and it may be necessary for us to seek protection under a petition of bankruptcy. The company said costs for two rigs it is constructing for closely-held Petro- drill IV and Petrodrill V would run some $121 million more than it expected. BP And Houston Marine Team Up On Bunkering Venture BP Marine and Houston Marine Ser- vices (HMS) are joining forces to begin a new chapter in ship bunkering in the western U.S. Gulf. Effective, April 2, HMS became BP's dedicated logistics provider in an area from Brownsville, Texas to Lake Charles, La. BP Marine will serve as the marketing arm for bunker sales on behalf of the joint venture and will supply bunker fuel across a broad geographic area of the Gulf. The partnership will ensure bunker customers with long-term dependable access to quality bunker fuel coupled with the security of a logistical supplier. Bunkers will now be available ex-pipe at the following terminals: Sun Marine, Nederland; ITC, Houston; Baytank, Houston Bayport; and Conoco, Clifton Ridge. Vessels calling on the other docks and anchorages in the geographic area will be delivered by barge. Oceaneering Receives Letter Of Intent From Angola Drilling Oceaneering Intl. has been granted a letter of intent from Angola Drilling Company (ADC) to charter the FPSO Ocean Producer for a period of seven years to produce the Canuku Area of Block 3 offshore Angola. ADC has a let- ter of intent from Sonangol Pesquisa and Producao to develop and produce the Canuku Area. Under contract with Sonangol Pesquisa and Producao, Ocean Producer generated more than 12 million barrels of oil from the Kiabo Field in Block 4 over a period of seven years. The con- tract is expected to be completed in April, at which time Oceaneering will then move Ocean Producer to a shipyard for modification, life extension and repair as required for the new location. Production from Canuku is scheduled to commence early in the third quarter of 2001. BtitAAcuL^fisuf ly OiXUwdy PtcjXt r ^ In keeping with the philosophy of doing things better, Wayne B. Smith, Inc. was looking for ways to provide better service to their customers and gain an advantage over their competitors. Mr. Pat Short, Project Manager for W.B.S. explained "The addition of the E- Crane to our off-loading facility has greatly improved our versatility. Not only are we more productive and efficient in completing jobs we have done for years, we have started to find new applications that allow us to offer more material handling services to our customers. With the pinpoint accuracy of the E-Crane, we have decreased the possibility of fugitive emissions while at the same time increasing worker safety." Mr. Jerry Smith, General Manager for W.B.S. said the new E-Crane would be used dockside to unload bulk commodities. "It has the potential to increase capacity, but the main reason we went with the E-Crane was the ease of | operation, efficiency and operator friendliness." The needed the operation volume Pro£c» cos* .iV Savage Minn, 3 IS anrf eSOta PRODUCTIVITY: EXCEEDING 1000 TONS/HR. LIFTING CAPACITY: 16.5 TONS REACH: 86.6 FT '""M poor Crane™ ls g Of Port cLg^.Stant,a,,y 'We -,S situated most sense-. resSed lts do>"9 a suv ^ 16.5 TONS ^ equipment ,n fh tf1e productivity fcj rr son™..-.. E-Crane offers : • low operating cost per processed ton • long-term reliability and durability • near perfect balance • clean electric power • easy operation • choice of undercarriage And when it comes to product support, the E-Crane servicing dealers are ready to provide the industry with experienced help on specifications, installation by factory-trained technicians, and support in the field. FOR MORE INFORMATION CONTACT THESE US DEALERS: CRANE & MACHINERY, INC. Central & West 800-235-8351 CRESCENf MACHINERY, CO. South Central 800-999-2300 CORNELL North East 856-742-1900 ERS INDUSTRIES, INC. North Central 716-675-2040 E-CRANE INTERNATIONAL, USA, INC. Phone 740-387-0015, Fax 740-387-0181 E-mail: info@ecrane-usa.com http://www.ecrane-usa.com E-CRANE INTERNATIONAL, EUROPE, INC. Phone ++31-1653-20100, Fax ++31-1653-20759 E-mail : info@ecrane-europe.com http://www.ecrane-europe.com Circle 240 on Reader Service Card 48 www.maritimetoday.com Maritime Reporter & Engineering News
