COSCO

3/28/2007 12:00 AM

Friede & Goldman has entered into contract withCOSCO (China) on March 28, 2007 for the licensingof one F&G designed Super M2 Jack-up drilling rig.

Additionally, on March 30, 2007, COSCO signedtwo additional agreements for F&G to provide theirpatented Rack Chock leg fixation system and JackingSystem for the newbuild jack-up.

For more information, please click the following links to bedirected to COSCO’s webpage.

http://www.cosco-shipyard.com/englishnew/detail.asp?classid=8&id=159
http://www.cosco-shipyard.com/englishnew/detail.asp?classid=8&id=185
http://www.cosco-shipyard.com/englishnew/detail.asp?classid=8&id=222
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Phone: (713) 952-3444
Fax: (713) 952-3443
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3151 Briarpark Dr., Suite 800, Houston, TX 77042